Tencent and Hillhouse Capital have invested RMB1 billion (US$146 million) into fast-growing Chinese discount retailer Miniso.
Founded just five years ago, Miniso has already grown to more than 3000 stores worldwide using what it describes as a “high quality, low price” philosophy.
Three years ago, the China-headquartered retailer which pretends to be Japanese in its brand positioning and marketing, made its first foray abroad. One in three of its stores are now in overseas cities in 70 countries and markets, including Hong Kong, Singapore, Japan, Vietnam, Taiwan, Macau, India, South Korea, North Korea, Indonesia, Malaysia and the Philippines.
In a statement, Miniso said the strategic investment from Tencent and Hillhouse Capital will enhance cooperation in big data analysis, smart outlets, intelligent retail and digital operations, among other areas.
“The investment of Tencent and Hillhouse Capital will help the future development of Miniso by improving its ability in terms of information technology, capital operation, corporate governance, etc. The investment will also expand its layout in the field of intelligent retail and accelerate overseas market expansion, so as to help Miniso achieve its medium-term strategic goals.”
That goal is to have 10,000 stores trading in 100 countries with RMB 100 billion in sales by 2022.