MINISO Opens in Vietnam, Three Stores Set up at the Same Time
On September 10, 2016, MINISO, an international fast fashion designer brand opened three stores in Thai Ha, Indochina Plaza and Hang Ngang Street in Vietnam respectively. Mr. Miyake Junya, the chief designer and global co-founder of MINISO, and Mr. Ye Guofu, the global co-founder of MINISO, together with Ms. Le Thi Ngoc Hai and Ms. Duong Thanh Tam, representatives of Vietnam presented at the opening ceremony.
(Illustration: MINISO set up in Vietnam, where many representatives appeared to celebrate the opening ceremony.)
As the most rapidly expanding real retail brand in the world, MINISO has opened 1,400 stores around the world within three years. Its revenue hit USD 1 billion in 2015, which will be expected, under such development momentum, to reach USD 2 billion by 2016. After focusing on markets in China, MINISO sets its sights on the world and has successively signed strategic cooperation agreements with 36 other countries and regions. Opening stores in Vietnam this time is not only a significant step for MINISO to develop itself further in the Asian-Pacific market, but also shows an important support to the national initiativestrategy of "the Belt and RoadOne Belt and One Road", indicating MINISO’s determination to lead China’s real retail industry to conquer the world.
(Illustration: Following by the initiative of “the Belt and Road", MINISO opened stores in Vietnam, crowded by a large number of customers.)
Three MINOSO stores opening in Vietnam on the same day received great attention from the local government and warm welcome from the local people. Approximately 200 Vietnamese big names, celebrities and media reporters gathered together to celebrate the opening ceremony. During business time, the Vietnamese rushed to buy at the stores with high passion. The business streets where the stores are located were guarded by security guards to keep order. Three stores were crowded until midnight, therefore they had to extend the business hour to 2 a.m. Taking the store in Hang Ngang Street as an example, the revenue exceeded USD10,000 within one hour. According to incomplete statistics, MINISO has made brilliant achievements on the first day in Vietnam, breaking the highest record as ever. It is reported that MINISO is expected to open 300 stores in Vietnam within one year.
(Illustration: MINISO organized a press conference for the enthusiastic Vietnamese media.)
On the day of the opening ceremony, MINISO not only prepared local folk performances and Japanese Taiko drums performances for the Vietnamese, but also organized an extemporaneous press conference since the media reporters are curious about MINISO’s operation philosophy and business models. During the press conference, many media reporters strove to ask as many as they could in order to dig out more valuable information. The press conference should have finished by half an hour but lasted for more than one hour. Some insiders forecast that according to attitudes of the Vietnamese to MINISO and the high attention of the Vietnamese media to this brand, MINISO may has great potential and unlimited market scale in Vietnam.
Restricted by the disadvantageous natural conditions and with its rather backward economic development, Vietnam is a developing socialist country in Southeast Asia with comparatively poor living standards. Since Vietnam has established market economic system in 2001, the Vietnamese have an increasing demand for the life quality as the economy of Vietnam soars by making good use of the rich natural resources in Vietnam and favorable coastal transportation, which is resulting in people’s high demand for different kinds of fine light industrial products. Meanwhile, although Vietnam develops considerably, it is still a developing country, for which people can not afford the expensive products from Europe or America for their relatively low income. MINISO opening stores successfully in Vietnam can not only relieve the living stress of the Vietnamese with a large amount of “high-quality, creative and low-price“ products but also bring them unprecedented shopping experience, making them feel happy from the heart.
(Illustration: Spectacular scene on the 1st day of opening the MINISO store in Vietnam. MINISO generated USD10,000 revenue within one hour.)
MINISO will keep on opening stores in Vietnam in the future, together with Singapore, Malaysia, Thailand, the Philippines and Laos, etc., where MINISO has set up stores before, to expand to the neighboring countries and regions, covering the Southeast Asia comprehensively, so that consumers around the world can truly experience the products being made in China with “ high-quality, creative and low-price”as well as the happiness brought by joyful shopping.