Tencent joined Hillhouse Capital to make an equity investment in fast fashion retailer Miniso as the latter continues to expand internationally.
Internet group Tencent and hedge fund manager Hillhouse Capital invested a total of RMB1bn ($146m) in Japan-headquartered fashion retail brand Miniso yesterday.
Founded in 2013, Miniso operates a chain of low-cost retail stores that currently numbers more than 3,000 outlets, specialising in fast fashion and small-scale consumer items such as stationery or cosmetics.
The company is present in some 70 countries, though two thirds of its stores are located in China, where it also has a significant operational presence. It aims to reach 10,000 outlets across 100 countries and regions by 2022.
The funding was described as a strategic investment, and Miniso plans to leverage the expertise of the investors in fields such as smart retail technology, big data analysis and digital management.
Miniso’s long-term strategy involves balancing a brick-and-mortar presence with an e-commerce offering that can reach customers outside large cities, according to a report by Quartz last month. It has not revealed details of its earlier financing.
