Miniso bullish on India, to open 800 stores in 2 years
Chinese fashion and lifestyle brand Miniso is looking to expand its retail presence in India and plans to open around 800 stores over the next two years across the country.
Miniso, which entered the Indian market in August 2017, managed to generate strong sales revenue of Rs 700 crore ($100 million) in its first year in the country.
For its next phase of growth in the country, Miniso will open stores in tier 2, 3 cities along with metros. The brand is eyeing revenue of Rs 10,000 crore (approx USD 1.6 billion) on the back of this massive retail expansion.
“Our aim is to have 800 stores by 2020 in India. We believe the brand has a huge potential not just in metros but also in tier-2 and even tier-3 cities. That is one of the key focus of our expansion,” Young Liu, chief business development officer at Miniso India, told the Businessline.
“It is challenging to get the right malls at the right location in tier-2 and tier-3 cities. But we believe India is a very big market and we offer a unique proposition for the Indian consumers. It has already become one of the major markets for us,” he added.
Miniso currently has 69 stores in India and has already become one of the top five markets in terms of revenue for the company.
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