Miniso began operating in Israel three and a half years ago and currently has 25 stores.
The owners of the franchise in Israel of Chinese-Japanese design products store Miniso are seeking to sell control in the chain, sources close to the matter have told “Globes.” Miniso began operating in Israel three and a half years ago and currently has 25 stores. The value of the company in Israel is estimated at only several tens of millions of shekels after the Covid restrictions and intense competition from rivals have harmed Miniso’s ability to compete.
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Market sources believe that Miniso’s owners are seeking a large strategic buyer in the retail sector like Fox Group, Paz, Moti Ben-Moshe or Electra Consumer Products. Rosario Capital is serving as the investment banker in the possible sale.
Among Miniso’s owners are two financial institutions – non-banking financing company Michlol (33%) and Bank Hapoalim investment arm Poalim Equity (17%) who bought the 50% stake from Itzik and Sharon Nisanov, the owners of the Hapoel Tel Aviv soccer club, at a company valuation of NIS 50 million in 2018 shortly after the chain’s first store opened in Israel. The company is now likely to be sold for less than NIS 50 million. The other 50% of the company is owned by Nir Yakobov and Gonen Cohen.
Miniso Group Holdings (NYSE: MNSO) is a Chinese-Japanese retail group founded in 2013 with stores worldwide and a market cap of $2.7 billion.
Published by Globes, Israel business news – en.globes.co.il – on April 4, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Miniso Dizengoff Center store Photo: Cadya Levy
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