Mexico’s Grupo Sanborns announced that it has agreed to increase its stake in Chinese retail company Miniso, by some 18%.
Grupo Sanborns made its first investment in Miniso back in February 2019, when it bought a 15% stake in the Japanese lifestyle retailer. The minority shareholder will now hold a vested interest in Miniso totalling 33%, according to a filing with the Mexican Stock Exchange.
“Subject to the execution of the respective contracts, Grupo Sanborns’ shareholding in Miniso BF Holding will increase in the coming days through the acquisition of shares to reach a total interest of 33.27% in Miniso’s capital stock,” announced the Mexican company, which is part of the group owned by Mexican billionaire, Carlos Slim.
A Carso Group subsidiary, Grupo Sanborns is also helmed by Patrick Slim Domit. It operates Saks Fifth Avenue in Mexico, as well as DAX and Sanborns Café, among other retailers. Miniso entered Mexico in 2016, with the opening of a store in Galerías Coapa in Mexico City and a second location at Multiplaza Aragón.
In the last three years, the brand has witnessed rapid expansion across the South American country, totalling some 130 stores in 2019, and adding new cities such as
Sonora and Sinaloa, as reported by FashionNetwork.com.
Miniso aims to have 200 locations in Mexico by the end of the year.
Founded in 2013 by Chinese entrepreneur Ye Guofu and Japanese designer, Miyake Junya, Miniso is a value-priced retailer or variety store, offering high-quality fashion at low prices.
It also stocks a variety of household and consumer goods including cosmetics, stationery, toys and kitchenware. Miniso has more than 1,110 stores in China, 25 in Hong Kong and four each in Macau and Japan, and is now in Vietnam.
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