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Uniqlo US CEO Larry Meyer traveled to Philadelphia this week for the opening of the brand's first Philly-area location (today in the King of Prussia Mall). Our sister site caught up with him to talk strategy, branding, misconceptions about Uniqlo, and the retailer's famously low prices. In response to a query on how Uniqlo manages to produce jeans for $19.90 and tees for $7.90, Meyer had this to say:
Scale is one thing, and the initial margin structure. We're about an everyday low price. We have temporary discounts for weekly promotions on occasion, but in general, we're a "first price, right price" retailer. We feel honesty and integrity in everything we do: the clothes, the service, and the price. That's what you should know about Uniqlo. We're sometimes different from a lot of other retailers that are out there right now.Meyer also said that Uniqlo isn't exactly fast-fashion ("We're about consistent styles with new colors, new silhouettes, new fabrications.") and that the company's innovation extends beyond Heattech or Ultra-Light Down.
· What Uniqlo U.S. CEO Larry Meyer Wants You to Know About Uniqlo [Racked Philly]
· Uniqlo Promises More Stores for Boston and Philly [Racked]
· How Uniqlo Plans to Become America's Top Retailer [Racked]