Japanese brand Miniso enters India with store in Delhi, plans 800 stores in 2 years
Japanese brand Miniso is planning to go all out in India in order to end the domination of European and US brands in the country’s rapidly growing fashion market.
The Japan-based fast-fashion designer brand has officially entered the Indian market with its first store at the Ambience Mall, Vasant Kunj in New Delhi.
The store spread over 2,000 sq ft which houses products across 12 categories was inaugurated by Bollywood actress Aditi Rao Hydari.
Miniso will go bullish in India and has massive expansion plans. The brand intends to open 210 stores by the end of 2018 and take the store count up to 800 by 2019 eyeing revenue of Rs 10000 crore (approx USD 1.6 billion).
After European brands, Japanese brands are looking to cash in on India’s booming fashion retail market. Last year Tokyo based Muji had entered the Indian market with an exclusive partnership with Reliance brands while top fashion brand Uniqlo is expected to enter the country this year.
The Indian fashion and lifestyle market is expected to touch Rs 3.94 trillion over the next five years, according to a 2016 survey by consulting firm A.T. Kearney, so it is no surprise global brands are looking at India as one of the growth markets.
Miyake Junya, the global co-founder and chief designer at MINISO in a statement said, “MINISO is popular around the world, which means our design concepts have been widely accepted by consumers and what they seek can be satisfied by our designs. Our designs are derived from the most essential and realistic demands from life rather than those of extravagant and environmentally harmful.
Miniso brand which was co-founded by Japanese designer Miyake Junya and Chinese young entrepreneur Ye Guofu in Tokyo, Japan currently has over 2000 stores in over 30 countries. The company generated USD 1.5 billion in 2016.
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