Photo/Illutration Tadashi Yanai, the chairman and president of Fast Retailing Co., speaks at a news conference in Tokyo's Minato Ward on April 14. (Yoko Masuda)

The president of Fast Retailing Co. asserted his company's support for Ukraine, while denying it was slow to suspend operations at its Uniqlo outlets in Russia.

The company denounces all forms of war, said Tadashi Yanai, the chairman and president of Fast Retailing, at a news conference in Tokyo's Minato Ward on April 14.

“We condemn all forms of aggression that violate human rights and threaten the peaceful existence of individuals,” he said.

It was the first time he spoke about Russia’s invasion of Ukraine in public.

Fast Retailing, which operates the Uniqlo clothing chain, decided to temporarily halt its Russian operations after considering supply chain disruptions and other factors, Yanai said. 

“We understand all the situations in Russia and elsewhere,” he said. “There’s no possibility we were slow (in deciding to suspend operations in Russia).”

Fast Retailing began operating in Russia in 2010. It had 50 Uniqlo outlets in the country as of the end of February, representing about 40 percent of Fast Retailing’s network in Europe.

The company came under fire both at home and abroad after Yanai indicated in an interview with a business newspaper published on March 7 that Fast Retailing would continue doing business in Russia. He said Russians also have a right to buy clothing for their daily lives.

Only three days later, the company announced it would suspend its operations in Russia.

Fast Retailing will donate $10 million (about 1.26 billion yen) and 200,000 items of clothing to Ukraine, Yanai said at the April 14 news conference. 

“Our thoughts are with the people facing the plight of war, and we will continue providing support to them as much as possible,” he said.

Fast Retailing also reported it had a record half-year profit at the news conference. It posted 146.8 billion yen ($1.16 billion) in net profit for the six months through February, up 38.7 percent from the same period a year earlier.

Domestic sales were sluggish as people spent less after demand for items for a stay-at-home lifestyle slowed, but its strong business performance overseas helped boost overall profits.

(This article was written by Yoko Masuda and Yuji Yamashita.)

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