Fast Retailing enters joint venture with Shima Seiki
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London - Sometimes two heads are better than one, which is why Japanese fashion retail giant Fast Retailing has joined forces with knitting machine manufacturer Shima Seiki to create a new innovation driven joint venture.
The venture, known as the Innovation Factory Co. Ltd, is set to act as a platform for the development and manufacturing of new knit products using new knit technologies. Shima Seiki is currently one of the world's leading manufacturers for computerized flatbed knitting machines and a pioneer in the knitting machine production.
Under the new joint venture, the company will produce new knit products using Shima Seiki seam-free technology, known as WHOLEGARMENT®, to produce seamless products for Fast Retailing Group portfolio, with focus on developing items for Uniqlo. The joint venture is expected to eventually become the lead factory for producing innovative knit product for Fast Retailing.
The joint venture company is based in Wakayama, Japan and sees Shima Seiki retain a 51 percent stake in the company and Fast Retailing a 49 percent stake.