Unlike H&M, which has been struggling for years to get back on track, Fast Retailing's operating performance is comparable to that of Inditex.

The difference between the two champions is that the Japanese company has suffered from an uninterrupted yen depreciation throughout the last decade. In this respect, despite technically superior growth, on an exchange rate basis in euros or dollars, it is the Spanish group that owns Zara that comes out on top.

Uniqlo brilliantly exploits an intelligent model: manufactured at low cost in Asia, its collections are ultra-minimalist and highly standardized, yet this does not prevent the brand from enjoying a genuine aura of quality with its customers.

This is a commendable feat, which has enabled the group to achieve double-digit operating margins, albeit lower than those of Zara. The reason for this is Uniqlo's numerous flagship stores, where Zara has chosen to keep its store footprint as small as possible.

The main risk remains Uniqlo's overexposure to the Chinese market, which still accounts for more than two-thirds of the brand's international sales. A fading fashion trend or a boycott movement - for example, following the cooling of Sino-Japanese relations - would have far-reaching consequences.

To counter this, Uniqlo is investing aggressively in Europe and the United States. Commercial success has been achieved, but the expansion effort is taking its toll on margins, and there is still a long way to go: Uniqlo has over 900 stores in China, 800 in Japan and less than 650 in the rest of the world.

It is remarkable that the market has always valued Fast Retailing at a clear premium to Inditex, despite the Spaniard's superior operating performance. Overexposure to China - the world's largest consumer market - clearly justifies this difference in treatment. It's up to each and every one of us to assess its legitimacy.