MINISO Unveils Brand Upgrade Achievements, Aiming to Build the World's Leading IP Design Retail Group

Rhea-AI Summary

MINISO announced significant achievements at its Global Brand Strategic Upgrade Results Launch Conference 2024 in Shanghai. The company has partnered with over 150 global IPs, including Harry Potter and Disney, generating over 10 billion RMB in IP product sales. MINISO operates in 111 countries with 2,753 stores outside mainland China, implementing a seven-tier store format. The company launched MINISO LAND, its first scenario-based IP collection store in Shanghai, and introduced MINISO FRIENDS format targeting Gen-Z customers. The company has over 100 million registered members globally, with overseas membership growing 63% since 2024.

Positive

• Global IP product sales exceeded 10 billion RMB
• Extensive global presence with 2,753 stores across 111 countries
• Partnership with over 150 renowned global IPs
• Strong membership growth with 63% increase in overseas members
• Launch of new store formats MINISO LAND and MINISO FRIENDS showing expansion

Negative

• None.

Insights

Market Research Analyst

MINISO's strategic brand upgrade and IP-driven expansion represents a significant shift in their business model. The company has achieved remarkable metrics: 10 billion RMB in global IP product sales, partnerships with over 150 global IPs and expansion to 111 countries with 2,753 international stores. The new MINISO LAND store format and successful Harry Potter collaboration demonstrate strong execution of their premium retail strategy.

The 63% increase in overseas membership and launch of innovative store formats like MINISO IP LAND indicate successful market penetration and brand elevation. Their focus on Gen-Z consumers through MINISO FRIENDS stores and expansion into new product categories (pets, ACG) shows adaptability to changing consumer preferences. The combination of essential and IP-themed products creates a unique value proposition that differentiates them in the competitive retail landscape.

Retail Industry Expert

The transformation from a value retailer to an IP-focused design group marks a sophisticated evolution in MINISO's business model. Their seven-tier store format strategy and the launch of premium concepts like MINISO LAND demonstrate vertical market expansion while maintaining their core affordability proposition. The development of 10,000+ new IP products annually shows robust product innovation capabilities.

The investment in R&D and expansion into new categories, supported by a strengthened global supply chain, positions MINISO to capture higher-margin opportunities. Their membership growth and increasing average unit price indicate successful premiumization efforts. The combination of physical retail innovation and IP-driven product development creates a defensible competitive advantage in the global retail market.

GUANGZHOU, China, Nov. 3, 2024 /PRNewswire/ -- On October 29, MINISO held its Global Brand Strategic Upgrade Results Launch Conference 2024 in Shanghai. In 2023, the company announced its goal to become the World's leading IP design retail group. To achieve this ambition, MINISO has made significant strides in product innovation, store expansion, and brand building, cementing its leading position in the global retail market.

Interest-Driven Strategy Brings IP Empowerment 

MINISO's founder Mr. Jack Ye has previously pointed out that changes in the global retail industry mean great opportunity for MINISO to become globally competitive and influential.

As early as 2020, Mr. Jack Ye envisioned "interest-driven consumption" as a key to the brand's growth, predicting that fulfilling consumers' emotional needs and desire for self-expression will become the driving force of future consumption. MINISO has successfully led this trend globally as the pioneer of the 'Global IP Collection Store' innovative business model, by incorporating popular intellectual properties (IPs) into its products, store designs, and marketing. This approach strengthens the brand's emotional connection with users, addressing the rising demand for interest-driven consumption and enhancing its overall value proposition. Mr. Jack Ye further emphasized the idea of combining essential items with IP-themed non-essentials, a concept he refers to as 'essential + optional consumption'. MINISO aims to create a distinctive retail giant that focuses on quality retail while meeting the genuine needs of consumers.

