Grameen UNIQLO, a clothing brand, has said it is going to close all of its outlets in Bangladesh, more than a decade after it began its journey in the country.
The brand, a joint venture of Japanese multinational retail company First Retailing and Grameen Bank Group, made the announcement on its website on Wednesday.
In view of Bangladesh's significant economic development in recent years, as well as changes to its business environment, we have determined that our company has fulfilled a certain role, and has decided to conclude its business activities," it said.
Md Sonet Hossain, assistant manager for store, design and construction of Grameen UNIQLO, said currently, retailing activities are going on, but all outlets will be closed by the middle of June.
With at-home sales in rural areas, Grameen UNIQLO was established in 2011 for the development of the economy and solving social issues of Bangladesh.
Then after mobile sales in urban areas, Grameen UNIQLO opened its first outlet in Dhaka in July 2013.
Currently, the joint venture has 10 outlets in Bangladesh, including eight in Dhaka.
"All Grameen UNIQLO clothes are planned, designed, produced and sold in Bangladesh. And all the profits are reinvested for social business expansion and solving social issues," said the notice.
"Fast Retailing remains committed to Bangladesh, one of its most important manufacturing locations."
In 2008, Fast Retailing opened a production office which contributes to the development of the local textile industry.
"Partner factories continue to produce Fast Retailing products, including UNIQLO items," said the notice.
