Market Chatter: Uniqlo Owner Fast Retailing Denies Use of Xinjiang Cotton

MT Newswires Live11-29 18:23

Uniqlo parent company Fast Retailing (TYO:9983) has denied the use of cotton sourced from China's Xinjiang region, BBC News reported Thursday, citing an interview with CEO Tadashi Yanai.

This marks Tadashi's first direct comment on the issue amid global concerns regarding forced labor allegations in Xinjiang's cotton industry, the report said.

While China has refuted these claims, the region's controversial reputation has led to a decline in the popularity of Xinjiang cotton.

Despite this, China remains vital for Uniqlo as both a key market and manufacturing center, the newswire said, citing the executive.

In 2022, strict US regulations on Xinjiang imports prompted global brands to remove related products, sparking backlash and boycotts in China against companies like H&M, Nike, and Adidas.

At the time, Tadashi chose not to comment on Uniqlo's use of Xinjiang cotton, citing a desire to remain neutral between the US and China, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price (JPY): $51110.00, Change: $+10, Percent Change: +0.02%

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