Miniso clocks Rs 700 crore sales in its first year in India
Japanese-inspired brand Miniso has managed to generate sales revenue of Rs 700 crore ($100 million) in its first year in the country and will remain bullish on the Indian retail market to drive future growth.
The Chinese-owned company had officially entered the Indian market with its first store at the Ambience Mall, Vasant Kunj in New Delhi in August 2017.
After the success in its first year, Miniso has massive expansion plans in India. The brand intends to open 200 stores by the end of 2018 and take the store count up to 800 by 2019 eyeing revenue of Rs 10,000 crore (approx USD 1.6 billion).
"India is one of the top five markets in terms of revenue for Miniso. To expand our presence in India, we have initiated our franchise model and have already started five franchise stores in India," Miniso Global Chief Designer and Co-Founder Miyake Junya said in a statement.
"Miniso India has extensive plans to start operations in Chennai, Kolkata, Hyderabad, and Jaipur while tapping into tier 2 and tier 3 markets. This rapid expansion will be done through a company-owned model and through franchise partners as well," he added.
Miniso currently has 26 stores in India: 21 in Delhi/NCR, three in Mumbai, one in Bengaluru and two in Lucknow.
Miniso was co-founded by Japanese designer Miyake Junya and Chinese young entrepreneur Ye Guofu in Tokyo, Japan. It currently has over 2,000 stores in over 30 countries.
Copyright © 2023 FashionNetwork.com All rights reserved.