Miniso Group, a prominent Chinese retailer, is setting its sights on an ambitious global expansion plan, aiming to increase its store count to 10,000 by 2027. Currently, the company operates over 7,000 stores worldwide, with approximately 2,700 located outside of China. CEO Ye Guofu highlighted the growing trend of 'interest-driven' consumption, which is shaping the company's strategy as it seeks to tap into new markets [447418a4].
In the first half of 2024, Miniso reported a notable 25% increase in total sales, reaching 7.8 billion yuan (around US$378 million), while its adjusted net profit rose by 17.8% to 1.2 billion yuan. This growth is attributed to the company's focus on quality and innovation rather than solely relying on discounting strategies [447418a4].
North America and Europe are identified as key markets for Miniso, contributing 11.6% to the company's revenue. The retailer plans to accelerate its expansion pace, projecting the opening of 900 to 1,100 new stores annually from 2024 to 2028. This strategic move follows Miniso's initiation of international expansion in 2015, which has allowed it to establish a significant presence in various global markets [447418a4].
As Miniso continues to adapt to changing consumer trends, the company is poised to strengthen its foothold in the competitive retail landscape, leveraging its unique product offerings and innovative approach to attract a diverse customer base [447418a4].