MINISO Opens First Store in Iceland, Entering the Northern European Market

Rhea-AI Summary

On December 6, 2020, MINISO (NYSE: MNSO) opened its first store in Iceland, marking its entry into Northern Europe. This expansion is part of MINISO's strategy to grow its footprint in Europe, having opened over 100 stores in the region by the end of November. The Iceland store, located in Reykjavik's Kringlan mall, attracted significant customer interest, with more than 100 people queuing at times. The company aims to disrupt the local market by offering high-quality, affordable daily necessities. In addition, MINISO opened two stores in France and one in the UK this month.

Positive

• Opened first store in Iceland, expanding into Northern Europe.
• Fourth store opened in Europe within December 2020.
• Over 100 stores now operational in Europe.
• High customer engagement with over 100 individuals queuing and an average of 7 items purchased per customer in initial days.

Negative

• None.

GUANGZHOU, China, Dec. 11, 2020 /PRNewswire/ -- Branded variety retailer MINISO (NYSE: MNSO) opened its first store in Iceland, as well as Northern Europe, on December 6. This marks the fourth store that MINISO has opened in Europe just this month, as the company powers forward in its global expansion strategy.

"As one of the most mature retail markets in the world, Europe represents an important territory for MINISO," said Vincent Huang, Vice President of MINISO, "Adopting a targeted strategy on a product level in order to appeal to local consumers, we have begun opening offline stores in Spain, Germany, Ireland, and other countries starting last year. As of end of this November, we have opened more than 100 stores in Europe."

"Driven by the mission to bring high-quality, cost-effective products to consumers in all corners of the globe, MINISO has chosen Iceland as the location of our first store in Northern Europe," said David Tong Li, MINISO's master franchisee of Iceland market. "MINISO's entry is set to disrupt the regional market for daily necessities and consumer goods, filling the gaps in the current product offering. By providing consumers with delightful items, we seek to create a bit more surprise and joy in the everyday."

To celebrate the opening of its Iceland store, located in the famous Kringlan mall in the capital Reykjavik, MINISO not only organized a Facebook event and a social media lottery but handed out prizes to the first 50 customers; the influencer Anita unboxed items and explored the store to spark even greater excitement. Moreover, MINISO ensured that COVID-19 measures were strictly enforced, limiting in-store shoppers to a maximum of 10 at a time. Given the consumer interest to discover MINISO products, the store had, at times, more than 100 people in queue, while the average purchase per customer totaled 7 items during the first two days of opening.

With a newly established international merchandise department, MINISO has built up wide-ranging product categories for international markets, covering food and kitchen supplies, travel goods, perfumes, toys, and cosmetics. Resulting from the product team's in-depth research of the European market and consumer preferences, products presented in this newly-opened MINISO store in Iceland, such as cosmetic brush, facial razor, silicone face cleanser, eye massager, all kinds of cups and plush dolls, have unsurprisingly become popular among local consumers.

Elsewhere in Europe, MINISO opened two stores in France including the first POP UP store in FNAC Beaugrenelle, and one store in the United Kingdom this month. The France store, located in the town of Plaisir just next to Paris, is the country's second MINISO store after its prestigious Chaussée d'Antin location in the country's capital. In the United Kingdom, MINISO has opened stores in Cambridge and Cardiff recently, which have been enthusiastically received by customers looking to explore MINISO's rich and charming lifestyle offering.

About MINISO

MINISO (NYSE: MNSO) is a lifestyle product retailer, offering high quality household goods, cosmetics and food at affordable prices. Since opening its first store in Guangzhou in 2013, MINISO has opened more than 4,200 stores in over 80 countries and regions in just 7 years. With a focus on sleek design and fun trends, its mission is to assure through its products that a better life has nothing to do with the price.

For further information, please visit:
https://www.instagram.com/minisoiceland/ 
https://www.instagram.com/miniso_uk/     

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/miniso-opens-first-store-in-iceland-entering-the-northern-european-market-301190928.html

SOURCE Miniso Group

FAQ

When did MINISO open its first store in Iceland?

MINISO opened its first store in Iceland on December 6, 2020.

What is the significance of MINISO's store opening in Iceland?

The opening marks MINISO's entry into the Northern European market and is part of its broader expansion strategy in Europe.

How many stores has MINISO opened in Europe as of December 2020?

By the end of November 2020, MINISO had opened over 100 stores in Europe.

Where is MINISO's first Iceland store located?

The first MINISO store in Iceland is located in Kringlan mall in Reykjavik.

What products does MINISO offer in its Iceland store?

MINISO offers a variety of products including cosmetics, household items, and food, catering to local consumer preferences.