Reported 2 days ago
Fast Retailing, the parent company of Uniqlo, experienced a significant 4.5% decline in its stock, the largest drop in nine weeks, after Chairman Tadashi Yanai stated that the company is not sourcing cotton from China's Xinjiang region. This remark raised concerns about potential decreased demand and boycotts in China, where Fast Retailing earns over 20% of its revenue. Analysts suggest that Yanai's comments may lead to heightened scrutiny of Uniqlo in China and could delay the company's expansion plans.
Source: YAHOO