Business

Big in China and tiny in the U.S., Fast Retailing seen weathering pandemic

Published

5 years ago

June 3, 2020

TOKYO/BEIJING (Reuters) – The coronavirus pandemic is shredding the global apparel industry, stripping hundreds of billions of dollars from sales and thrusting big names like J.Crew into bankruptcy protection.

While no major fashion firms have been spared, Japan’s Fast Retailing (9983.T), owner of the Uniqlo brand and not far behind the world’s No. 2 H&M (HMb.ST) in sales, looks well placed to cope with the crisis better than rivals.

That’s thanks to legions of faithful Chinese fans like 25-year-old IT worker Niu Ran, whose wardrobe is crammed with Uniqlo basics like shirts and socks and was looking for more in a post-lockdown shopping trip.

“I like Uniqlo because it’s very easy to match and the quality is not bad,” he said, waiting in line to try on pants at a Uniqlo store in Wangfujing, Beijing’s prime shopping district.

“It satisfies all my needs, so I don’t need to spend time elsewhere.”

Led by Tadashi Yanai, Japan’s richest man, Fast Retailing has expanded aggressively in China with 750 Uniqlo stores, roughly the same number in its home market.

Mainland China has all but contained domestic transmission of the coronavirus with lockdowns lifted in most areas since March and the world’s no. 2 economy is widely expected to emerge from pandemic-induced pain faster than other countries.

In other parts of Asia too, key markets such as Japan, South Korea and Taiwan have been more successful than the West in curbing the virus.

In contrast, rivals mostly focused on the U.S. market like Gap Inc (GPS.N) or far more dependent on Europe like Zara-owner and industry leader Inditex (ITX.MC) and H&M, are expected to face a longer downturn.

“Asia is going to be much faster to bounce back in terms of willingness to spend, which will favour operators with a big presence in Asia,” said Honor Strachan, retail analyst at research firm GlobalData.

“In the mature western markets across Europe, the U.S. and Canada, we expect the recovery to be long and drawn out,” she said.

GlobalData predicts the global apparel market will lose $297 billion in revenue this year due to the pandemic, with the United States accounting for 42% of that lost spending.

Of Uniqlo’s 2,260 stores globally, just 51 are in the United States. Its inability to make strides in the world’s biggest clothing market has long been seen as an Achilles heel, but for the time being it may prove a blessing.

Asia, however, accounts for three-quarters of Uniqlo’s annual revenue and Greater China alone represents 20%.

While Strachan notes H&M and Inditex are some of the most resilient players in the market, Asia & Oceania make up just 15% of H&M’s annual revenue while at Zara, its “Asia and the rest of the world” category accounts for 23% of sales.

The basics advantage

Uniqlo’s long shelf-life items like Oxford shirts for work, chinos and underwear as well as its reputation for value for money are likely to resonate with consumers grappling with lost income or less job security more than the trend-based clothing of Zara and H&M, according to analysts.

“The quality is good and designs are classic,” said Jiang Xin, an internet company employee in Beijing, one of many Chinese shoppers interviewed by Reuters who said they felt Uniqlo quality was a cut above comparably priced brands.

Although Fast Retailing warned in April operating profit could slide 44% in the year to end-August, analysts expect a quick recovery assuming key markets are not hit by a large second wave of infections. With a large proportion of items no-frills basics, it is hoping to limit discounts.

“We will be looking to gradually sell off the excess stock to normalise inventory over the next 18 months,” CFO Takeshi Okazaki said on a call with analysts in April.

Fast Retailing declined to comment further on its business outlook for this article.

Rapid growth has brought Fast Retailing almost neck and neck with H&M. Last year the Japanese firm was more profitable with net income of around $1.5 billion compared to the Swedish chain’s $1.4 billion, though its $21 billion in revenue was some $3 billion less.

And while it still has a way to go before it matches Inditex’s annual sales of $31 billion, Yanai’s long-held goal of making Fast Retailing the world’s biggest retailer has looked less far-fetched in recent years.

But for that to happen, Uniqlo will have gain market share in the United States, analysts say, adding that it may have to offer more stylish items to get there.

“They still need to find a way to compete in the U.S.,” said Jefferies analyst Michael Allen. “The current crisis doesn’t change the equation for that.”

Reporting and photo: Reuters

Business

BBM: Stronger hospitality platform via Hotelier Maldives Awards, culinary development

Published

3 weeks ago

May 13, 2025

m@ldives

Since 1990, Bestbuy Maldives (BBM) has been at the core of the Maldives’ hospitality supply chain. More than a distributor, BBM has become a trusted partner in shaping talent, raising standards, and building long-term capacity across the industry.

That commitment continues in 2025 through its title sponsorship of the Hotelier Maldives Awards, and its growing investment in culinary development and cross-industry collaboration.

Supporting the Ecosystem, Not Just the Event

BBM is the preferred partner for over 60 international brands. However, its true value lies in how it supports the people behind the brands. From chefs and service staff to back-of-house professionals, BBM works across the sector to create real impact.

This year, the Hotelier Maldives Awards 2025 expands its recognition with four new categories:

Watersports Personality of the Year
Diving Personality of the Year
Airport Representative of the Year
Resort Manager of the Year

These additions reflect a simple belief. Everyone who shapes the guest experience deserves to be seen. Not just the visible few. Everyone.

Hotel Asia and the Rise of Culinary Confidence

For more than two decades, BBM has served as the main sponsor of the Hotel Asia Exhibition and International Culinary Challenge, endorsed by the World Association of Chefs Societies (WACS).

This platform has consistently raised the bar by bringing over 25 WACS A-Grade international jurors to the Maldives each year. Through this effort, local chefs get to test their skills on a global scale.

