Retail brand Miniso has added another area in its reach under a franchising deal. As per the deal, the retail brand is all set to explore the Vietnam market with local Le Bao Minh Group.
The first three Miniso Vietnam stores will be opened in August and the company is hopeful to double the count within a month. The company is on a grand expansion spree and believes it will have 13 stores in Hanoi, Ho Chi Minh City, Da Nang, Vinh, Can Tho and Hai Phong at the end of this year.
This Japanese brand has already made its presence felt in market and is indeed very successful in Korea, Malaysia, China, the Philippines, and Thailand.
As the exclusive distributor of the Canon brand in Vietnam, the recent expansion of Le Bao Minh into the retail sector amazed several inhabitants.
The group is optimistic with its business towards the current retail market in Vietnam, and said to focus on the young customer base in the area.
Miniso has increased its revenue five times in the past three years and apparently has revenue of US$1 billion last year. The group plans to have 200 stores all over Vietnam within five years.