Miniso targets 6000 stores by 2020

Chinese discount brand Miniso expects to open 6000 stores worldwide by 2020, co-founder Ye Guofu has told a conference in Singapore.

He was speaking at a three-day investment conference hosted by Miniso and attended by more than 250 agents, potential agents and suppliers from 100-plus countries.

Following the event, Miniso signed a strategic co-operation agreement with the Mazuli Group from Israel.

Also from Miniso at the event, named “Hello! World Miniso – Saiman Fund International Conference on Global Investment”, were global co-founder/chief designer Miyake Junya, Asia-Pacific VP Li Minxin and international department director Huang Zheng.
While established for only three years, Miniso has opened more than 1400 stores in more than 40 countries and regions. Its global revenue reached RMB5 billion (US$719 million) last year and expected to exceed RMB10 billion this year.

To help conference attendees understand the brand’s rapid development, Junya spoke about the “Miniso model”, using the brand’s development in Singapore as an example. Miniso launched three stores in Singapore simultaneously, and within a year was able to open more than 20 stores. As well as its quick development, its turnover rates repeatedly set sales records and it grew faster than any other retail brands.

Junya believes its success is because of its powerful brand, its “high quality, creativity and low price”, the special experience if offers shoppers, and its efficient and reliable supply chain.
Guests were invited to visit five major Miniso stores in Singapore and one warehouse.
As a fast-to-market brand, Miniso launches new products every three days and completes goods circulation through retail outlets every 21 days.
Ye Guofu spoke about the essence of a brand with competitiveness, saying he believes there is no essential difference between online and offline.

He says the traditional retail industry must undergo transformation, not only because of the impact from eCommerce, but most importantly because of consumers’ ever-growing cleverness.