Miniso is targeting a revenue of Rs 450 crore by the year-end. Japanese retail brand, which began operations in India in August 2017, had last year clocked revenue of Rs 180 crore.
Tyrone Li, India Head, Miniso, said, “India is the most important market for Miniso even though the US, Indonesia and Canada are fetching higher revenue. The country will also become the second biggest purchase market for Miniso globally, after China, in the next three years.”
“We plan to have 100 suppliers in India. In China, the company has 200 suppliers,” Li stated.
At present, Miniso has just five suppliers in India, from where it will soon source textiles and cosmetics for the global market.
The brand has partnered with Achhacart, the Indian-origin B2B e-commerce firm, to sell its products online. It has also invested Rs 5 crore for a small stake in Achhacart.
Miniso will increase the store count to 165 by the end of this year in the country, from the current 105. The Japanese retailer operates as a single brand entity in India and has 80 franchisee-owned stores.