Recently, the Chinese retail brand MINISO has once again attracted the attention of the American media. According to PR Newswire, Chinese retail brand MINISO will open a new flagship store for its IP series in May at the prestigious American Dream Mall in New Jersey. This latest development also reflects the focus of MINISO's next overseas layout - the North American market.
MINISO has more than 2,500 overseas stores
Today, when China's cross-border e-commerce platforms such as TeMu, SHEIN, TK Xiaodian and AliExpress have set off a trend in overseas markets and frequently made headlines, MINISO, as a traditional offline retail brand, is expanding at an astonishing rate. In 2015, MINISO, which was established only two years ago, launched its overseas layout and opened three stores in Singapore. At that time, it was an important period for Chinese companies to go overseas, and Zhang Yiming, the founder of ByteDance, also tried to launch a series of overseas versions of products in the same year, including TikTok for Douyin, TopBuzz for Toutiao, and Hypstar for Volcano Video. Now, TikTok is facing the dilemma of being forced to withdraw from the United States, while MINISO has a green light for its global entrepreneurship, opening nearly 2,500 stores overseas.
The number of Miniso stores worldwide (Source: PR Newswire)
Barbie and Love Bear Goose helped open the North American market
According to PR Newswire, MINISO's total global revenue in 2023 will be $1.9 billion, a year-on-year increase of 39.4%, a significant increase. As of the end of 2023, the total number of MINISO stores worldwide will reach 6,413, and the number of stores in overseas markets will be 2,487, an increase of 372 stores from the previous year.
MINISO's performance in the North American market is even more impressive. According to the latest financial report, by the end of 2023, MINISO has 172 stores in North America, with a gross merchandise transaction value (GMV) of $178 million, with an annual growth rate of 120%. In addition, total revenue in North America soared to $160 million in 2023, with an annual growth rate of 128%, outpacing the brand's performance in other overseas markets.
According to PR Newswire, MINISO's excellent performance in North America is due to the brand's continuous launch of IP cooperation, product innovation and planned store expansion. In 2023, MINISO launched a series of highly sought-after IP collaborations in North America, such as Snoopy, Barbie, and Care Bear. In addition, MINISO has also integrated IP style into store design to enhance the shopping experience.
Talent celebrates MINISO x Barbie series stores (Source: PR Newswire)
MINISO's expansion in the UK market is also remarkable. Since opening its first store in Ealing, UK in 2019, MINISO has opened 25 stores in the UK. Among them, MINISO's flagship store opened on Oxford Street in the United Kingdom at the end of 2023 has attracted the attention of foreign media, according to the British "Retail Gazette" (Retail Gazette), most of MINISO's stores in the United Kingdom are located in shopping malls, and the retailer's next stage of expansion is aimed at commercial streets, and has launched a more high-end product line for this purpose. Thisismoney, a British financial news website, said that partnerships with big brands such as Disney, Marvel and Hello Kitty have helped MINISO enter the mainstream.
MINISO flagship store on Oxford Street in London (Source: Forbes)
Cost-effective MINISO bucks the trend to open overseas markets
Some analysts believe that under the impact of e-commerce and the epidemic, the global retail industry is facing unprecedented challenges, and in this context, MINISO adheres to the market positioning of "high appearance and low price" and seeks a cost-effective route, which is the "royal road" for them to open up overseas markets. The price of MINISO's products is usually only 1/2 or even 1/3 of similar products, which eliminates consumers' sensitivity to price.
Secondly, in the face of complex and diverse overseas markets, MINISO did not directly copy the Chinese model, but in-depth study of the market characteristics of different countries and regions, formulated differentiated localization strategies, and made localization adjustments in terms of products and marketing according to the market characteristics of different countries and regions. For example, in Japan, MINISO has launched many products with Japanese elements, while in the United States, MINISO has paid more attention to the practicality of its products.
China's original IP has made global consumers want to stop
It is worth noting that MINISO is not the only Chinese retail brand that has gained popularity in overseas markets in recent years. Toy retail brand Pop Mart is also doing quite well. According to an analysis by Modern Retail, a U.S.-based media outlet focused on retail market analysis, Pop Mart currently has 450 stores in 30 countries. This year, Pop Matt will further open up the U.S. market, with plans to open more stores in cities such as Las Vegas and San Diego.
As early as 2020, after Pop Mart opened its first brand store in South Korea, Pop Mart shifted its focus to foreign business.
泡泡玛特加州科斯塔梅薩门店 来源：Daily Pilot
Different from the way MINISO cooperates with well-known IP, Pop Mart's route is cooperation with artists: Pop Mart discovers artists from all over the world, and then develops user-friendly IP with artists, and then operates IP like a star, so that it can be recognized by the market and users. The popularity of these original IPs varies in different countries, for example, Pino Jelly is particularly popular in South Korea, while Crybaby is loved by Thai consumers.
In addition, Pop Mart also uses a large number of IPs as a carrier to carry out a wider industrial layout, and further opens up its popularity in overseas markets through offline activities, such as in the United States, Pop Mart is a frequent visitor to DesignerCon, ComplexCon, San Diego Comic-Con and Los Angeles Comic Con.
Editor丨Cai Yunqi, Shenzhen Satellite TV News Editor
Editor丨Guo Jinchi, Shenzhen Satellite TV News Editor