A Japanese retailer famous for minimalist products and no-logo branding is betting big on India, the world's most colorful retail market, as it pushes forward with an aggressive overseas expansion.
Strong growth and demographic trends will eventually make India the second-largest international market for Muji stores, after China, said Satoru Matsuzaki, president of Muji-owner Ryohin Keikaku Co., in an interview in New Delhi. Although China accounts for about half of the company's 403 international locations, Matsuzaki said India has huge potential. He plans to open two to three stores annually in the country, including a flagship store in Mumbai next year.
"If I look at our overseas footprint, I feel that India will be second to China — there's no doubt about it," Matsuzaki said before he celebrated the opening of the company's first store in New Delhi. "India's going to be on the same path as China. Looking at the demographics and the number of youngsters we have in India who are open to concepts like Muji, I feel that it's a very positive environment."