MINISO Sighs Agreements with Bangladesh and Saudi Arabia, Expecting to Open 500 Stores in the Future
In recent years, the development of MINISO is particularly prominent in real retail industry. It expands rapidly and has opened more than 1,400 stores in 40 countries and regions around the world. This year, MINISO’s global revenue is estimated to reach RMB 10 billion (approximately USD 1.5 billion). On one hand, the signing of agreements with Bangladesh and Saudi Arabia shows the products of MINISO and its business model have been widely accepted by consumers all over the world, on the other hand, it is also a significant move for this brand to develop further in Asia, breaking regional barriers and stimulating common development, as well as promoting globalization development of this brand. MINISO will develop further in many more countries and regions in the future, working together to promote the internationalization development of real retail industry, relieving consumers’ shopping stress and bringing more happiness to them.
(Illustration: MINISO signed strategic agreements with Bangladesh and Saudi Arabia, obtaining remarkable achievements of its internationalization development.)
Moammir, Mamun, RabiChoudhury and HengRunjie, representatives of Bangladesh, Algabas Ali Ahmed A, representative of Saudi Arabia, Ye Guofu, global co-founder of MINISO and Miyake Junya, chief designer and global co-founder of MINISO, were present for the signing ceremony, witnessing this historic moment. The delegates highly praised the cooperation with MINISO and expected that MINISO can develop well in both countries in the future. Mr. Miyake Junya also expressed that MINISO develops worldwide with the purpose of setting the younger generation free. He mentioned more than once that, MINISO hopes young people around the world can purchase the good quality but low-price products with creative design. The signing of agreements is a win-win cooperation for both sides. Due to the brand’s basis is “good quality, creative and low-price” products, MINISO will further explore the products which consumers of Bangladesh and Saudi Arabia are fond of, aiming at providing thoughtful services, special experiences to customers and building a brand well received by consumers of these two countries.
Located in South Asia, Bangladesh is one of the most underdeveloped countries with high population density in the world. Bangladesh is a nation whose economic pillar is agriculture, and the nation is of a weak industrial foundation. However, with the appearance and wide use of synthetic fibre and artificial fibre in recent years, the export of jute, Bangladesh’s major commercial crops has been hampered to a large extent. Resulting from this, a large number of workers lost their jobs, farmers are in poverty and the Bengals are living a tough life in Bangladesh. The settlement of MINISO will bring “high quality but low-price” products to the Bengals, which not only meets the basic needs for people in Bangladesh, freeing their pressure to purchase, but also improves the Bengals’ living standards by providing the delicate commodities with unique design.
(Illustration: MINISO was signing comprehensive strategic cooperation agreement with Bangladesh, freeing the Bengals with high quality but low-price products.)
Saudi Arabia is widely known as “the Kingdom of Petroleum”, which is one of world's largest petroleum producers and exporters. Owing to the export of petroleum, Saudi Arabia has maintained a relatively fast development momentum, but a simple economic structure and a serious polarization of wealth distribution at the same time. Restricted by the shortage of water resources, the light industry especially the manufacturing industry is less developed. Most of the industrial products are imported from Europe and America, which ensures the quality of products but brings huge shopping stress to the local consumers, notably those underclass people in poverty.Therefore, some insightful Saudis suggested introducing MINISO to Saudi Arabia. They believe that delivering thousands of living goods of good quality and low prices to the country can not only relieve people’s shopping stress but also bring them cutting-edge products with design from Japan, Northern Europe and Netherlands. The representative of Saudi Arabia indicated that only MINISO can balance cost effectiveness and design at the same time. MINISO plans to explore further in these two countries in the future and is expected to open 500 stores in total , truly delivering good quality and low-price products to consumers around the globe.
(Illustration: MINISO was signing comprehensive strategic cooperation agreement with Saudi Arabia, embarking on a stress-free shopping spree in the Middle East.)
On September 27 and 28, 2016, MINISO, a Japanese fast fashion designer brand, took new actions to expand the foreign market. It signed comprehensive strategic agreements with Bangladesh and Saudi Arabia sequentially. The signing of agreements means MINISO develops further in the international market and improves its global competitiveness and influences after establishing in the core regions such as Singapore, Canada, Korea and Thailand, etc..