Japanese casual wear designer, manufacturer and retailer Uniqlo Co., Ltd. and Toray Industries, Inc., Tokyo headquartered multinational corporation that specializes in industrial products have announced the third stage of their strategic partnership for the next five years.
First established ten years ago, the newest stage of the partnership between the two companies aims at strengthening collaborative efforts further and creating a new industry. From 2016 through 2020 the total number of transactions between the two companies is expected to reach 1 trillion yen ($ 8.1 billion).
Uinqlo, a leading apparel retailer and originator of LifeWear clothing that is made for all, and available in 841 stores in Japan and 798 stores abroad, and the Toray Group, global top business group of advanced materials, with its 98 subsidiary companies in Japan and 155 companies abroad, are accelerating globalization and digitalization to realize an end-to-end business model by utilizing the Internet of Things (IoT).
The two companies also aim to reduce production lead times further, increase globalization of production sites and locations, optimize production in each location and expand production sites to support business growth in Greater China (China, Hong Kong and Taiwan).
The partnership also seeks to improve comfort and functionality of current products of LifeWear, conduct research and development of products that offer completely new added value and develop new sportswear to enhance people’s daily lives. (SH)