With Globalization Develops Irresistibly, MINISO Held Communication Meeting for Global Partners in Indonesia
On March 30, 2017, the “CO - WIN Ways of Win-Win Commercial Real Estate Enterprises and Future New Retail Business - 2017 MINISO Communication Meeting for Global Partners” was successfully held in Jakarta Pullman Hotel in Indonesia. Mr. Miyake Junya, the global co-founder and chief designer of MINISO, Mr. Ye Guofu, global co-founder and CEO of MINISO, specialist of “new retail” and more than 150 commercial real estate businessmen gathered together to review MINISO’s development process of globalization and witnessed its achievement in development. MINISO has reached a preliminary consensus on the cooperation in 2017 with its partners based on win-win cooperation and mutual benefits.
(Illustration: MINISO held communication meeting for global partners in Indonesia successfully to lay a solid foundation for developing in Indonesia.)
In the past few years, the opinion of "physical retail is declining" spread wider. Some traditional retail enterprises such as Wangfujing department store, Dazhong department store and Ito Yokado are facing huge challenges which have resulted in closures and a continued decrease in revenue and profits. However, MINISO has flourished under such circumstances. It spent three years opening nearly 2,000 stores around the world and this number is still increasing.
It is worth mentioning that the year 2016 was described as "the toughest year of China's real economy". The sales volume of most famous brands dropped dramatically over the previous year, while MINISO achieved nearly USD 1.5 billion revenue and created a "sales miracle" in 2016. Compared with those struggling enterprises, the rapid development of MINISO is highly admired.
(Illustration: MINISO invited a hundred of partners to attend the meeting and exchange experience.)
What is the reason that some famous brands are facing huge challenges while MINISO, a brand established for merely three years can break through and develop rapidly? This question has been discussed for quite a long time and Wu Xiaobo (a well-known finance and economics blogger) and his team explored MINISO's business model and published the book "There is no secret at MINISO", disclosing the secret of success of MINISO. At this meeting, MINISO introduced its development model and ways it has achieved success to the representatives of Indonesia.
MINISO is a brand that dares to break the norms of the traditional retail industry. For example, MINISO is customer oriented, namely in its goal of "relieving the younger generation's shopping stress and making more consumers happy". As a result, it has always insisted on producing "high-quality, creative and low-price" products to improve consumers' quality of life.
(Illustration: Partners of MINISO were visiting MINISO stores in Indonesia, having close contact with consumers.)
Another example is that at the early stage of product development, MINISO specially employed more than 200 professional buyers to research the global market so as to understand the demand and favor of consumers. After they collected all the information, they would report to the design team and make a development plan based on the information. Besides that, MINISO also broke with tradition in the production process. It selects top suppliers to produce products of high quality and lowers the cost with batch and outright purchase as well as reforming supply chain, by which it is able to realize “high quality but low-price”. People may always think that high quality and low-price are as a paradox, while MINISO’s innovative thinking perfectly combines these two together. Just as Mr. Ye Guofu said, “The philosophy of MINISO is that even though we make a little profit, we never sacrifice manpower; even though we sell products at low prices, we never neglect the quality of material resources.”
(Illustration: Mr. Miyake Junya was addressing at the meeting, emphasizing the design philosophy of MINISO.)
At the meeting, Mr. Miyake Junya also indicated that the purpose of design is to improve people's living standards, while nowadays, society is filled with a large number of gaudy and inferior products, which deviates from the original purpose. As a result, MINISO hopes to help consumers build a correct and sound consumption concept by using its design philosophy: "simple, natural and of high quality". At the same time, MINISO also wishes to convey the significance of being natural and simple to consumers around the world by its design. The products can recover their original simplicity with affordable prices and high quality. Consumers are able to purchase good products without paying too much.
One of the representatives of the Indonesian partners expressed at the meeting that the cooperation with MINISO is not only a good choice for resource sharing, mutual complementarities of advantages and association between strong enterprises, but it is also a strategic decision of long-term cooperation, which is of great importance to integrate the resources of Indonesia and promote the development of the local retail industry in Indonesia”.