---
endpoint: analytics
pattern: Consumer
status: done
latency_ms: 139271
conversation_id: 90839300-2a33-4ecb-94f1-90d89f2440f9
citations: 10
created: 2026-05-31 18:12:57Z
---

# Who are the key customers and suppliers of Fast Retailing?

# Fast Retailing (9983 JP): Key Customers and Suppliers

Fast Retailing is a B2C apparel retailer (UNIQLO, GU, Theory, J Brand, PLST, Comptoir des Cotonniers, Princesse tam.tam), so its "customers" are end consumers (retail shoppers globally), not enterprise accounts. The interesting commercial relationships are therefore on the **supplier / production-partner side**, where Fast Retailing operates a tightly controlled, vertically-integrated SPA (Specialty store retailer of Private label Apparel) supply chain. Below is the consolidated view from internal CLSA research and public filings/transcripts.

---

## 1. Customer Base

Fast Retailing's customer base is **retail end-consumers**, segmented by brand and region:

| Segment | Description |
|---|---|
| **UNIQLO Japan** | Core domestic mass-market consumer base — LifeWear positioning |
| **UNIQLO International** | Greater China (largest international market), SE Asia/India/Australia, North America, Europe |
| **GU** | Younger / more fashion-forward Japanese consumer + expanding international |
| **Global Brands** | Theory (premium), PLST, Comptoir des Cotonniers, Princesse tam.tam |

The corporate philosophy is explicitly **customer-centric** — Fast Retailing describes its operating model as a "Digital Retailing" that transforms its entire supply chain "from raw materials procurement through planning, design, manufacturing and retail, into a customer-centric operation that can swiftly create the products customers truly desire" [1]. Customer feedback is fed back into product iteration in-season — e.g., EZY Jeans and PUFFTECH were re-released or developed off direct customer comments and product-review monitoring [10].

There are **no major B2B/enterprise customers** of material size — the business model is direct retail through ~3,500+ owned/franchised stores plus e-commerce.

---

## 2. Suppliers — Production Partner Factories (Sewing / Cut-and-Sew)

Fast Retailing does not own its garment factories; instead it operates a curated **partner factory** network governed by its "Code of Conduct for Production Partners" (COC) since 2004 [9]. Every production partner must sign and comply with the COC, which is based on International Labour Organization (ILO) standards [9][4].

**Geographic footprint of partner factory base** — Fast Retailing's Production Department maintains on-the-ground offices to manage quality and progress at partner factories in:

| Production Office | Country |
|---|---|
| Shanghai | China |
| Ho Chi Minh City | Vietnam |
| Dhaka | Bangladesh |
| Jakarta | Indonesia |
| Bangalore | India |

These five offices reflect where the partner-factory base is concentrated, with **China and Vietnam historically the largest sourcing geographies**, and Bangladesh, Indonesia and India having grown in share as Fast Retailing diversifies away from China-concentration [2].

**Core factory concentration**: The supplier base is highly concentrated — Fast Retailing explicitly notes that a small group of factories accounts for the bulk of output: "for factories that account for 90% of the total production volume" the company is co-investing on energy/decarbonization (eliminating coal boilers, introducing renewable energy) [6]. The Group refers to this top-tier group as **"UNIQLO and GU core factories"** in its 2025 annual report sustainability disclosures [7].

Fast Retailing publishes its production-partner factory list publicly (sewing factories first, then fabric mills) — a transparency step that is rare among apparel peers.

---

## 3. Suppliers — Material / Fabric / Yarn Partners

Unlike most apparel retailers, UNIQLO **specifies raw materials directly** rather than buying finished fabric from trading houses. Per Tadashi Yanai (CEO): "at UNIQLO, our Procurement Team specifies the fabric and yarn to be used and checks which spinner those materials are produced in before procuring them. We are very specific and clear on the place of origin of our raw materials." [5]

The most important strategic material partner is:

### Toray Industries (3402 JP)
Toray is Fast Retailing's flagship strategic materials partner — the joint development relationship dating back to 1999 underpins UNIQLO's signature functional-fabric franchises (HEATTECH, AIRism, Ultra Light Down, etc.). Fast Retailing has stated it intends to **"further strengthen working partnerships with Toray Industries and suppliers of natural materials"** to enhance new product development from highly functional materials [1]. Toray's relationship is referenced repeatedly in CLSA's own coverage of Toray (CLSA HLD, "ROIC solid" and "Stable flight" notes, May 2025), where Fast Retailing appears as a key counterparty in the Fibers & Textiles segment.

