[Asia Economy Reporter Eunmo Koo] Amid soaring living costs, SPA (Specialty retailer of Private label Apparel) brands known for their cost-effectiveness are also joining the ranks of price increases.
According to the industry on the 25th, Uniqlo will sequentially raise the prices of clothing products starting from the 27th.
Uniqlo explained, "We are reflecting various market factors comprehensively in our pricing," adding, "Due to the prolonged rise in international raw material, logistics, and transportation costs, as well as increased operating expenses for stores and business operations, we have inevitably decided to raise prices."
The official announcement posted on the website on the 20th did not specify which products would see price increases, but according to Fast Retailing, the Japanese operator of Uniqlo, items such as fleece, down jackets, Heattech underwear, and sweaters are expected to be included.
Earlier this month, Fast Retailing announced price hikes for sales in Japan. Fleece prices will increase from 1,990 yen to 2,990 yen, men's Ultra Light Down jackets from 5,990 yen to 6,990 yen, and Heattech functional underwear from 1,990 yen to 2,990 yen.
Before Uniqlo, global SPA brands Zara and H&M also raised prices on some items this year. As overseas SPA brands continue to increase prices, domestic companies are also deliberating whether to follow suit. Musinsa has already raised prices across its private brand Mutandard, while TopTen (Shinsung Tongsang), SPAO (E-Land), and 8Seconds (Samsung C&T) are monitoring the situation.
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