MINISO’S WINNING STRATEGY LANDS IN NEW YORK
Miniso is a design and lifestyle brand headquartered in Japan, born from a collaboration between Japanese designer Miyake Junya and young Chinese entrepreneur Ye Guofu. The brand has always had big ambitions since opening its first store in 2013, and it now has around 5,000 stores worldwide.
At the heart of the Sino-Japanese brand’s values is respect for its customers, which it pursues by promising creative products, quality and competitive prices (most products sell for between $1 and $30). It also launches new products every week to encourage customers to come back regularly. When the two founders created the brand, they were not only thinking about selling consumer goods but above all about conveying an innovative lifestyle that is healthy and fulfilling, both through the products themselves and through the in-store shopping experience. The products sold span many categories, from snacks and clothing to cosmetics, jewellery, homeware and electronics. Miniso’s strategy is to sell large numbers of products every day, all at very low prices, with very high quality and modern design.
The brand works continuously with designers from all over the world to guarantee cutting-edge products for its customers, sometimes anticipating real trends that later prove successful in the West too. Thanks to the values that define Miniso and its market strategy, the brand reached more than 50 countries worldwide in under three years and generated sales of over a billion dollars in just 5 years.
More recently, Miniso’s CFO Zhang Jingjing said in an interview that the US market will be key to the brand’s future expansion. The United States represents huge potential, and Miniso has recently opened a flagship store in Times Square, New York. The company will nonetheless keep most of its supply chains in China.
Today Miniso’s success is undoubtedly sky-high: in May this year it announced revenue of 2.954 billion RMB (420 million USD) in the third quarter of fiscal year 2023 alone, up 26.2% year on year; adjusted net profit was 483 million RMB (69 million USD), up 336.3% year on year.
