MINISO Co-founder and Chief Designer Miyake Junya talks about expansion and brand philosophy
MINISO, which has a presence in over 70 countries, is on an expansion spree. The Japanese designer and lifestyle brand, known for its quality products within an affordable price range, has forged an empire of over 2,600 stores worldwide through self-owned stores and franchises. It plans to open 800 stores in India by 2020. Launched in 2013, the brand philosophy of ‘simplicity, nature and good quality’, has seen a growth rate of 80-100 stores per year. To achieve these goals, MINISO has received multiple investments through a series of funding, with the recent one in October 2018 by Tencent Holdings of USD 147 million in Series A funding.
In an interaction, MINISO’s Co-founder and Chief Designer Miyake Junya shares the brand’s philosophy, vision and expansion plans.
What was the inspiration behind MINISO?
MINISO was founded by me and young Chinese entrepreneur Ye Guofu at the end of 2013. At that time, major financial markets such as Japan, Europe, and the US were in an economic downturn. Consumers generally wanted to buy products with good quality but low price, and an aesthetic pursuit was more inclined to minimalism. In order to meet the new consumer demand and fill the gap in the market, MINISO was born.
How did you meet Ye Guofu?
This story is from the August - September 2019 edition of Entrepreneur magazine.
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This story is from the August - September 2019 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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