Uniqlo founder Liu Jingzheng will step down to the CEO to give way to young people who understand the market

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UNIQLO founder Liu Jingzheng will leave the CEO position to give way to young people who understand the market

The founder of Uniqlo, Liu Jingzheng, usually starts work at 7 am, and the employees who need to meet with him have to take the schedule ahead of schedule. After 4 pm, he will accompany his family and play golf. But soon, Liu Jingzhen may change his lifestyle.

According to the Nihon Keizai Shimbun report, Liu Jingzheng, Chairman and CEO of Fast Retailing Group, revealed that he will step down as CEO after two years, at the age of 70. After that, he will assume the position of chairman of the board and continue to participate in the affairs of the Fast Retailing Group as a “supervised” business. Fast Retailing Group is the parent company of Uniqlo. In addition to the star brand Uniqlo, it also has GU and Theory and other apparel brands.

The retreat of Yanai is to make the young people who know the market more dominant. In an interview with the media, he said that the fashion retail market is changing rapidly, and the actual operation must be handled by the younger generation who understand young people. He also hopes that this successor will not only have operational capabilities, but also have a wealth of digital operating experience to respond to rapid changes in market changes.

Uniqlo founder Yanai Zheng

The new candidates will not be recruited from outside, which is somewhat in line with the Japanese company's doctrine. At present, Fast Retailing Group has a total of more than 40 executive directors, including two sons of Yanai Zheng. The new CEO will be selected from these people, but Yanai is denying the speculation that his son is the new CEO candidate.

Yanjing has been the head of the family business since 1984 and opened the first store of the Unique Clothing Warehouse warehouse in the alleys of Hiroshima, Japan. He then planned to self-control, integrate operations, and introduce sales methods in the US hypermarket from all aspects of design, production and retail, so that Japanese consumers can buy high-cost clothing in Uniqlo.

This business strategy has allowed Uniqlo to grow. In the mid-1990s, it opened 100 stores in Japan and entered the capital Tokyo. Uniqlo began mass production of its most famous fleece jacket, and it is said that one out of every four Japanese would buy it. Since then, Uniqlo has opened its doors from Tokyo to international metropolises such as London, New York, Shanghai, Moscow and Barcelona.

Clear business model and globalization strategy have enabled Uniqlo to develop rapidly, and Liujing is becoming the first richest person in Japan. Liu Jingzheng, who is in his 60s, is also challenging fabrics to make his own huge commercial system run more efficiently. The most important thing is to keep up with changes in the consumer market.

Previously, Yanai was proposing a “clear plan” in the digital direction at the 2017 Shareholders' Meeting, which was run in accordance with the concept of “information manufacturing retail”. In other words, in the form of big data and technology, to more clearly understand the consumer's needs, inventory status and control of the supply chain. The newly appointed CEO may also be expected to achieve more breakthroughs in retail innovation and digital operations.

Yanai is also aiming to increase Unicom's sales to 3 trillion yen in 2020, making it the number one in the world. As he stepped down, this responsibility will also fall on the shoulders of the new CEO.

The capital market expressed optimism about Yan Jingzheng’s decision. After the news came out, Fast Retailing Group’s share price rose 1.18% today.

Editor in charge: Li Jian SF163

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