While Chinese fast fashion retailer Shein is taking the global apparel industry by storm and increasingly dominating the headlines, another Chinese lifestyle brand is expanding at breakneck speed out of nowhere.
It unveiled its latest flagship store in Hong Kong this week, but visitors to New York's Times Square or London's Oxford Street are already familiar with Miniso, or are at least a little confused and wondering where the hell it came from. You may be thinking.
The values-driven East Asian lifestyle proposition has built a passionate youth following, as Miniso's “superstores” opened in major cities last year, including flagship stores in Guangzhou, Hangzhou, Shanghai, New York and London. This is due to the strategy of launching a store, and the modest store is gaining popularity. Our ambition to become a “lifestyle super brand that brings joy to customers around the world'' has exploded.
The company's global store network exceeded 6,000 stores as of the latest update in September 2023, and at that time MINISO had 3,802 stores in China and 2,313 stores in overseas markets. , of which there are over 100 stores.
The company expects to add another 100 to 200 new stores on a net basis in China by 2023, and aims to open 350 to 450 stores in overseas markets this year.
Miniso and brand IP
The latest large store will be located in Tsim Sha Tsui, Hong Kong, and will be the brand's largest store located within the iSquare mall, which is connected to the Tsim Sha Tsui MTR.
The store, like many of its new flagships, will be painted bright pink throughout and will offer more than 1,000 lifestyle products, as well as specific features including TikTok's famous blind boxes and Asian kitsch elements. It also features a product zone. There are also many household items, stuffed animals, and more.
There is also a photo zone with Lotso, the purple/pink bear that appeared in the movie. toy story 3 Meanwhile, the company is also giving space to areas themed around its own IP, including Barbie, Snoopy and Care Bears, as well as the popular Pokemon and Hello Kitty.
The flagship store opening comes amid impressive sales growth for Miniso, which in late November last year reported unaudited global sales of $519.6 million for the quarter ending September 30, 2023. reported a 36.7% increase compared to the same period last year. Sales from China's domestic market rose 34.7% to $342.1 million, primarily driven by 41.2% growth from Miniso stores and 46.1% growth from Top Toy, the company said.
Meanwhile, sales in overseas markets rose 40.8% to $177.5 million, and the company pledged to increase its e-commerce business and social media presence during 2024.
Global growth accelerates
“Going forward, we remain focused on our long-term strategic goals of delivering on our globalization strategy, strengthening our product offering and continually optimizing our store network,” it said in a sales update. “Furthermore, we are encouraged by our progress in emerging markets such as North America, which resulted in revenue growth of nearly 160% year-over-year for the quarter.”
Closer to home, Hong Kong represents another international market providing a global showcase for the expanding group.
“Hong Kong has always been a global shopping paradise and has strong spending power. Tsim Sha Tsui is known as a central and popular shopping destination, offering immense opportunities for both business and brand exposure. ” said Vera Tu, vice president and general manager of Miniso's overseas operations.
“The strategic location and vibrant atmosphere help strengthen MINISO's brand image and philosophy of happiness. We aim to raise the bar and look forward to opening even larger stores.”
Don't bet on that. It's a cute pink color and is coming to a shopping mall near you.
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