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Miniso eyes US listing, valuing it at US$10.18 billion

Chinese discount-goods merchandiser Miniso is eyeing an IPO in the US which could raise up to US$562.4 million, potentially valuing the business at $10.18 billion.

Miniso was founded in Guangzhou in 2013 by Chinese entrepreneur Ye Guofu who claimed to have a Japanese design partner. The company attempted to position itself as a Japanese company despite not having a single store there at the time before fine-tuning its positioning to selling goods inspired by Japanese design, drawing comparisons with Japan’s Muji and Daiso. 

By 2016, sales had reached $1.5 billion as the company spread its footprint globally. By August last year, as it signed cooperation agreements with partners from the UK, France, Maldives, Reunion Island, Aruba and Curacao, the company claimed to be operating in 90 countries.

But the expansion has been far from smooth, with financial problems plaguing franchisors and franchisees in several markets, including South Africa, Canada and Australia.

Miniso has a long-planned goal to open 10,000 stores in 100 countries with $100 billion sales volume by 2022.

According to regulatory filings in the US, post float, Miniso’s shareholders would include Chinese media and digital company Tencent, whose affiliates would own just shy of 5 per cent in the business. 

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