Miniso to increase store count to 165 by end of this year
By Retail4Growth Team | June 17, 2019
The Japanese retail brand is also eyeing revenue of Rs 450 crore by the year-end, claims a report.
Japanese retail brand Miniso, which started operations in India in August 2017, is reportedly planning to increase its store count to 165 by the end of this year, from the current 105. The brand is also eyeing revenue of Rs 450 crore by the year-end, claims a report.
“India is the most important market for Miniso even though the US, Indonesia and Canada are fetching higher revenue,” Tyrone Li, India head, Miniso was quoted as saying in a report.
According to a ET report, the country will also become the second biggest purchase market for Miniso globally, after China, in next three years. “We plan to have 100 suppliers in India,” said Li.
The company has 200 suppliers in China. And currently has just 5 suppliers in India, from where it will soon source textile and cosmetics for the global market.
Miniso has already invested Rs 350 crore in India and this will increase significantly when it invests in manufacturing units of its suppliers. It also plans to build one more warehouse soon, claims the media report.
The Japanese fast fashion and lifestyle brand eyes INR 10,000 crore revenue in next 2 years and plans to set up 800 stores in next 3 years.