Shares of Uniqlo’s parent company drop almost 5% as the retailer warns of a 'turning point' in its China strategy

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Foreign brands like Apple, Nike, and L'Oreal have a China problem: The world’s second-largest economy, traditionally a revenue driver, is now looking more challenging amid a sluggish economy and a shift to domestic brands. 

Now Fast Retailing, owner of the fast fashion brand Uniqlo, is the latest foreign brand to warn of profit struggles in China.