MINISO to transform into a new retail platform, incubate more sub-brands
On February 18, 2021, Ye Guofu, founder and CEO of MINISO, detailed the company’s 2021 strategy aimed at transforming into a world-leading new retail platform. The new 'X strategy' focuses on diversifying its business and launching sub-brands, including the recent introduction of 'TOPTOY', established to capture the growing toy market in China. MINISO plans to expand both domestically, targeting tier 3 cities and rural areas, and internationally in regions with large populations. The company will enhance its digital efforts with unmanned stores and broaden online sales channels in response to the pandemic.
- Launch of 'X strategy' to diversify business and introduce multiple sub-brands.
- Introduction of 'TOPTOY' targeting China's toy market.
- Plans for continued domestic expansion, especially in tier 3 cities.
- International expansion into large population countries.
- Increased focus on digital transformation and online sales.
- None.
GUANGZHOU, China, Feb. 18, 2021 /PRNewswire/ -- Ye Guofu, the founder and CEO of MINISO, a lifestyle product retailer, today unveiled the company's 2021 business strategy.
'X' strategy to diversify business and run multiple brands
The company has launched its "X strategy", committed to diversifying its business and becoming a world-leading new retail platform capable of incubating more sub-brands.
On December 18, 2020, MINISO launched its sub-brand "TOPTOY", a toy store for children and young adults, opening 9 stores in 5 Chinese cities over the last 6 weeks. TOPTOY intends to become the leader in the country's booming toy market.
The parent brand, MINISO, has also announced that "Art Toy" will be its strategic product category of focus during 2021 and even beyond.
Continuing expansion in China and overseas, accelerating digitalization
Given now China is at a different stage of its post-COVID 19 recovery, MINISO has set a clear goal of its expansion in the domestic market, aiming to open more stores, mostly in tier 3 cities and even rural areas.
For the overseas market, despite the continued uncertainty of the pandemic, MINISO will continuously expand, especially in countries with populations of at least 50 million - India, Indonesia, the U.S., Colombia, Mexico, Egypt, and Spain.
As a key learning from 2020, MINISO is boosting its online presence on top of its proven success in brick-and-mortar channels. "COVID-19 is a catalyst that has accelerated our digital transformation and embrace of online channels," said Robin Liu, Chief Marketing Officer of MINISO, "We will keep broadening our online sales channels."
As a result of its accelerated digitalization, MINISO will open unmanned stores in China, with products also soon available on all online channels including its self-owned online stores, WeChat mini-programs and flagship stores on major e-commerce platforms. Similarly, MINISO will further strengthen its e-commerce channels in key overseas markets.
About MINISO:
MINISO (NYSE: MNSO) is a lifestyle product retailer, offering high quality household goods, cosmetics, and food at affordable prices. Since its first store opened in Guangzhou in 2013, MINISO has opened more than 4,330 stores in over 80 countries and regions in 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.
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SOURCE Miniso Group
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