Internet group Tencent and hedge fund manager Hillhouse Capital invested a total of RMB1bn ($146m) in Japan-headquartered fashion retail brand Miniso yesterday.
Founded in 2013, Miniso operates a chain of low-cost retail stores that currently numbers more than 3,000 outlets, specialising in fast fashion and small-scale consumer items such as stationery or cosmetics.
The company is present in some 70 countries, though two thirds of its stores are located in China, where it also has a significant operational presence. It aims to reach 10,000 outlets across 100 countries and regions by 2022.
The funding was described as a strategic investment, and Miniso plans to leverage the expertise of the investors in fields such as smart retail technology, big data analysis and digital management.
Miniso’s long-term strategy involves balancing a brick-and-mortar presence with an e-commerce offering that can reach customers outside large cities, according to a report by Quartz last month. It has not revealed details of its earlier financing.
