NEW DELHI, Aug 26: Japanese retail brand Miniso expects India to be among its top three markets globally as it “amplify” its reach here, a top company official said.
The company also expects a “400 per cent” growth in its revenue in next the two years.
Miniso, which achieved a revenue of Rs 700 crore in the first year of its operations, is quite upbeat and now has “extensive plans” to start operation in leading cities and tap the fast growing Tier II & III cities here, the company’s Global Chief Designer and Co – Founder Miyake Junya said.
Moreover, Miniso is also exploring the fast growing e-commerce channels here besides traditional brick-and-mortar business model as part of its growth strategy.
“By FY2019/2020, we expect to amplify our reach and revenue by 400 per cent. The pace of growth will put India in the top 3 markets for us,” Miniso Global Chief Designer and Co – Founder Miyake Junya told PTI.
Presently, India is among top five markets for Miniso globally. It operates 27 stores here – 21 in NCR, three in Mumbai, and one each in Bengaluru, Lucknow and Jaipur.
According to him: ”Indian market has a great potential for business expansion and the huge potential lies in the fact that it offers a very large customer base to tap into.”
Over expansion plans, Junya said: “The company has extensive plans to start operations in Chennai, Kolkata and Hyderabad while tapping heavily into Tier 2 and Tier 3 markets. The plan to have 800 stores by 2019 includes markets from all regions – metros, tier II and tier III cities which we will be announcing soon.”
Besides, Miniso would also expand in the existing cities by opening new outlets. It is also exploring the franchise route also.
As part of its strategy, Miniso which is targeting the middle class and young generation, particularly the millenials, has priced its products within the reach and is adding new products every week in its shelves.
“This decision has led to an impulsive buying behaviour from the consumers and gave us an opportunity to expand our outreach in India,” he said adding that Miniso has almost doubled its product portfolio to 4,000 SKUs (stock keeping units) from August 2017 when it started its operations here.
Miniso’s product range starts from Rs 75 and goes up to Rs 1,500.
“In coming years, we aim to keep this momentum and always new products to our customers,” Junya added.
Over online sales, Junya said that the company has plans to venture into this model.
“We will look to venture into the e-commerce model in the near future. We are working on a website which will have important information about Miniso, its products, offers, etc.,” he said.
”However, we may plan to start an e-commerce website but later. To make our products available within an easy reach of our esteemed customers & admirers, an e-com website is what we would want to work on,” Junya added. (PTI)
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