Miniso, a Chinese low-cost household goods shop, is expanding overseas thanks to global inflation. In particular, it has extended its reach to the United States, which is experiencing supply chain conflicts with China, marking a heyday amid the recession.
According to Chinese economic media Caixin on the 22nd, Miniso's global sales in the second quarter of this year surged 40.3% year-on-year, reaching $3.252 billion (approximately 4.3515 trillion KRW). This is the first time Miniso's second-quarter sales have exceeded $3 billion.
The sales growth rate in the Chinese market was relatively low at 39.4%, recording 2.137 billion yuan. In the second quarter, Miniso opened 221 new stores mainly in first- and second-tier cities within China. Miniso announced that it plans to open 5,000 new stores in China by 2027.
Miniso's strong performance is due to its active overseas expansion. As of June 30, the total number of Miniso stores worldwide was 5,791, with about 40%, or 2,187 stores, located overseas. After opening its first overseas store in Singapore in 2015, Miniso successively entered markets in Latin America, North America, the Middle East, and Europe. The company explained that overseas performance is rapidly increasing in directly operated markets such as Vietnam, Singapore, India, Canada, and the United States.
Ye Guofu, Chairman and CEO of Miniso, said, "In Europe and the United States, we will open one store per 100,000 people," adding, "There is still much room for imagination in overseas business." Liu Xiaobin, Vice President and Chief Marketing Officer (CMO) of Miniso, stated, "Our goal is to open a four-digit number of stores in the U.S. market in the future," and forecasted, "The average monthly revenue per store in the U.S. will increase from 1 million yuan last year to 2 million yuan by the end of this year." The average sales per store in China are around 300,000 yuan.
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