With the core values of excellent product design, high cost performance and a comfortable shopping experience, globally-renowned brand MINISO has gained popularity among its consumers through its personalised consumption trend in the household market. Here, RLI sits down with CEO and Co-Founder Ye Guofu to discuss the company’s expansion plans.
Advocating the philosophy of quality life and in the brand spirit of respecting customers and dedicating itself to providing customers with products of high quality with a competitive price, MINISO has earned the respect and loyalty from customers in the 18-35 age range due to its simple and unique features that keep pace with current consumer trends.
By the end of last year, more than 3,500 stores had been opened in 79 countries and regions and today they operate nearly 4,000 stores throughout the world and reached cooperation agreements with over 90 countries. “The growth of the brand in the past year has been phenomenal,” explains Ye Guofu, CEO and Co-Founder of MINISO. “Recently we have also launched the first of our Marvel x MINISO collections in Canada within the MINISO Vaughan Mills location and the customer reaction to the products and store has been overwhelming.” Constantly growing, in the last few weeks alone the company has opened an outlet at Plaza Satelite in Mexico City, its 161st store in Mexico, whilst opening its first Marvel x MINISO collection in Europe in Hungary and opening 37 Marvel x MINISO collections in China on the same day.
The mid-term goal is to open 10,000 stores in 100 countries by 2022, whilst the current target of developing the brand in 100 countries is close to being achieved. In the future the focus will be on the refined operation of each market, recruiting new and emerging talent, upgrading its information systems, optimising its product structure, improving marketing strategies, reducing cost, increasing efficiency and further improving the profitability and market competitiveness. Exploring and expanding its market reach is what MINISO has been doing for the past few years, believing that high quality, low-priced and well-designed household products are competitive in any market.
“We believe that the product is the most primary strategy in our business, so we always insist on a product-centric strategy. To this end, we have more than 200 buyers all over the world who keep up-to-date with the latest fashion trends and the latest news in product development. Our principles of product development are good quality, good design and good price,” explains Ye Guofu. Talking about social media and its place in the modern retail world, Ye Guofu says that in this rapid digital information age, interpersonal emotional links and interactions are largely dependent on the platform, and that through social media, retail enterprises can not only quickly obtain consumers’ views and feedback on brands and products, but also directly communicate with customers for an emotional exchange, thus generating trust and loyalty. “MINISO’s current social media strategy is simple. We manage users carefully and interact with them, we share product information and collect product suggestions, whilst providing an after-sales service,” says Ye Guofu. Over the years the company has won the trust and recognition of consumers the world over with its consistently good products. It is because of its good looking products which are high in quality and cost effective that consumers remain loyal to MINISO.
Its achievements in IP cooperation are unique in the industry and this is another overriding factor in keeping the business distinguished from other brands. What does Ye Guofu consider to be the key drivers behind the brand’s success to date? “The ultimate target of any retail brand is the consumer and meeting consumers’ needs and providing them with good products, which is what we’ve always done. We build our resources for integrating supply chain and design; we also integrate our supply chain, design and other resources and constantly innovate with new products and models so that MINISO can continue moving forward.” The culture that has driven the company from the very beginning is this idea to simplify, be energetic and genuine, be innovative and highly-efficient all the while remaining responsible.
To conclude, we asked Ye Guofu what lies ahead and what does he perceive to be the greatest challenge facing both him and the company? “No matter for MINISO or for me, it is very important to control greed and to continue to insist on good products, good design and the sustainable business philosophy of not making fast money. In addition, MINISO is developing fast and there is a great demand for talents, especially international talents. Therefore, the problem of recruiting talents is also one of the biggest challenges that we are currently facing as we continue to move forward.”