Struggling retailer Daiei Inc. said Thursday it has reached an agreement with Fast Retailing Co., which runs the Uniqlo clothing stores, on a tieup to open a new low-price casual clothing chain, with outlets at all Daiei general merchandise stores.
Under the agreement, Fast Retailing will develop a new chain focused on inexpensive casual wear, and open outlets at Daiei's 148 stores starting in the fall.
Fast Retailing officials said the new chain will feature cheaper items than those sold by Uniqlo, which has lately been shifting upmarket.
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