Japanese lifestyle and fast fashion retailer Miniso is entering Vietnam after signing a franchise deal with Le Bao Minh Group in April 2016. Hanoi will see three stores opening in August, with double that in a month and a total of 13 Miniso stores in Vietnam by the end of the year.
Le Bao Minh Group, who is also the exclusive distributor of Canon in Vietnam, aims to open 200 Miniso shops — creating stable jobs for 5,000 workers — within the next five years.
“We set up a team of experts to find opportunities for cooperation from world-renowned brands, said Le Thi Ngoc Hai, chairwoman of Le Bao Minh Group.
“When learning about Miniso, we [it] appropriate to Vietnamese people. This Japanese brand has been very successful in Korea, Malaysia, China, the Philippines, and Thailand,” she continued.
Miniso was founded in Japan in September 2013 by Miyake Jyunya and his Chinese partner and president of the company, Ye Guo Fu. They opened Miniso’s China office in Guangzhou the following month and now have a design team in Japan with brand and business development in Guangzhou.
To date, there are more than 1,110 Miniso stores in China, 25 in Hong Kong and four each in Macau and Japan. The Dubai store is currently under construction and the company will be expanding to countries such as Vietnam, Malaysia, South Korea, the United States and Italy.
The company has increased its revenue five-fold in the past three years and reported a revenue of US$1 billion last year.