To date, under this strategic layout, MINISO has partnered with over 150 globally renowned IPs, including Harry Potter, Disney, Sanrio, Chiikawa, Barbie, Snoopy, and Zanmang Loopy, to create collections that have enjoyed significant popularity and generated impressive numbers. Global IP product sales exceeded 10 billion RMB, with more than 10,000 new IP products launched each year and cumulative sales of more than 800 million IP products. At the conference, MINISO officially announced that the MINISO and Warner Bros. Discovery Global Consumer Products to launch the Harry Potter inspired collection. The co-branded products will be launched globally across all MINISO sales channels from October 31. The collaboration had already launched successfully in Hong Kong, Irvine, and Jakarta, greeted with strong enthusiasm from fans and setting new sales records.                                                                                 

Innovation drives MINISO's growth. By focusing on pleasing design, fun, and quality products, MINISO continues to push the boundaries of IP design innovation, centering its creative efforts in China while also leveraging design centers in Korea, Japan, and the USA to bring fresh ideas and products to a global audience. In the future, MINISO aims to support 100 Chinese IPs to go global and reach a worldwide consumer base.

Beyond IP collaborations, MINISO's product innovation is reflected in its exploration of new categories. The brand has ramped up investments in research and development, expanding into areas such as pets and ACG besides plush toys, blind boxes, fragrances, and travel accessories. To swiftly turn innovative designs into quality products for the global market, MINISO is also continually enhancing its global supply chain and building strong partnerships with leading suppliers.

Innovative Store Formats Flourish Worldwide

The rise in IP product influence strongly relates to an innovative channel development. Through continuous innovation and optimization strategies, MINISO has expanded its footprint to over 111 countries and regions, operating 2,753 stores outside of mainland China. Furthermore, MINISO has implemented a seven-tier store format to meet diverse customer needs, including IP-themed experiences and product-focused scenarios.

At the conference, MINISO officially introduced a new store format – MINISO IP LAND. Two days prior to the conference, on October 27th, MINISO opened the world's first scenario-based IP collection store, MINISO LAND, on East Nanjing Road in Shanghai, which achieved record-breaking sales in its first month of soft opening. Jeff Kou, Vice President and Chief Growth Officer of MINISO, said, "As the highest-level store format of MINISO, the MINISO LAND Global Flagship Store not only embodies the brand's vision, but also marks the milestone of MINISO's global channel upgrade."

Additionally, MINISO has introduced another store format, MINISO FRIENDS, targeting Gen-Z customers. These themed stores, ranging from 600 to 800 square meters in size, focus on plush toys, blind boxes, pets, and ACG, fostering a culture of community and belonging for younger audiences.

Growing with Users for a Better Future

By leveraging IP innovations and channel upgrades, MINISO has strengthened its brand and built a deep emotional connection with over a billion users worldwide, transforming customers into users.

According to Robin Liu, Senior Vice President and CMO of MINISO, the brand's mention rate and preference have grown significantly over the past two years compared to other brands in the category. As MINISO deepens its focus on user engagement, it has successfully unlocked greater user value, leading to increased brand value. This is evident in the steady rise of both average unit price and customer spend. The membership number also explains. As of now, MINISO has more than 100 million registered members in major markets around the world. The number of overseas members has increased by 63% since 2024.

Moreover, MINISO has proactively undertaken social responsibilities to bring a positive social impact. In the past two years, the brand has invested in two 10 million RMB funds to support women through the Marriage and Maternity Incentive Scheme program and promote animal welfare through MINISO Pet Protection Foundation.

Setting Sights on Global Dominance

In the future, MINISO will continue to deepen its overseas expansion, creating more representative stores with innovative interactive devices and immersive experience to cater to younger customers. With an open and inclusive approach, MINISO is embracing the global market. The brand looks forward to partnering with global partners and consumers to spread the "Joy Philosophy" worldwide, allowing everyone to experience the allure of the MINISO brand.

About MINISO

MINISO Group is a global value retailer offering a variety of trendy lifestyle products featuring IP design. 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/miniso-unveils-brand-upgrade-achievements-aiming-to-build-the-worlds-leading-ip-design-retail-group-302295002.html

SOURCE MINISO

FAQ

How many stores does MINISO (MNSO) operate outside mainland China?

MINISO operates 2,753 stores outside of mainland China across 111 countries and regions.

What is MINISO's (MNSO) total IP product sales value?

MINISO's global IP product sales exceeded 10 billion RMB.

How many global IP partnerships does MINISO (MNSO) have?

MINISO has partnered with over 150 globally renowned IPs, including Harry Potter, Disney, Sanrio, and others.

What are MINISO's (MNSO) new store formats announced in 2024?

MINISO announced two new store formats: MINISO LAND, a scenario-based IP collection store, and MINISO FRIENDS, targeting Gen-Z customers.