Miniso spreads to overseas markets gaining huge profits

A strategy of transforming into a lifestyle super brand and a dramatic increase of overseas sales have helped greatly boost the overall increase of sales and gross profits for Chinese lifestyle retailer Miniso, according to the company's quarter financial report.

Miniso's sales revenue increased 40 percent year-on-year to 3.25 billion yuan ($445.9 million) in the fourth quarter of its 2023 fiscal year, which ended on June 30, achieving historic breakthroughs in both revenue and profitability, the company said.

The company's gross profit for the fourth quarter of the 2023 fiscal year reached nearly 1.3 billion yuan, with a profit margin of 39.8 percent.

Since it launched a strategy to transform into a super lifestyle brand earlier this year, the company has established several flagship stores at home and abroad.

By the end of fourth quarter of the company's fiscal year, Miniso has established 5791 stores, of which 2,187 are located in the overseas market.

Miniso, listed both in New York and Hong Kong, opening its first global flagship store in New York in May, becoming the first Chinese brand to establish its market presence at the iconic Times Square.

The flagship store in New York generated more than 550,000 yuan in sales over the course of its opening day, setting a new single-day sales record among all its locations.

The company's overall sales revenue in the overseas market increased 42 percent year-on-year to 1.11 billion yuan in the last quarter of its 2023 fiscal year.

The company plans to open more global flagship stores in iconic commercial areas in London, Rome, Milan and Paris in the second half of 2023, according to Ye Guofu, founder and CEO of Miniso.