Ja­panese Min­iso’s $1.5bn In­ter­na­tional In­vest­ment En­ters Nige­ria

THISDAY - - BUSINESS WORLD | CONSUMER - Ra­heem Ak­ing­bolu

The fed­eral gov­ern­ment’s quest for for­eign di­rect in­vest­ment (FDI) has yielded yet another pos­i­tive boost as Min­iso, a top Ja­panese de­signer brand and mar­ket leader, has opened its world-class out­lets across the six high-brow shop­ping malls in La­gos. Listed as the num­ber one fastest grow­ing re­tail brand, since its es­tab­lish­ment in Ja­pan in 2013, Min­iso has ac­tively ex­plored the in­ter­na­tional re­tail mar­ket by open­ing over 2,250 stores in more than 41 coun­tries with close to 15 coun­tries un­der­way, with a turnover of USD 750 mil­lion in 2015 and USD 1.5 bil­lion in 2016.

Min­iso, whose strong­est com­peti­tors in­clude MUJI, DAISO, WAT­SON and UNIQLO has beaten all odds with an av­er­age monthly growth rate of 80 - 100 stores across coun­tries in­clud­ing the United States, Canada, Rus­sia, Sin­ga­pore, the United Arab Emi­rates, Korea, Malaysia, Kaza­khstan, and Aus­tralia.

An­nounc­ing the ar­rival of the de­signer gi­ant into Nige­ria at a press brief­ing held re­cently in La­gos, the Coun­try Man­ager, Mr. Chris Lee, said the brand’s prod­ucts are life­style es­sen­tials that in­clude cre­ative home ne­ces­si­ties, health and beauty prod­ucts, fash­ion ac­ces­sories, gad­gets ac­ces­sories, dig­i­tal ac­ces­sories, sta­tioner­ies gifts, unique toys se­ries, sea­sonal prod­ucts, Kitchen­ware, etc. with more than 10,000 SKUs.

Ac­cord­ing to him, “Min­iso ad­vo­cates a phi­los­o­phy of qual­ity life and is ded­i­cated to pro­vid­ing pre­mium and high-qual­ity prod­ucts to its cus­tomers, with a cre­ative ide­ol­ogy of com­pet­i­tive and af­ford­able pric­ing”. Min­iso con­tin­u­ously se­lects the best ma­te­ri­als from all over the world for its prod­ucts de­signs with a fo­cus on the “home” and “life”. 80% of the de­signs are from Ja­pan, Korea, Swe­den, Den­mark, Sin­ga­pore, China and Malaysia.

Quot­ing Ye Guofu, a co­founder of the com­pany, he said in the state­ment: “The higher the price, the bet­ter the qual­ity” It’s only the ex­cuse for those en­ter­prises find­ing a way to sell prod­ucts at a high price.

Those “low prices with bad qual­ity” prod­ucts re­sulted from the prof­i­teer­ing de­sire are orig­i­nated from the pe­riod of com­mand economy. The time for “good qual­ity with low price” prod­ucts has just be­gun. In this era, the ac­tual value of a brand should be ben­e­fi­cial to mil­lions of peo­ple rather than pro­vid­ing ser­vices only to the no­ble and the rich. These very val­ues and prin­ci­ples have in­duced the in­cep­tion of Min­iso.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.