Miniso sees huge growth potential in India, plans massive expansion
Miniso is betting big on the Indian market and will be expanding across India by opening up as many as 800 stores by 2020, as it sees huge potential for growth in the country.
Miniso entered the Indian market in August 2017 and generated sales revenue of Rs 700 crore ($100 million) in its first year. The company considers India as among the top 5 contributors to its global revenue.
Miniso will expand its presence in India through both company-owned model and franchise partners.
“At present, we have 102 stores in India (24 Miniso-owned and 78 franchise stores). Keeping in mind the fast-paced lifestyle here, and the high demand for our products, the company will expand its retail footprint pan-India. We are looking at opening 800 stores by the end of 2020,” Miyake Junya, co-founder and chief designer of Miniso told the Business Standard in an interview.
“We are actively exploring the international market and have opened over 3,500 stores in five years, with business turnover reaching $2.5 billion in 2018. India is among the top-5 contributors to our global revenue. With the accelerated demand and interest that Indian audiences have shown in our products, we certainly hope to see India’s contribution to rise,” Junya added.
Miniso also had plans to open warehouses in Delhi, Mumbai, Bengaluru, and Kolkata to manufacture products in India for its stores in the U.S. and Australia.
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