Guangzhou-based budget household and consumer goods retailer, MINISO Co., is planning an initial public offering that could raise about US$1 billion, reports Bloomberg.
The Tencent-backed company was founded by Japanese designer Miyake Junya and Chinese entrepreneur Ye Guofu in 2013. Tencent and Hillhouse Capital invested RMB1 billion in the retailer last year in its first external financing round, according to a statement at the time.
MINISO has been compared to the popular Japanese minimalist retail brand Muji, albeit at a cheaper price. Since its conception, MINISO has been caught into a number of copyright disputes, with the French luxury goods conglomerate LVHM accusing it of design infringement.
The company’s popularity, however, has not been dampened by such accusations. According to its website, MINISO currently operates more than 3,500 stores across 80 countries including China, the US, Brazil, the UAE, Russia and Africa. The company posted revenue of RMB17 billion in 2018.