owth in 2023. While the company’s expansion in India slowed down a bit during Covid, now that the peak of the pandemic has receded, the company is betting big and looking to open more large stores. “The New Bel Road store [in Bengaluru] is a good example. In the first quarter of 2023, we’ll have two new stores in Indira Gandhi International Airport [in New Delhi],” he added. The Indian marketplace According to Li, India has always been an important market for Miniso. He noted that it is a populous country that is experiencing rapid economic development, and is recovering quickly from the impact of the pandemic. “It’s home to eager and active consumers, and we are optimistic and believe that the Indian market has high potential. The unique, diverse cultures and festive traditions make India stand out among other APAC markets,” he stated. Interestingly, Li noted that consumer demands and preferences are quite distinct in India. For example, perfumes, fragrances, plush toys and scented candles are some of the retailer’s most popular products, especially during festive seasons like Diwali. “At Miniso, we localise our product portfolio to fit customer needs. Currently, Miniso offers about 140 different scented products that are specific to the Indian market. In 2022, the total sales of fragrances and scented products had a robust growth in 2022,” he noted. Li said the company is committed to understanding and respecting the unique culture and needs of its Indian customers. “For instance, in 2022, we launched #HealMySpirit campaign which invited local influencers and customers to smell and identify some of Miniso’s well-loved scents. We also celebrated the past Diwali in-store with shoppers and are now planning for the upcoming Holi,” he said. Expanding presence Miniso has stores in almost all of the main shopping malls in India, and the retailer is well-recognised as a value brand, thanks to its affordability, aesthetics and product quality.  “We also work with local retailers, suppliers, and logistics partners in India to grow our businesses together. Miniso is actively seeking franchisees and distributors to join us and grow with us,” Li added. He went on to explain that in the 2022 fiscal year, Miniso had nearly 30 new distributors and most of them were in India. While the company is an established bricks-and-mortar retailer, it is working on deepening its consumer engagement and omnichannel experience. “In India, we work with both Amazon and Flipkart to make our products accessible to Indian customers, wherever they are. The focus for future development would be on creating exclusive products that could appeal to more online shoppers,” he elaborated. Market realities Global economic predictions for 2023 are mixed, with concerns around a possible looming global recession, inflationary pressures and supply chain bottlenecks still a factor for most retailers, brands and marketers. “A lot of markets including India are experiencing inflation and consumers are more cautious and tend to look for better values when making purchases,” Li explained. Nonetheless, he feels that the company’s strong supply chain capability enables it to offer affordable products. “We have established long-term cooperation with existing qualified suppliers in China and abroad, while attracting new capable suppliers at the same time. We are also developing global sourcing capabilities to maintain a resilient supply chain,” he stressed. According to Li, in 2022, the company launched over 2050 new products in India, which was an average of nearly 40 new products a week.  Opportunities ahead Li acknowledged that the Indian marketplace is a fast changing and fiercely competitive environment. A big challenge for the company is to localise and cater to the needs of its customers. “In terms of opportunities, India is a huge country with fast economic growth and the demographics are very well-structured. There are a lot of cities that we have not set foot in and they are our next growth points,” he noted. For 2023, he said that the company will remain focused on its long-term strategic goals. This includes its globalisation strategy, bolstering its product offerings and optimising its store network in the country. “At Miniso, we are committed to bringing joy to our customers. By opening more stores, we are building better partnerships with franchisees, suppliers, partners and distributors, and bringing our high quality and affordable products to more customers,” he concluded.