Miniso, the Japan-headquartered fast fashion brand backed by internet group Tencent, is planning to launch a $1bn initial public offering, Bloomberg reported yesterday, citing people with knowledge of the matter.
The company has invited banks to compete for underwriter roles in the prospective IPO but has not made a firm decision about whether to list in the US or Hong Kong.
Miniso operates more than 3,500 stores that sell affordable own-brand fashion items and accessories in addition to goods such as household products, cosmetics and small-scale electronics.
Although Miniso’s head office and design base are located in Japan, it has a retail presence in more than 80 countries worldwide.
The company’s largest market is China, where it launched in 2013, but it is expanding rapidly in several regions and announced this week it aims to reach 180 stores in Mexico by the end of 2019. It revealed earlier this year it generated more than $2.5bn in revenue in 2018.
Miniso’s only external funding so far consists of $146m in funding it received from Tencent and hedge fund manager Hillhouse Capital in October 2018. It has not disclosed the valuation at which it raised the money.
