Billionaire Founder Of ‘Miniso’ About To Get Richer With New Business Plans
While most retailers continue to feel the onslaught of negative impacts from the ongoing pandemic, Ye Guofu (commonly known as ‘kai down kuang mo’ or ‘store opening manic’) has high hopes for the future prospects of his Japanese inspired, lifestyle retail provider, Miniso. As the founder and chairman, Guofu’s ingenuity for profit leads him to expand his company’s reach from its already whopping 4,330 stores around the global – and further boost his $6.6 billion net worth.
Launched in late 2013, Miniso’s chain of retail stores spans over 80 countries, “offering high quality household goods, cosmetics and food at affordable prices”. Especially in unprecedented times as these, Miniso aims to provide cost effective products to entice the more frugal buyers. In light of recent progress within containing Covid-19, Guofu ùplans to lease more and more locations around the world for Miniso to flourish.
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“Many companies have become risk-averse and wouldn’t dare to expand now,” VP of Global Operations, Kantar Worldpanel tells Forbes, “Miniso’s pricing strategy also makes it popular to consumers whose income has been affected.”
In December 2020, the Ye revealed the company’s future tactics in growing revenue within the pandemic entitled ‘Strategy X’. This plan laid out prospective efforts to not only add more local stores, but also bolster the company’s expansion worldwide. The strategy continues to go smoothly as overseas revenue increases by 32%. Ye praises the process of this strategy in a statement sent out after the results of the second quarter Miniso’s fiscal year 2021.
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“Our team has accumulated core strengths in supply chain management, retail know-how, asset-light business model and digitization.”
The emerging business mogul was brought up from humble beginnings, growing up as the youngest son of a poor farm worker in providence of Hubei. These setbacks failed to deter him as he went on to study economic management at the Zhongnan University of Ecomincs. Upon graduating, Guofu moved to Guangdan and began working as a salesperson for a steel pipe store. During this time he utilized his new found expertise to jumpstart his first business ventures in which he sold accessories, pottery, and other goods. The most notable venture of his career’s infancy was a failed store called Ariyaya, which sold all its products for 10 yuan and ultimately faltered due to new buying trends of Chinese consumers desiring higher quality products.
Inspiration caught Yen during a family trip to Japan in 2013. There he visited the country’s stronghold retailers, Muiz and Uniqlo. The simplicity and appeal of the products in these stores captivated the eager enterprise and soon became the archetype for Miniso. With the help of now chief designer of Minsio, Miyake Junya, the company was brought to life and housed in Guangzhou in 2013.
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SOURCES: Miniso, Retail Insight Network, PR Newswire,
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