Miniso stores set global retail record
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Japanese fashion retailer Miniso has enjoyed explosive growth across Asia, last year raking in sales revenue of more than RMB5 billion (US$769.9 million).
Launched in Tokyo by designer Miyake Jyunya and Chinese entrepreneur Ye Guofu just three years ago, the company has since opened more than 1400 stores internationally. Its expansion last year is believed to have set a global retail record.
It aims to continue its growth this year, aiming at RMB10 billion in sales.
Offering fashionable and casual products, Miniso has as its brand philosophy “high quality, low price and full of texture”. Its prices range from 10 to 29 yuan, with a wide range of target consumers.
It first focused on store design and decoration to attract attention, following up with high service levels. The linking of decoration, service, quality and economy is termed “four goods” by Miniso.
As well as clothing, Miniso offers creative home necessities, health and beauty products, fashion jewellery, office supplies, stationery gifts, seasonal items and even food and drink – more than 10,000 lines altogether.
Miniso stores can be found throughout greater China and in Dubai, Hong Kong, Italy, Macau, The Philippines, Singapore and the US.
Jyunya graduated from Japanese Bunka Fashion College along with two other international brand founders, Issey Miyake and Zenzo Takada.
Questions & Answers
Q.What is Miniso's stated brand philosophy and how does it implement this?
What is Miniso's stated brand philosophy and how does it implement this?
Miniso's brand philosophy is "high quality, low price and full of texture." It implements this through what it calls "four goods": linking decoration, service, quality, and economy in its stores to attract and retain customers.
Q.Which international markets has Miniso expanded into since its launch?
Which international markets has Miniso expanded into since its launch?
Since its launch, Miniso has opened stores in Greater China, Dubai, Hong Kong, Italy, Macau, The Philippines, Singapore, and the US. It now operates more than 1,400 stores globally.
Q.What range of products does Miniso offer to its customers?
What range of products does Miniso offer to its customers?
Miniso offers a diverse range of products, including clothing, creative home necessities, health and beauty items, fashion jewellery, office supplies, stationery gifts, seasonal goods, and food and drink. It has over 10,000 product lines in total.
Q.What are Miniso's sales figures and growth ambitions?
What are Miniso's sales figures and growth ambitions?
Last year, Miniso achieved sales revenue of more than RMB5 billion (US$769.9 million), setting a global retail record for expansion. It aims to significantly increase this, targeting RMB10 billion in sales for the current year.