Chinese budget lifestyle retailer Miniso Group envisions a global network of 40,000 stores to capitalise on a growing trend of “interest-driven” consumption by offering high-margin products centred on popular entertainment franchises, according to top executives.
“Interest-driven consumption, where young shoppers are increasingly willing to pay for happiness and a sense of satisfaction, is an inevitable trend,” Ye Guofu, the company’s founder and CEO, said on Tuesday during a press event in Shanghai. “This creates a brilliant opportunity for Chinese brands [to go global].”
With more than 150 brand partnerships spanning franchises from Harry Potter to Barbie, the Guangzhou-based company sees the United States and Europe as the “next key markets” for expansion, as per-capita consumer spending on franchise-related products there is 25 to 60 times higher than in China, Ye said.
“To grow into a truly international brand, you must occupy the highest ground in Europe and North America,” he said. “This is the most crucial step.”
Miniso operates more than 7,000 stores globally, including over 2,700 overseas. With just 478 stores, North America and Europe accounted for around 11.6 per cent of the group’s revenue in the first half of the year, according to the company’s interim report.
Total sales rose 25 per cent to 7.8 billion yuan (US$378 million) in the first half from a year earlier, of which overseas outlets branches contributed about a third. Adjusted net profit came in at 1.2 billion yuan, up 17.8 per cent.
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Publish date : 2024-10-30 01:39:00
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