India's fast growing retail market has attracted another global player: Japan's Uniqlo.

Japan's Uniqlo to enter the Indian Market signalling its strong resolve to penetrate Asia's third largest economy as a part of a global campaign. Announcing the establishment of its wholly owned subsidiary Uniqlo India Pvt. Ltd. on Wednesday. The Parent Company Fast Retailing (FRCOF) said it will soon start hiring local talent to prepare to open a store in Delhi, its 22nd overseas market, and its first in South Asia. The Japanese company is taking advantage of a recent change in India's foreign investment rules to establish a fully-owned subsidiary than linking up with a local partner. 

Japanese retailers entering India actually reflect the strength of India's growing retail market, and opportunities that the country's large consumer base presents to brands like Uniqlo.

Uniqlo isn't the only global brand trying to cash in on India's retail market, which could be worth $1 Trillon by 2020. Swedish furniture giant IKEA is set to open its first store in India later this year. 

Source: The Japan Times and CNN Money

Edited by Simrita Dhillon,