Fashion
Uniqlo and GU continue to drive Fast Retailing but Theory still weak
Published
January 8, 2026
Uniqlo owner Fast Retailing released its Q1 results on Thursday and said its business profit jumped, leading it to increase its outlook.
That came as Chinese sales picked up — hugely important given that’s the Japanese giant’s largest market — and other global markets also proved buoyant, helping counter the impact of US tariffs.
The company continued to open new stores around the world during Q1, particularly in Europe. And seemingly undaunted by the tariffs issue, it has plans for a series of flagships in key US cities too.
In fact, its CFO said it beat its profit margin expectation despite absorbing tariff costs.
So what were the numbers? Fast Retailing said business profit climbed 31% to ¥205.6 billion (€1.1bn/£975m/$1.3bn) as revenue jumped almost 15% ¥1.0277 trillion and net profit rose 11.7% to ¥147.4 billion.
Uniqlo performed strongly in all regions, reporting revenue and profit gains across the board. “High-quality store openings and strategic information dissemination contributed considerably to our branding,” it said. “We also improved the organisation of inter-season business, enabling Fall products and year-round products to drive sales during that period”.
Looking at its operating units in detail, Uniqlo Japan saw revenue up 12.2% at ¥299 billion with business profit up 20.2% at ¥62.4 billion. Same-store sales expanded 11%, with sales of Fall products and year-round products proving especially strong, as mentioned. But the gross profit margin contracted slightly on the rise in the cost of sales caused by a weakening in yen forward contract rates.
Uniqlo International saw revenue up 20.3% at ¥603.8 billion and business profit up 38% at ¥117.3. The business profit margin rose following improvements in gross profit margins and its strong performance “was driven by the successful development and marketing of products that captured customer demand, as well as the continued opening of high-quality stores worldwide”.
The Greater China markets reported an increase in revenue and double-digit profit growth while the business in South Korea, Southeast Asia, Australia, India region, Europe, and North America all generated double-digit revenue and profit growth.
At the youth-focused GU brand meanwhile, revenue only edged up by 0.8% to ¥91.3 billion but business profit jumped 20% to ¥11.4 billion.
Same-store sales fell slightly year on year. While soft sheer T-shirts, warm casual innerwear, and some other products sold well, overall sales “failed to gain momentum due to a lack of sufficient products that captured mass fashion trends”. But the gross profit margin still improved due to fewer product shortages and improved discounting rates.
At its Global Brands operation, the picture was less rosy. Revenue fell 7.6% to ¥33 billion and operating profit dived 14.8% to ¥1.7 billion.
Revenue and profit from the Theory label declined due to “lacklustre sales” from the business in the US. But PLST performed better, reporting “higher year-on-year revenue and profit”, although the company didn’t give any numbers here. It also said the combined Comptoir des Cotonniers and Princesse tam.tam business “reported a decline in revenue but also a contraction in overall losses”.
As mentioned, the group raised its guidance for the whole of FY26, saying it expects consolidated revenue of ¥3.8 trillion (up 11.7%), consolidated business profit of ¥650 billion (up 17.9%), and net profit up 3.9% at ¥450 billion, all higher than previously predicted.
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Nominal GDP, or GDP at current prices, is estimated to grow at 8.6 per cent to reach ₹345.47 trillion in FY26 against ₹318.07 trillion in 2024-25.
India’s real GDP is estimated to grow at 7.6 per cent to ₹322.58 trillion (~$3.54 billion) in FY26 compared to the first revised GDP estimate of ₹299.89 trillion for FY25 (7.1 per cent growth).
It released the new series of annual and quarterly national accounts estimates with FY23 base.
Real GVA is projected to grow at 7.7 per cent to reach ₹294.40 trillion in FY26 against ₹273.36 trillion in FY25.
Real gross value added (GVA) is projected to grow at 7.7 per cent to reach ₹294.40 trillion in FY26 against ₹273.36 trillion in FY25 (a 7.3-per cent growth rate).
Nominal GVA is estimated to grow at 8.7 per cent to hit ₹313.61 trillion during FY26, against ₹288.54 lakh crore in 2024-25.
Robust economic performance in FY26 is primarily on account of robust real growth observed in the second quarter (8.4 per cent) and third quarter (7.8 per cent).
The manufacturing sector has been the major driver of resilient performance of the economy the consecutive three fiscals after rebasing, a release from the ministry said.
Both private final consumption expenditure and grossed fixed capital formation exhibited more than 7-per cent growth rate in FY26.
Fibre2Fashion News Desk (DS)
The transition marks the formal handover of executive leadership to President and CEO Keun-Chang (Kevin) Yoon, reinforcing management continuity while preserving the founder’s long-term strategic vision.
Misto Holdings founder Gene Yoon has transitioned to honorary chairman in a planned leadership succession, formally handing executive control to president and CEO Kevin Yoon.
The founder, who expanded the group through the FILA global trademark acquisition and the takeover of Acushnet, will continue guiding long-term strategy as the rebranded Misto focuses on governance and sustainable growth.
Gene Yoon founded the business that would become Misto Holdings in the early 1990s, introducing the FILA brand to the Korean market and later leading a series of transformative transactions. In 2007, the company acquired the global FILA trademark rights through a leveraged buyout, followed by the 2011 acquisition of Acushnet Company, owner of the Titleist and FootJoy brands. The transaction was among the largest cross-border deals in Korea’s consumer sector at the time and significantly expanded the group’s global footprint.
Under his leadership, the company evolved into a multi-brand global portfolio spanning sportswear, golf equipment and apparel, generating approximately USD 3.08 billion in annual revenue.
As Honorary Chairman, Gene Yoon will remain closely engaged with the company, providing guidance on long-term strategy and global portfolio development while supporting management from a broader strategic perspective.
The leadership transition marks a new chapter under President and CEO Kevin Yoon, who has spent nearly two decades in senior roles across the group’s global operations, building deep operational and strategic expertise.
The company’s 2025 rebranding to “Misto” underscores its evolution into a global brand house focused on disciplined capital allocation, enhanced shareholder returns and sustainable long-term growth.
“Building on the founder’s legacy, our priority is to expand our global portfolio, strengthen governance and deliver sustainable value creation,” said Kevin Yoon, President and CEO of Misto Holdings.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
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