Clothing brand Grameen UNIQLO has announced that it will close down its business operations in Bangladesh.
Confirming the matter, the outfit brand in a press release on Wednesday said that it will close down all its outlets in the country by 18 June.
"Grameen UNIQLO, Fast Retailing Co. Ltd.`s social business operating in Bangladesh through its 100% wholly owned subsidiary UNIQLO Social Business Bangladesh Ltd., will close all ten stores by June 18, 2023, and the business will be closed down," the company said.
"In 2010, Fast Retailing started the social business together with the Grameen Bank Group with the aim of responding to social issues as poverty, health, and education in Bangladesh through a clothing business. Since 2013, Grameen UNIQLO has opened stores mainly in the capital city of Dhaka and conducted business with the aim of improving the lives of the people of Bangladesh by providing clothing to meet the needs of local daily life and by creating opportunities for employment in safe environments," it added.
"In view of Bangladesh`s significant economic development in recent years, as well as changes to its business environment, Fast Retailing has determined that Grameen UNIQLO has fulfilled a certain role, and has decided to conclude its business activities. Fast Retailing remains committed to Bangladesh - one of its most important manufacturing locations. In 2008, the company opened a production office which contributes to the development of the local textiles industry, while partner factories in Bangladesh continue to produce Fast Retailing products, including UNIQLO items," the press release further said.
Earlier, this brand closed four of its showrooms in Dhaka in February. Many lovers expressed their disappointment over the announcement.
Grameen UNIQLO is the Bangladeshi chapter of Japanese brand UNIQLO.
