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A former pipe factory worker becomes a billionaire in budget stores



There is Gofu

Source: Miniso Group Holding Ltd.

The Chinese businessman, who has set up a chain of shops selling sleek household items at bargain prices in the basement, has just become a billionaire, taking advantage of the global trend of consumers to turn to cheap goods when a coronavirus pandemic engulfs budget spending.

Guangdong based in China Miniso Group Holding Ltd. raised $ 608 million through an initial public offering in New York on Thursday, with founder and CEO Ye Guofu̵

7;s share of about 65 percent – held with his wife – worth more than $ 4 billion, according to the Bloomberg Billionaires Index.

Miniso, which sells everything from fixtures to bathroom slippers in colorful, clean designs, says more than 95% of its products in China cost less than 50 yuan ($ 7.44), turning to the same hunters for bargains. goods that drive chains like the British “Primark”, the Japanese “Don Quixote” and the “Dollar General” in the United States


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