Fast Retailing chairman and chief executive Tadashi Yanai has revealed the company plans to raise a ¥1 trillion (£6.9bn) war chest to back its bid to become the world’s leading global clothing retailer.

He said that acquisitions would be necessary, particularly in the US and Europe, to reach that goal. “We are looking for a company that can become Uniqlo’s platform in the US and Europe,” explained Yanai.

“At the same time, we want to increase the number of global brands in our portfolio.”