Inspired by the 100 Yen shops in Japan and similar retail concepts in Europe and the U.S., Chinese entrepreneur Ye Guofu and Japanese designer Miyake Junya founded the low-cost variety store chain MINISO in 2013. Over the last five years, MINISO has been the fastest-growing retailer in China, according to Euromonitor International. Now, the company has a global empire of 3,500 stores in 79 countries with total sales of $2.6 billion USD in 2018.
The city of 11 million people has been on virtual lockdown for weeks as China seeks to stem the spread of the deadly virus. The death toll jumped overnight by 46 to 259 people, while the number of confirmed cases in China soared to 11,791. Around two dozen other countries have reported another 137 cases, Reuters reported.
"We are pretty heavily reliant on China, so GDP is going to be damaged this quarter."
Meanwhile, concerns due to the coronavirus outbreak lingered as the death toll in China jumped to 414 as of Monday.
Tesla, which impressed Wall Street with rising deliveries and a China factory that came online faster than expected, vowed to increase its global vehicle sales by more than a third in 2020—to “comfortably exceed” half a million units, up from 367,000 last year.
"I tend to feel that the reporting could be well shy of the mark" from China as to the extent of the casualties.