The brand is operational to this country since last couple of months, so how is the initial response? And, how the brand is looking to grow its footprint?
Our philosophy is to go for simple and fixed rate products, which should be good to consumer pocket as well. That is the reason that we have been growing at rapid pace. Obviously, we are getting love from the consumers because our offerings are as per their expectations. In fact, worldwide we have open more than 2000 stores in last four years. And for Indian market the plans are very aggressive, we are looking to open 10,000 stores by 2019.
Have you introduced the entire product range alike to other markets or initial plan is to go with selective categories? Also shed light on best performing range so far?
Miniso is successfully operating in 30 countries. At every place, most of the product categories are same, but due to certain issues such as taxation which varies country to country. Moreover, government rules are also different in each country. So, there could be a slight difference in terms of categories, but more or less it is same everywhere. However, ‘cosmetics’ is not introduced to Indian market yet, which we may launch very shortly. So far, ‘soft toys’ is our best performing category here.
Going forward, will the company be focused on only opening on company owned stores? Any plans to start franchise model?
Indian market is very important for us. Since, we are here since last one year only, so it would be very different to comment anything at the moment. It is very difficult to say right now that whether we would grow on direct proportion or franchise distribution. However, we will assess all options very positively.
What would be location of your upcoming stores?
We will continue to open the stores where we will find high number of consumers. At the moment, the focus is on key areas of the city. However, in the future we may also look at departmental stores such as Shoppers Stop to be present via shop-in-shop format. In fact, we are open to airport locations as well.
How do you see the growth aspect in tier II markets in India?
We are growing gradually, at the moment the focus is on metropolitan cities. However, in future we would certainly be growing equally in smaller towns as well.
Worldwide, Miniso is known for lower price points. Would you be looking to introduce any premium range? Also shed light on your pricing strategy? What is your starting and exiting price point?
Globally, our pricing strategy is same, and there is nothing specific in terms of premium range. Our target customers are youngsters. We will continue to resonate with younger audience with high quality, pocket friendly ranges with excellent shopping experience. Our highest price point is Rs1000. However, most of our products are priced at Rs.150
What are plans for online distribution here? Would you be looking to open your exclusive web store for India?
As of now, the focus is on offline expansion. We are not looking to open any exclusive web store in near future.
Miniso is comparatively new to Indian consumers. What will be your marketing strategies to increase the brand identity in Indian market?
We are exploring multiple options right from celebrity endorsement to social media. However, at the moment this is not the target, presently, the focus is on to increase the store count as many as possible.