Uniqlo is expected to raise prices on selected items, including jackets and pants, from November, mainly due to soaring costs and a weak yen. (EPA Images pic)TOKYO: Fast-fashion giant Uniqlo has cancelled a planned price hike for its popular socks in Japan, as consumers grow increasingly frustrated with inflation.
The company reversed its decision less than two weeks after announcing increases that led local media to suggest its reputation as a "symbol of affordability" was at risk.
The retail powerhouse said a planned jump to ¥390 (US$2.50) a pair for one popular category of basic socks was now officially off the board, instead opting to keep them at ¥290 and a bargain ¥990 for four pairs.
"As socks are an essential everyday item, in Japan we reconsidered our planned price revision and decided to continue our multi-buy offer," a spokesman for Uniqlo's parent company, Fast Retailing, said in a statement.
