The Japanese retailer Muji is reportedly planning on moving its European headquarters from London to a site in Germany following Brexit.
According to a report by Bloomberg, Ryohin Keikaku Co., is considering Germany for the move but has not confirmed the number of employees based in the London offices that will move if the relocation takes place.
In an email, a spokesperson for Muji said: “As a company we’re reviewing the risks from Brexit and always considering all available options. We have not made a decision on moving our office since no new location has been decided on.”
The company has 12 stores in the UK and employees around 50 people in the London office.
Japanese company Panasonic (TYO: 6752) also announced plans to move its European headquarters from the UK to Amsterdam due to Brexit.
“We will move our European headquarters to the Netherlands,” a spokeswoman for the firm told Agence France-Presse.
Reports of Muji relocating follows Japan’s biggest business lobbyist sharing concerns of Japanese businesses that are “seriously concerned” about their future in the UK post-Brexit.
Hiroaki Nakanishi, chairman of Keidanren, the Japanese business federation, said in an interview with the Financial Times: “Everyone is seriously concerned. We can not do anything.”
Nakanishi said Japanese businesses operating in the EU are concerned by the lack of clarity surrounding Brexit.
“Various scenarios get discussed, from no Brexit to plunging into Brexit without any child or deal at all,” Nakanishi added. “We’re now in a situation where we have to consider what to do in all of them.”
Several Japanese financial institutions including Nomura (TYO: 8604), Sumitomo Mitsui (TYO: 8316), and Daiwa Securities (TYO: 8601), have all made plans to move staff and operations out of the UK.
Following Brexit, companies could be forced to pay tariffs to import and export goods between the UK and EU, leading to concern for many businesses operating in the UK and EU.
Shares in Muji (TYO: 7453) are trading up 0.76 at 33.050 (1348GMT).
