Fast Retailing has recently announced its new eco business strategy, which is built upon its LifeWear concept. The company is placing a strong emphasis on sustainability and business growth by incorporating various elements such as ethics, diversity, inclusion, carbon-neutrality, zero waste, traceability, and transparency into its operations.

The core philosophy of the LifeWear concept, as defined by Fast Retailing, is to design everyday clothing that not only enhances people’s lives but also meets environmental, social, and societal standards. To achieve this, the company is dedicated to reducing greenhouse gas emissions and waste across its manufacturing, transportation, and sales processes, with the ultimate goal of establishing a production process that has a minimal environmental impact. Additionally, the company aims to prioritize human rights and establish a transparent supply chain.

To extend the lifespan and utility of its LifeWear products, Fast Retailing will develop new services and technologies focused on reusing and recycling. The company also plans to expand its social contribution and diversity initiatives within its global apparel business.

Koji Yanai, a Senior Executive Officer of the Fast Retailing Group, emphasized that their aim has always been to provide apparel that customers will cherish for a long time. With growing awareness of environmental issues and other global concerns, the company is now taking a new approach to clothing, one that contributes to creating a sustainable society.

Fast Retailing has established practical targets for its new strategy, including zero waste by implementing measures such as material reduction, replacement, reuse, and recycling. By 2050, the company aims to achieve carbon-neutrality, while also reducing greenhouse gas emissions by 90% by 2030 and cutting store electricity consumption. Additionally, Fast Retailing plans to increase the proportion of recycled materials to approximately 50% by 2030 and introduce materials with a lower environmental burden.

Although the entire Fast Retailing Group will adhere to the new eco business strategy, the most noticeable impact will be observed by consumers while shopping at Uniqlo, the company’s largest brand. Concurrently with the announcement of the eco business strategy, Fast Retailing reported a decline in its Japanese Uniqlo monthly sales. In November, sales dropped by 4.6%, resulting in a total sales decline of 5.1%. Unusual warmth during the first half of the month impacted the sales of cold-weather clothing, despite strong sales during the annual Uniqlo anniversary sale and collaborative product launches. While there were higher-than-average customer numbers, the average purchase per customer fell behind.

Fast Retailing’s new eco business strategy, centered around its LifeWear concept, showcases the company’s strong commitment to sustainability. By setting specific targets, the company is taking significant steps to reduce waste, emissions, and energy consumption while increasing the usage of recycled materials. Customers will witness the implementation of this strategy most prominently through the Uniqlo brand, which is well-known for its simple and weather-dependent basics. Although Uniqlo experienced a decline in November sales, Fast Retailing remains resolute in its long-term vision of providing high-quality and sustainable apparel.

Useful links:
1. Fast Retailing Group’s New Eco Business Strategy
2. Fast Retailing Group’s Sustainability Strategy