MINISO’s $1.5b Investment Berths In Nigeria

The Federal Government’s quest for foreign direct investment (FDI) has yielded yet another positive boost. This comes on the heels of a $1.5 billion investment by MINISO, a Japanese designer brand opening of outlets across the six high-brow shopping malls in Lagos.

Announcing the arrival of the designer giant into Nigeria on Wednesday, the Country Manager, Mr. Chris Lee, said MINISO products include lifestyle essentials and creative home necessities, health and beauty products, fashion accessories, gadgets accessories, digital accessories, stationeries gifts, unique toys series, seasonal products, Kitchen ware, etc.

He said: “Miniso advocates a philosophy of quality life and is dedicated to providing premium and high-quality products to its customers, with a creative ideology of competitive and affordable pricing.

‘’MINISO continuously selects the best materials from all over the world for its products designs with a focus on the home and life. 80 per cent of the designs are from Japan, Korea, Sweden, Denmark, Singapore, China and Malaysia’’.

Quoting Ye Guofu, a co-founder of MINISO, he said the higher the price, the better the quality.

‘’Those low price with bad quality products resulting from the profiteering desire are originated from the period of command economy.

‘’The time for good quality with low price products has just begun. In this era, the actual value of a brand should be beneficial to millions of people rather than providing services only to the noble and the rich. These very values and principles have induced the inception of MINISO,’’ Lee said.

According to him, the brand has established a new type of shopping experience with cozier stores, which has become the main force within the department stores and shopping malls along with catering, fast fashion clothing and entertainment.

“We strive to provide consumers with simple, natural and quality products, at lower prices, so as to give the consumers an exciting and happy shopping experience”, he added.

He said the brand’s grand opening ceremony will hold in a forthnight simultaneously across three premium shopping malls in the state- Ikeja City mall (Alausa, Ikeja), Circle mall (Lekki) and Novare Mall (Sangotedo-Ajah). Three more stores will follow suit by end of next month in Palms mall (Lekki), Festival mall (Festac), and Maryland mall (Maryland).

Lee, however, assured that MINISO’s presence will soon be felt in other major stores across the country, to give more Nigerians opportunity to access the benefits and experience of MINISO’s array of products. With simple and quality features as well as leading the trend of intelligent consumption, he noted that most MINISO products are priced from N990, thus earning love from the major consumers aged from eight to 60.

Aside the unique shopping experience, Lee said its presence in Nigeria will lead to increase in employment rate and boost local procurement.

‘’With MINISO’s strategic plan to have about 500 stores across Nigeria by 2019, the brand is committed to employing about 30,000 Nigerians and this will reduce the country’s current unemployment rate by at least 0.99 per cent.

‘’Over time, MINISO is committed to procuring most of its raw materials locally. We are also committed to transferring standard retail knowledge with an achievable projection of establishing a retail focused education system and transfer of knowledge to Nigerians. With this, individuals can carve a fulfilling career path for themselves in retail.

The Marketing Communications Manager for the firm, Miss Colette Atane, used the launch to unveil the Brand Ambassador for MINISO Nigeria, Mrs. Stephanie Linus, a renowned Nollywood Actress, Director and Producer, emphasised that the brand philosophy of simple, natural and quality is the major reason for the choice of Linus as she exemplifies the very essence of the MINISO Brand.

Responding, Linus expressed excitement about the breath of fresh air coming into the Nigerian Retail market as she echoed that MINISO represents the perfect mix of ‘quality and affordability’ with a wide range of products that appeals to all age groups.

She said, she glad to be part of the phenomenal ideology of “simple”, “natural” and “quality” products.

Listed as one of the fastest growing retail brands since its her establishment in Japan in 2013, MINISO has actively explored the international retail market by opening over 2,250 stores in more than 41 countries. It plans to increase same to another 15 countries with a turnover of $750 million in 2015 and $1.5 billion in 2016.

The firm is said to have beaten all odds with an average monthly growth rate of 80 to 100 stores across countries including the United States, Canada, Russia, Singapore, the United Arab Emirates, Korea, Malaysia, Kazakhstan, and Australia.

Source: The Nation