Tencent and Hillhouse Capital have invested RMB 1 billion ($202.6 million) in Chinese variety store Miniso Japan, marking the first external financing since the retailer launched in 2013.

Miniso has said it will use the investment to accelerate overseas expansion, with the medium-term goal of opening 10,000 stores in 100 countries and achieving RMB 100 billion in sales.

At present, the business operates more than 3000 stores in more than 70 countries and regions, including Australia and New Zealand.

The trilateral cooperation is expected to lead to improved analysis of big data, smart outlets, intelligent retail and digital operation, according to Miniso.

Tencent is the owner of WeChat, China’s largest social network platform and has a stake in e-commerce platform JD.com. Hillhouse Capital focuses on creating long-term value investments and sustainable long-term growth.

Miniso Japan gained popularity by updating its products every seven days, keeping prices low and and sticking to its brand philosophy of “simplicity, nature and good quality”.

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