Japanese designer brand Miniso, which already has 120 stores in India, plans to double the count by Dec 2020, Tyrone Li, India Head, Miniso told Moneycontrol.
Miniso Ìndia will add 20 to its store count by December, and another 100 by December 2020, taking the total count to 240.
For this, Li said Miniso will be targeting tier-3 and tier-4 cities. The present ones are concentrated in tier-1 and tier-2 cities. A Miniso store in India with a size of 1,500-2,500 sq. ft incurs an investment of Rs 1.5-2 crore.
Miniso was co-founded by Japanese designer Miyake Junya and a young Chinese entrepreneur Ye Guofu in Tokyo, Japan.
Miniso, which entered India in 2017, offers value products for low prices. Miniso has shown a rapid growth in terms of establishing its presence across the country.
Li said everyday Miniso launches 16 new products.
When asked whether the slowdown has affected Miniso’s sales, Li said: “At Miniso, we haven’t witnessed any slowdown because at Miniso we sell quality product at low price.”
In fact, Li is confident on India’s economic growth and that is why they are keen to expand quickly.
He believes Ìndia is the most important market of supply chain for Miniso after China.
Miniso has strong plans for the Indian market, and is keen to increase local sourcing.
Miniso purchases and manufacturers products in India but designs in Japan and exports it to different countries.
Li pointed out that Miniso has purchased products worth Rs 42 crore so far this year from India and exported to other countries.
Speaking about purchasing goods target, Li said: “We will purchase worth Rs 50 crore worth of goods from India and export it to other countries by Dec 2020.”
Currently, Miniso purchases goods from 40 countries.
After partnering with Flipkart, Li said they are also in talks with Amazon for selling Miniso products on the e-commerce platform.
On September 16, e-commerce marketplace Flipkart announced a partnership between its independent value platform 2GUD and Miniso India to capitalise on the upcoming festive season.
The Japanese retailer has already has tie-ups with Shopclues, Paytm and Snapdeal for selling their products.