The loss-making Korean unit of China-based household goods chain brand Miniso announced Oct. 14 that it plans to aggressively expand the number of its outlets to 300 by 2023 under its new owner, Business Insight.
Business Insight has announced that its wholly owned subsidiary Retail Insight bought a 75 percent stake in Miniso Korea.
Miniso Korea signed a master franchise contract with its parent company in China and exclusively retails all the brands and products here.
The company entered the Korean market in 2016 and successfully increased the number of its outlets to 70 within two years. But business faltered last year, and it posted an operating loss of around 12 billion won ($10.13 million) in 2018.
Retail Insight CEO Kim In-ho, previously CEO of the local shopping mall Garden 5, will be managing Miniso Korea’s expansion plans.
“We will do our best to not only expand our business in the Korean lifestyle market but also work hard to provide high-quality Korean products at Miniso outlets worldwide,” Business Insight Chairman Yang Chang-hoon said in a statement.
Established in 2009, Business Insight provides business consulting services to conglomerates in Korea, including Samsung Electronics and SK hynix.
Meanwhile, Miniso’s competitor Daiso, the country’s top household goods chain brand, had more than 1,300 outlets as of last year and its annual sales are expected to reach 2 trillion won this year.
By Song Seung-hyun (firstname.lastname@example.org)