- Records INR 7 billion in Sales
- Plans on opening 800 stores by the end of 2019
New Delhi, Tuesday, 22 August, 2018: Japanese designer retail and lifestyle brand, MINISO, has completed 1 year in India and has achieved its annual target of INR 7 billion for 2017 – 2018. Pink Panther and We Bare Bears collection was also launched in collaboration with MGM and Cartoon Network, respectively, at the completion of one year.
MINISO India plans to expand its business foray by increasing its footprint across the country. The company aims to open 200 stores by this year end and hopes to achieve 800 by the year 2019.
Launched in August 2017, the company at present operates 26 stores in India – 21 in Delhi/ NCR, three in Mumbai, one in Bengaluru and one in Lucknow and plans to open new outlets in the cities where it already has a presence. MINISO India has extensive plans to start operations in Chennai, Kolkata, Hyderabad and Jaipur while tapping heavily into Tier 2 and Tier 3 markets. This rapid expansion will be done through company-owned model and through franchise partners as well.
Acknowledging their customer needs, MINISO dedicates to provide their customers a unique experience with vast range of quality products which are quirky, attractive and innovative yet pocket-friendly. These cost effective products for consumers helped MINISO to grow faster in leveraging customer engagement. Products from categories ‘Health & Beauty’, ‘Life Department’ and ‘Fashion Accessories’ are the best-selling products and constitute to 65% of the total annual sales.
Miyake Junya, Global Chief Designer and Co – Founder, MINISO said, “We successfully achieved our target revenue of INR 7 Billion in India and planning to strive more in the market. 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 5 Franchise stores in India. We are looking at opening 46 stores all over India.”
India is the fastest growing economy with a growth rate of 7.4 per cent that rises to 7.8 per cent in the year 2019. There is a lot of untapped potential in the market and with growing avenues the growth will be incessant. MINISO in India looks to expand fully keeping the Indian taste and preferences in mind.
He further added, that, “The huge potential of India lies in the fact that it offers a very large customer base to tap into. With the population of India running into the billions, the scope this offers is tremendous. The design concept of MINISO is widely accepted by the consumers and for Indian consumer it drives more by giving them a budget friendly product.”