To help attendees understand how the brand has been able to develop at such a fast pace, Mr. Miyake Junya gave a speech on the "MINISO model". He used MINISO's development in Singapore as an example. Although Singapore was listed as a developed economy in 2010 by the OECD, it is restricted by its relatively small area and population. As a result, its economic development has been weak in recent years, and the retail industry is rather depressed as well. However, after MINISO opened three stores in Singapore at the same time, it stimulated development in the country, and the company was able to open more than 20 stores within one year. In addition to its quick development, MINISO's turnover rates repeatedly broke local sales records, developing far faster than any other retail brands. Mr. Miyake Junya believes that MINISO's success is owed to its powerful brand. It is all about MINISO's "high-quality, creativity and low-price" products, the unique shopping experience, high-efficiency and reliable supply chain.
A store visit was arranged so as to allow the guests to experience MINISO's powerful brand force. Guests were invited to visit five major MINISO stores in Singapore and one warehouse. Due to its efficient store management, everything was organized perfectly even though customer traffic surged. The well-trained clerks observed people's facial expressions carefully and provided services at the right moment. While organizing the goods, they were also replenishing them rapidly. The store manager told guests that MINISO decorated the store in the style of ivory white, which makes it look brighter and softer. Besides that, the new makeup series displayed at the front attracts a large number of consumers in to shop. In addition, MINISO cooperates with top suppliers such as Intercos, Givaudan and Jiacheng Groups, whose products are of superior quality. They are beautifully designed and are both practical and ornamental. With batch and outright purchase, MINISO ensures a gross profit as small as 8%, which makes it possible to make prices stay at the lowest level and guarantees product quality at the same time.
When visiting the warehouse, guests were told that in order to improve the efficiency of delivering goods, MINISO has built seven large-scale central warehouses around the world. Products will be delivered directly to warehouses as soon as they leave the plant, and are distributed to stores in different areas. The whole procedure is highly efficient. It cuts down the redundant costs of the intermediate link, and shortens the time for launching new products. As a fast fashion brand, MINISO launches new products every three days and completes goods circulation through whole store every 21 days. It keeps up with trends and makes customers feel fresh every time they step in the store.
The high-efficiency operation, good social reputation and powerful brand force of MINISO impressed the guests. To further their understanding, Mr. Ye Guofu, co-founder of MINISO, also addressed the conference, discussing the essence of a brand with competitiveness, which in his opinion is performing well in the field of "new retail". Different from the new retail model of combining on-line and off-line, such as that which has been put forward by Jack Ma, Ye believes that there is no essential difference between on-line and off-line. The off-line B2B model is of the same competitiveness as the on-line platform, as long as it can be operated well. The key is how the operator manages to do it. After deep consideration, Ye defines "new retail" as: extreme product design, high cost performance and excellent shopping experience. Ye Guofu insisted that the traditional retail industry must undergo transformation, not only because of the impact from e-commerce, but most importantly because of the ever-more clever consumers. While they require high-quality products, they also pursue high cost performance. MINISO was born under such circumstances. Ye Guofu indicated that MINISO has always adhered to the philosophy of not chasing excessive profit, but of providing authentic products. They are particular about design, price and consumer experience, with the added purpose of letting every consumer use less money to buy better products. MINISO advertises itself by word of mouth and never earns quick money. It aims to become the leading retail brand in the world and consistently develop.
At the end of the investment conference, a strategic cooperation agreement was signed between MINISO and Mazuli Group from Israel, "The pearl of the Middle East". At the signing ceremony Mr. Ye Guofu expressed that MINISO has considered the task of "helping consumers experience the happiness of shopping" as its duty since the first day it was established. Over the past three years, through its high-quality but low-price products, comfortable shopping environment and easy but thoughtful way of cooperation, MINISO has never gone against its original intention. It has responded positively to China's "One Belt, One Road" initiative and it hopes to further promote its global development after the Singapore investment conference. It is expected that by 2020 MINISO will transcend racial and regional differences to open 6,000 stores around the globe and deliver happiness to people throughout the world.
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