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Miniso targets further overseas growth as revenue from foreign markets rises

BusinessMiniso targets further overseas growth as revenue from foreign markets rises

Miniso, a Chinese budget chain retailer, has announced its plans to expand its overseas business as the company celebrates its 10th anniversary. According to the company’s founder and CEO, Ye Guofu, Miniso has upgraded its global brand strategy to better compete in the global retail market.

In the second quarter of the fiscal year of 2023, Miniso’s revenue in the overseas market reached 990 million yuan ($142.97 million), accounting for 40 percent of its total revenue, according to unaudited financial results. The company’s revenue in the North American market increased by 70 percent year-on-year in the second quarter of the fiscal year, the company stated.

Miniso has over 5,400 outlets worldwide, with over 2,000 based in the overseas market, according to the company. The positive trend in overseas markets has boosted the company’s confidence to actively expand its business in the post-pandemic period, Ye said.

Miniso’s expansion strategy has been more controlled and positive, and the company has also taken various measures to help its distributors clear their inventory while expanding its online channels, Ye said. The company has also planned to establish four design centers in China, the United States, Japan, and South Korea to provide more professional solutions in designs to different markets.

Ye believes that by relying on China’s leading supply chain advantage, Miniso will integrate more than 1,100 high-quality supply chain enterprises and work with the world’s top consumption trend insight institutions to develop more best-selling goods with IP designs.

Miniso’s expansion plans come as the global retail market continues to face uncertainties brought about by the COVID-19 pandemic. However, the company’s success in the overseas market proves its ability to adapt and innovate to the changing market conditions.

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