China Miniso's Rapid Growth 11 Years After Market Entry
"Over 1,000 Stores to Open in Europe"
Miniso, known as the "Chinese version of Daiso," has rapidly expanded its size 11 years after entering the market. In particular, the proportion of overseas sales has exceeded 35%, indicating a trend of expanding its footprint in the global business.
According to China’s First Financial Daily on the 3rd, Miniso, which opened its first store in Guangzhou in 2013, had more than 7,000 stores worldwide by the end of the first half of this year. There are about 4,200 stores domestically, and the growth in overseas markets is also steep, with overseas sales accounting for more than 35% of total sales.
In the first half of the year, Miniso’s sales increased by 25% year-on-year to 7.76 billion yuan (approximately 1.4613 trillion KRW), and adjusted net profit rose by 17.8% during the same period to 1.24 billion yuan.
Overseas business sales exceeded 2.7 billion yuan, surging 43% compared to last year, and directly operated overseas stores accounted for 56% of overseas sales, outperforming franchise stores.
The company is focusing on expanding its overseas business. Liu Xiaobin, Miniso’s Vice President and Chief Marketing Officer (CMO), emphasized, "The overseas market is the driving force for future growth," adding, "As the number of domestic stores approaches 4,200, the density has increased, but there is still plenty of space overseas." Liu further explained, "The contribution of Miniso and overseas premium stores to sales will continue to increase."
On the 31st of last month, the flagship store in Central Park, Jakarta, Indonesia, which opened as the largest in the world, recorded a daily sales of 1.18 million yuan, marking the highest ever. Miniso entered Indonesia in 2017 and has opened more than 300 stores there to date.
In May last year, Miniso became the first Chinese brand to enter New York’s Times Square, and in June, it opened Europe’s largest flagship store on the Champs-?lys?es in Paris, France. In August, Miniso opened stores in the U.S. at a rate of about one per day. Currently, Miniso has more than 200 stores in the U.S., and China’s First Financial Daily described it as the Asian consumer brand with the most offline stores in the U.S. Going forward, the company plans to benchmark the UK market and open at least 1,000 stores in the European market.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