### Other named industrial / technology partners

| Partner | Relationship |
|---|---|
| **Shima Seiki Manufacturing** | JV "Innovation Factory" — the global mother factory for 3D knit clothing using WHOLEGARMENT® technology, linked to R&D at Ariake HQ and to manufacturing factories in Vietnam, China and elsewhere [3] |
| **Daiwa House** | Building next-generation distribution systems in Japan (Ariake-style automated DCs in Sapporo, Sendai, Nagoya, Osaka, Kobe, etc.) [1] |
| **Accenture** | Developing the seamless planning-to-retail systems; hiring and training of IT personnel [1] |

---

## 4. Raw Material Suppliers — Cotton, Polyester, Down

Fast Retailing has been pushing **traceability all the way back to the farm/fiber level**:

- **Cotton**: Set a 2018 goal to source 100% of cotton from farms with reduced environmental impact and improved labor conditions by end-December 2025 — **the company confirmed it achieved this 100% target by end-December 2025** in its Q2 FY2026 (interim) report, and is now tightening criteria to require third-party certification only [8].
- **Recycled polyester**: 40% of total polyester in UNIQLO's Spring/Summer 2025 collection was recycled (used in products like Dry EX polo shirts, fleece full-zip jackets) [7]. Group-wide goal is 50% of all materials by weight converted to recycled / low-GHG materials by 2030.
- **Material-level supplier engagement**: Fast Retailing has been recognized by CDP as a "Supplier Engagement Leader" for two consecutive years, reflecting depth of collaboration with its material/sewing factory base on decarbonization [7].

The procurement model relies on **close, two-way information flow with production partner factories**: "production, sales, and logistics plans must be constantly linked, and flexible additional production systems must be realized through close information collaboration with production partner factories" [10].

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## 5. Summary View

| Bucket | Who |
|---|---|
| **Customers** | Retail end-consumers — UNIQLO Japan, UNIQLO International (Greater China being largest international market), GU, plus the global brands (Theory, PLST, Comptoir des Cotonniers, Princesse tam.tam). No material B2B customer exposure. |
| **Tier-1 supplier network (sewing)** | ~Concentrated set of partner factories in China, Vietnam, Bangladesh, Indonesia, India [2]; "core" factories at top of the pyramid produce 90% of volume [6][7]. All bound by the Code of Conduct for Production Partners [4][9]. |
| **Tier-2 supplier network (fabric mills / spinners)** | UNIQLO directly specifies yarn/spinner/fabric mill — not delegated to trading houses [5]. |
| **Strategic material / tech partners** | **Toray Industries (3402 JP)** — functional fabrics, HEATTECH/AIRism franchise [1]; **Shima Seiki** — WHOLEGARMENT 3D knit JV [3]; **Daiwa House** — Ariake-style automated DCs in Japan [1]; **Accenture** — IT/process transformation [1]. |
| **Raw material sourcing** | 100% "preferred" cotton achieved Dec 2025 [8]; growing recycled polyester share; CDP A-list climate + Supplier Engagement Leader [7]. |

**Caveat on internal coverage**: CLSA's RMS archive carries a 3 Jun 2025 Fast Retailing note ("O-PF, May momentum") and adjacent China Reality Research consumer note on fast-fashion bargain hunting (13 May 2025) that touch the competitive context, but neither lists supplier-level granularity beyond what is in the public disclosure layer. The supplier mapping above is therefore primarily anchored in Fast Retailing's own filings/transcripts, with CLSA Toray Industries coverage (May 2025) as cross-validation for the Toray relationship.

---
**Sources**
[1] Fast Retailing Co., Ltd. 4Q15 Earnings Call — Tadashi Yanai on Toray, Daiwa House, Accenture partnerships and supply-chain digital transformation
[2] Fast Retailing Co., Ltd. 4Q21 Earnings Call — production offices in Shanghai, Ho Chi Minh City, Dhaka, Jakarta, Bangalore
[3] Fast Retailing Co., Ltd. 4Q20 Earnings Call — Shima Seiki Innovation Factory JV; Vietnam/China manufacturing linkage
[4] Fast Retailing Co., Ltd. Annual Report (FY2025, published 2025) — Code of Conduct for Production Partners; RE.UNIQLO; recycled-material rates
[5] Fast Retailing Co., Ltd. 4Q21 Earnings Call — UNIQLO Procurement Team specifies yarn/spinner directly
[6] Fast Retailing Co., Ltd. Special Call — 90% of production volume factories, coal-boiler elimination, renewable energy
[7] Fast Retailing Co., Ltd. Annual Report (FY2025) — UNIQLO and GU core factories; CDP A-List / Supplier Engagement Leader
[8] Fast Retailing Co., Ltd. Q2 FY2026 Interim Report — 100% preferred-cotton target achieved by end-December 2025
[9] Fast Retailing Co., Ltd. 4Q21 Earnings Call — Code of Conduct for Production Partners (2004); ILO basis; monitoring framework
[10] Fast Retailing Co., Ltd. Q2 2025 Earnings Call — close information collaboration with production partner factories; EZY Jeans / PUFFTECH customer-feedback loop

## Citations

- [1] **Fast Retailing Co., Ltd. 4Q15 earnings_call** · external
- [2] **Fast Retailing Co., Ltd. 4Q21 earnings_call** · external
- [3] **Fast Retailing Co., Ltd. 4Q20 earnings_call** · external
- [4] **140120251008570395.pdf** · external
- [5] **Fast Retailing Co., Ltd. 4Q21 earnings_call** · external
- [6] **Fast Retailing Co., Ltd. - Special Call** · external
- [7] **140120251008570395.pdf** · external
- [8] **Fast Retailing Co., Ltd., Q2 2026 Report** · external
- [9] **Fast Retailing Co., Ltd. 4Q21 earnings_call** · external
- [10] **Q2 2025 Fast Retailing Co., Ltd.** · external