To further encourage excellence, BBM launched the Chairman’s Trophy, awarded annually to the most promising Maldivian chef:

2023 — Chef Mohamed Adhil
2024 — Chef Ahmed Mazim

Each name marks a growing movement. Maldivian chefs no longer compete to participate. They compete to win.

Backing Global Exposure for Local Talent

BBM has directly sponsored Maldivian chefs to represent the country at global events, including:

HOFEX 2017 in Hong Kong, where Chef Ahmed Fatheen and Chef Ismail Naseer earned silver
La Sial 2018 in Abu Dhabi, where Chef Mohamed Adhil won both gold and silver
FHA 2018 in Singapore, supporting emerging talent
Asian Pastry Cup 2018, where Chef Aminath Hameed was recognized as a pioneering female chef
Chinese Cuisine World Championship 2019, where Chef Ahmed Mazim won bronze
World Chefs Congress and Expo 2022, where BBM sponsored six MNU students under its Building Young Talent initiative

Creating Spaces for Knowledge Transfer

Beyond competitions, BBM hosts world-class chefs to lead pro bono Masterclasses, including:

Chef Bruno Ménard, holder of three Michelin stars
Chef Edwin Leow, gold medalist at the IKA Culinary Olympics

These sessions are designed to be open, practical, and rooted in the everyday reality of resort kitchens.

Recognition with Purpose

BBM’s sponsorship of the Hotelier Maldives Awards 2025 is part of a larger support system. These awards are not marketing. They are memories. They capture the faces, names, and efforts of those who make the Maldives one of the most admired hospitality destinations in the world.

“When people are seen, they rise,” said Ali Afrah Hassan, Head of HR, Admin, and Corporate Affairs at BBM. “This platform is our way of saying you matter. Not just once a year, but every day you show up to serve.”

Whether through product support, recognition, training, or infrastructure, BBM is building something larger than supply chains. It is helping shape the culture of Maldivian hospitality.

Business

Dubai Chocolate Brownies in Maldives: BBM, Dreidoppel conclude pastry tour

Published

1 month ago

May 1, 2025

m@ldives

BBM’s exclusive Dreidoppel Demo Tour, led by Master Pâtissier Frankie Robin, concluded successfully on Apr 30th, after a 10-day pastry training series across 15 leading Maldivian resorts that requested the training. Two city bakeries were also trained on the 30th. The initiative brought together global expertise and a strong commitment to raising pastry standards in the local hospitality industry.

This year’s sessions focused on practical pastry solutions using Dreidoppel’s premium ingredient range to create Panettone, Dubai chocolate brownies, Mousses, Crème Brûlée, Fill & Gloss applications, and Caramel Chocolate Snacks.

A standout feature of the tour was the passion shown by young chefs across the islands.

Chef Frankie Robin remarked, “What truly impressed me was how prepared and passionate the young chefs were. Their eagerness to learn, experiment, and take their skills to world-class standards made every session an absolute joy.”

Grounded in real kitchen challenges—speed, flavour, and efficiency—Chef Frankie’s demos showcased how smart ingredient choices can drive both creativity and performance.

A.V.S. Subrahmanyam, Chief Operating Officer at BBM, added, “At BBM, we believe in more than just supplying ingredients—we are committed to the professional growth of the industry. Collaborations like this empower culinary teams with global techniques and greater confidence.”

The tour reflects BBM’s ongoing efforts to strengthen the Maldivian foodservice industry through knowledge-sharing and access to world-class products.

Business

BBM brings Vaseline, Hellmann’s, BRU Coffee to Maldives market

Published

1 month ago

April 26, 2025

m@ldives

Bestbuy Maldives (BBM) extended their strong and decades old partnership with Unilever International, by adding to their brand portfolio – Vaseline, Hellmann’s, and BRU Coffee for the Maldivian market.

The collaboration was announced at a Business gathering held at the Manhattan Business Hotel, attended by over 300 trade partners from across Maldives.

With this partnership, BBM strengthens its retail offerings across the Maldives archipelago. Vaseline, a trusted name in skincare, and Hellmann’s, known globally for quality food products, will now be available through BBM’s distribution network.

“Vaseline is a name that generations trust for skin care. And Hellmann’s is a global icon in flavours. We’re proud to bring both to shelves across the Maldives and enrich everyday living for our customers,” said Muksith Hussain, Business Head – Retail.

In the hospitality sector, BBM introduces Bru Coffee as an addition to its HORECA (Hotel, Restaurant, Café) offerings. BRU Coffee provides a quality beverage option for hotels, resorts, and restaurants across the Maldives.

“BRU is one of the most loved coffee brands in the region. With this launch, we’re giving our hospitality partners a versatile product that delivers on both taste and reliability that can be consumed as a beverage and for the purpose of dessert preparation, something they can serve with confidence,” said Hisham Girsy, Business Head – HORECA.

The gathering served as a platform for BBM to engage with its valued trade partners and introduce these new brands to the market.

A.V.S Subrahmanyam, Chief Operating Officer at BBM, remarked: “BBM is built on relationships. This event reflects our commitment to not just introduce great products but to support, connect, and elevate our trade partners. We’re in this together, and the journey ahead is promising.”

As BBM continues to grow its portfolio and global partnerships, the focus remains clear delivering excellence, building trust, and shaping the future of trade in the Maldives.

Bestbuy Maldives (BBM) is a leading distribution company in the Maldives, connecting international brands with local businesses across retail and hospitality sectors. With a customer-focused approach and extensive distribution network, BBM continues to be a trusted partner in the Maldivian market.