Miniso Corp, a low-cost retailer and variety store chain, plans to create more store brands, including those targeting third- and fourth-tier cities in China, to make the most of the ongoing urbanization trend and consumption upgrade. The company has set a goal of opening 10,000 stores in 100 economies, including 7,000 stores overseas, and generating 100 billion yuan ($14.52 billion) in annual revenue by 2022. To fund the expansion in both domestic and global markets, Guangzhou, Guangdong province-based Miniso launched in January its preparation for initial public offering. The brand now boasts about 1,000 overseas stores in 78 countries and regions, including the United States, Australia, Germany, Indonesia, Mexico and India, Wang said. The success of Miniso's physical stores has defied the global trend of online shopping, Wang said. Miniso plans to forge more cooperation agreements with intellectual property-holders in product design, given its customers' penchant for new products, which the company tries to satisfy.

Source: Chinadaily