Japanese retail brand Miniso plans to source India-made products for its stores in the US and Australia, said a top company official.
According to a PTI report: Miniso India is also investing to set up its own warehouses in Delhi, Mumbai, Kolkata and Bengaluru to cater to its expanding network.
“We are looking into getting more local purchase and we also want to sell Indian products to other countries,” Yang Liu, Chief Business Development Officer, Miniso India told PTI.
He further told PTI: “We have built up a system. We do not only want to import here but also export from here to markets like Australia and the US.”
The initial line-up of products to be sourced from India include socks and snacks, he said.
About the local purchase, Liu said by December 2019, around one third products at Miniso India would be sourced locally.
As per FDI norms, it is mandatory to source 30 per cent goods from India in single brand retail trade.
“The products which are selling are not only from China but some cosmetics are from South Korea and Thailand also, and I think before the end of next year, we would be able to put our local purchase to 30 per cent,” Liu was further quoted by PTI as saying.
He further added that the company is working in this direction and has already signed contract with some local manufacturers.
The company would also set up small warehouses around tier II & III cities for its new franchise stores.
Miniso launched retail operations in India in August 2017 and clocked Rs 700 crore revenue in one year. It plans to take its store count to 800 by 2019.
It operates around 3,000 stores in over 70 markets.