Major Chinese retailer MINISO said it has ambitious plans to expand its business and create multiple sub-brands.
The company unveiled plans for 2021, called "strategy X," to diversify its business and become the world's leading retail platform. One of the tasks set to achieve this goal is to create a large number of sub-brands. Work in this direction is already underway.
Thus, back on December 18, 2020, MINISO launched its sub-brand TOPTOY, under which toys for children and teenagers are produced. In five cities in China, the brand has already opened nine stores. According to TOPTOY representatives' statements, they intend to take leading positions in the rapidly developing toy market in the country.
While this is just the beginning, MINISO does not intend to stop there and continue creating other brands, working in different directions. At the same time, the company plans to continue increasing the number of stores, covering not only cities but also rural areas. China is now in the recovery phase from COVID 19, and the company sees this as an excellent opportunity for expansion.
As for overseas markets, despite the continuing uncertainty due to the coronavirus pandemic, MINISO will continue to expand its presence, especially in countries with populations of at least 50 million people - India, Indonesia, the United States, Colombia, Mexico, Egypt, and Spain.
There will also be a great deal of focus on Internet commerce. According to Robin Liu, MINISO's marketing director, "COVID-19 was the catalyst that accelerated the company's digital transformation." The development will take place through all channels, from regular online stores to WeChat channels. Similarly, MINISO will further strengthen its e-commerce position in key overseas markets.
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