Another Japanese retail giant enters Vietnam

Japanese fashion retail brand Miniso will be present in Vietnam through franchising by Le Bao Minh Group.

Ms. Le Thi Ngoc Hai - Chairwoman of Le Bao Minh Group said that the two sides signed a franchise contract in April 2016. "In August, we opened the first 3 stores in Hanoi and doubled the number after a month. By the end of this year, there will be a chain of 13 stores in Hanoi, Ho Chi Minh City, Da Nang, Vinh (Nghe An), Can Tho and Hai Phong," Ms. Hai said.

Thus, in the near future, in addition to exclusively distributing the Canon brand, Le Bao Minh will open a store selling household goods, fashion, beauty products... originating from Japan.

Miniso is a Japanese fashion retail consumer goods brand that will enter the Vietnamese market through franchising by Le Bao Minh Group.

Explaining the expansion into the retail sector, Ms. Hai affirmed that this was not a hasty decision, but had been planned for 3 years.

According to her, people's consumption needs are increasing and always updated with world trends. Meanwhile, Vietnam is considered one of the 10 markets with the fastest retail growth rate in Asia.The problem is finding and choosing which brand and partner to develop together.

"We set up a team of experts to find cooperation opportunities with world-famous brands. When learning about Miniso, we realized that the market segment, brand characteristics, prices, designs, and quality of Miniso are suitable for Vietnamese people. This Japanese brand has been very successful in developing in Korea, Malaysia, China, the Philippines, Thailand...", Ms. Hai shared.

At Miniso, Vietnamese consumers will have the opportunity to experience standard Japanese sales service, more than 10,000 products guaranteed by certificates of circulation in the most demanding markets such as Japan, Europe or the US with prices starting from only 43,000 VND. Miniso's strength lies in new designs and features for familiar consumer products.

Miniso owns a team of more than 10 famous designers from Japan and the world - who used to be design experts for Ikea, Nike, Adidas, Toyota, Cisco... Thanks to that, every month, about 100 new products and designs always appear on the company's shelves. Miniso's goal in the next 5 years is to open 200 shops in most provinces and cities, creating stable jobs for about 5,000 workers.

Assessing the competitiveness, leader Le Bao Minh said that due to its distinct brand characteristics, Miniso will not face direct competitive pressure with other retail brands currently present in Vietnam. The target customers are young people, this will be a new retail model appearing in Vietnam.

Miniso's goal in the next 5 years is to open 200 shops in most provinces and cities.

In the Vietnamese market, Le Bao Minh Group is known as the exclusive distributor of the Canon brand (Japan) for over 15 years with more than 230 agents across 64 provinces and cities, with a total revenue of over 3,000 billion VND per year.

Miniso develops under a franchise model with consumer goods, household goods, fashion, digital accessories, cosmetics, skin care cosmetics, beauty tools, health support tools, travel... for infants to the elderly. Born in 2013 in Japan, in just 3 years, the brand has now developed 1,600 stores in 21 countries. On average, there are about 38 Miniso stores opening each month around the world.

According to VNE