Global Lifestyle Retailer MINISO Announces New Partnerships and Expansion Plans in Four Markets
MINISO has announced its expansion into Angola, Trinidad and Tobago, Latvia, and Panama, revealed during its Global Partners Summit in March 2023. With over 5,400 stores in 105 markets, the brand aims to reinforce its strategy of becoming a lifestyle super-brand as it marks its 10th anniversary. The first store in Latvia is set to open in summer 2023, followed by Panama in June 2023. MINISO has strong partnerships to drive success in these markets, with an emphasis on product variety and customer experience. The summit featured 173 partners from 53 markets, showcasing MINISO's global reach and commitment to innovation.
- Expansion into four new markets increases potential revenue streams.
- The first store in Latvia is expected to open in summer 2023.
- Panama is to receive its first MINISO store in June 2023, with seven additional locations planned by year-end.
- Strong partnerships in Trinidad and Tobago and Angola are anticipated to enhance market presence.
- None.
GUANGZHOU, China, March 28, 2023 /PRNewswire/ -- Global lifestyle retailer MINISO has announced its plans to expand operations into three new markets, namely Angola, Trinidad and Tobago, and Latvia. With Panama, the four new partnerships were unveiled during MINISO's Global Partners Summit, held in Guangzhou, China, in March 2023. The summit, with the theme of "Wink Together, Win for Better", was attended by 173 partners from 53 markets.
As a well-established brick-and-mortar retail chain, MINISO has entered 105 markets with over 5,400 stores to date, attracting over 1 billion customers worldwide. The year 2023 marks MINISO's 10th anniversary, and the brand is advancing under the guidance of a new brand strategy. During the Global Partners Summit, MINISO founder and CEO, Mr. Jack Ye, introduced his vision for transforming MINISO into a lifestyle super-brand that brings joy to customers through collaborations and original designs, with professionalism throughout its entire operation playing a key part in future success.
The new strategy aims to bring MINISO's signature joyful personality to as many customers as possible around the world, with exciting partnerships in four new markets aiding this goal. The new partners demonstrate strong capabilities and expertise in the retail industry and deep understanding of the local markets.
In Latvia, the first MINISO store will open in the capital city of Riga in early summer 2023. The first MINISO store in Panama is expected to open in June this year, with a total of seven stores expected in the country by year-end.
Meanwhile, the first MINISO store in Trinidad and Tobago is expected to welcome its first shoppers in mid-2023, with the aim of opening up more stores within three years and the brand looking for more opportunities to grow and build partnerships in Central and South America. In Trinidad and Tobago, MINISO teamed up with a leading retail group in Latin America that has worked with dozens of internationally renowned retailers. Samir, the representative of the retail group, expressed his expectations about the partnership with MINISO. "As we and MINISO Group embark on this new journey together, we hope to provide and transform the shopping experience for customers through the uniqueness of each product offered and the availability of a diversity of exclusive items. Our mission is to bring new and innovative offerings, and MINISO is exceptionally original and unique. Our customers will enjoy discovering the latest original product designs and navigating through the diverse categories of exclusive items and gift concepts. We are certain that this partnership would be fueled by more success stories as we expand together in our region."
In Angola, MINISO has also secured a location in Shopping Avennida, a high-end mall in Luanda, the capital of country. The first store is anticipated to welcome customers in time for this year's Christmas season, with plans for a further three stores in the city in the future.
As well as announcing its ventures into new markets, the Global Partners Summit allowed Vincent Huang, Vice President of MINISO's Overseas Operations, to share more details about the brand's store operations upgrade. Overseas stores will be revamped to feature individual designated zones for top performing product categories, such as toys, blind boxes, plushies, accessories, beauty and personal care products. Huang also shared the success story of MINISO partners in Mexico, where annual Gross Merchandise Value hit a record high in 2022, despite the impact of the COVID-19 pandemic. This success was attributed to a rich and diverse product portfolio and frequent new product launches. MINISO's Mexican stores had nearly 8,000 stock keeping units (SKUs) and launched 350 products monthly on average.
Both Mr. Huang and Mr. Ye expressed their sincere belief that the future of MINISO is bright, with the brand's new strategy and store operations upgrades complementing the already outstanding contributions of the brand's global network of valued partners. "I would like to thank all of our partners who have come this far with MINISO," said Mr. Ye in his speech. "MINISO has grown to be one of the most globalized Chinese brands. As we move into the next decade, we remain committed to doing our utmost to create an outstanding brand for consumers all over the world. I would like to invite our partners to join the journey with MINISO and be part of an exciting future."
About MINISO
MINISO Group is a global lifestyle retailer offering a variety of design-led lifestyle products. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO's wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand "MINISO" as a globally recognized retail brand and established a massive store network worldwide.
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