Multinational clothing retailer Fast Retailing aims to lift annual sales more than sevenfold by 2020, to reach ¥5 trillion (£32bn).

As well as entering Russia next year with its Uniqlo flagship banner, the retailer wants to add about 100 stores a year in China. The group will also be seeking to make acquisitions.

Chief executive Tadashi Yanai (pictured) told investors: “In the near future, Asia will be the biggest market in the world, providing the biggest growth opportunity for Uniqlo.”