Miniso sews up massive expansion plan

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.