MINISO completes 1 year in India; achieves Rs 700 crore revenue

Japanese retail brand MINISO has completed one year of operation in India and achieved its annual target of Rs 700 crore revenue for 2017-18.

The brand, which was launched in August 2017, at present operates 26 stores in India - 21 in Delhi/NCR, three in Mumbai, one in Bengaluru and two in Lucknow.

It plans to take its store count to 800 by 2019 by increasing its spread in existing cities and entering new cities across the country.

MINISO India plans to expand its business by increasing its footprint across the country. The company aims to open 200 stores by this year end and hopes to increase it to 800 by the year 2019, the company said in a statement.

"India is one of the top five markets in terms of revenue for MINISO. To expand our presence in India, we have initiated our franchise model and have already started five franchise stores in India," MINISO Global Chief Designer and CoFounder Miyake Junya said.

"MINISO India has extensive plans to start operations in Chennai, Kolkata, Hyderabad and Jaipur while tapping into tier 2 and tier 3 markets. This rapid expansion will be done through company-owned model and through franchise partners as well," the company added.