This study examines the factors driving the competitiveness and growth of Fast Retailing Co., Ltd., a Japanese clothing company that owns the Uniqlo brand, from the perspective of dynamic capabilities. While discussions on dynamic capabilities have focused on the information and communication technology industry, where technology determines competitive advantage, this study demonstrates that such analysis can be applied to Fast Retailing in Japan. The analysis focuses primarily on the company’s history, its partnership with Toray Industries, and the leadership of Tadachi Yanai, the chairman and chief executive officer of Fast Retailing. The findings indicate continuous financial growth, driven by constant resource transformation for investment and long-term partnership with Toray.