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MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) is a global value retailer known for its wide array of trendy lifestyle products. Founded in 2013 and headquartered in Guangzhou, China, MINISO has quickly become a prominent name in the retail sector due to its vast network of stores and commitment to high-quality, aesthetically pleasing, and affordable products.
As a retailer, MINISO offers a broad range of items including home decor, small electronics, textiles, accessories, beauty tools, toys, cosmetics, personal care products, snacks, fragrances, perfumes, and stationery. The company operates primarily through its flagship MINISO brand, which focuses on design-led lifestyle products. It also operates the TOP TOY brand, which specializes in pop toys. MINISO generates the majority of its revenue from the MINISO brand, and a significant portion of this revenue comes from its extensive operations in China.
MINISO's unique business model emphasizes creating a treasure-hunting shopping experience that appeals to a broad demographic. This approach has allowed the company to build a massive global store network, which includes over 6,400 stores worldwide. The company's growth is fueled by frequent product rollouts that maintain a balance between trendy design, quality, and affordability.
Recent Achievements and Developments
- Financial Performance: For the December quarter of 2023, MINISO reported a revenue increase of 54% year-over-year to RMB3.84 billion. This growth was driven by a 32% increase in same-store sales in China and a 19% increase in overseas markets. The company's gross margin for the quarter reached 43.1%, and adjusted net profit rose by 77% year-over-year.
- Store Expansion: In 2023, MINISO added over 1,000 new stores globally, marking its fastest pace of store openings. The company plans to continue this growth trajectory with the aim of adding 900-1,100 net new stores annually from 2024 to 2028.
- IP Collaborations: MINISO has leveraged IP collaborations to enhance its product offerings and customer experience. Notable partnerships include collaborations with Sanrio, Barbie, Disney, Minions, and Care Bears. These collaborations have significantly contributed to the company's revenue, particularly in the North American market where IP products have driven a 128% annual revenue growth.
- Strategic Initiatives: The company is committed to becoming the world's leading IP design retail group. This strategy involves focusing on production innovation, affordability, and globalization. MINISO hosted an Investor Day in January 2024 to outline its five-year development plan, which includes maintaining a revenue compound annual growth rate of at least 20%.
- Dividend Declarations: In March 2024, the company declared a special cash dividend amounting to RMB651.5 million, approximately 50% of its adjusted net profit for the second half of 2023. Since its IPO, MINISO has returned RMB2.8 billion to shareholders.
- Operational Excellence: MINISO's robust supply chain, innovative product development, and strategic global expansion have positioned it well to optimize its expense structure and sustain a healthy margin profile.
MINISO's commitment to delivering happiness through its innovative and affordable products has resonated well with consumers worldwide. The company's strategic focus on IP product development, supply chain integration, and steady global expansion continues to drive its growth and profitability.
MINISO has launched the #MysteryDiamondHunt, a global campaign available in over 20 countries, including the US, Canada, Italy, Vietnam, and Thailand. Customers purchasing a blind box from MINISO stores will enter a lucky draw for one of six genuine GIA-certified diamonds and hundreds of thousands of Austrian crystals. The initiative aims to create excitement and enhance customer experiences, leveraging the popularity of blind boxes among Millennials and Gen Z. MINISO reported a remarkable 110% year-over-year increase in international blind box sales in 2022. The campaign is designed to bring joy and engagement to consumers, inviting them to discover the thrill of unboxing real treasures.
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.
MINISO Group Holding Limited (NYSE: MNSO) announced on March 13, 2023, that its ordinary shares have been included in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programs. This inclusion is expected to enhance the Company's shareholder base and improve trading liquidity. Additionally, MINISO has been added to several Hang Seng indexes, including the Hang Seng Composite Index, effective the same date. The Company believes this recognition reflects its business performance and growth prospects, aiming to share its success with investors in mainland China.
MINISO Group Holding Limited (NYSE: MNSO) announced its financial results for Q2 FY2023, ending December 31, 2022. Revenue reached RMB2,494.4 million (US$361.7 million), down 10.0% year over year. Gross profit rose to RMB997.1 million (US$144.6 million), marking a 15.6% increase. Operating profit surged by 75.2% to RMB447.6 million (US$64.9 million), while profit for the period increased by 95.4% to RMB359.8 million (US$52.2 million). The number of MINISO stores grew to 5,440, including 3,325 in China and 2,115 overseas, reflecting ongoing expansion. Despite ongoing pandemic challenges, overseas revenue accounted for 39.5% of total revenue, a record high.
MINISO, a global lifestyle retailer, announced its updated global brand strategy at a conference in Guangzhou, China, on February 24, 2023. This year marks the company's 10th anniversary and the beginning of its transformation into a lifestyle super brand. CEO Jack Ye emphasized the importance of deep participation in the global retail market. MINISO has developed a strong global presence with over 5,400 stores in 105 countries as of December 31, 2022. The company will invest in a Global Product Innovation Center and open four design centers worldwide. The new brand symbol, a 'Wink' icon, embodies the brand's 'Joy Philosophy' aimed at creating a joyful consumer experience.
MINISO Group Holding Limited (NYSE: MNSO) plans to release its December quarter 2022 financial results on February 28, 2023, before the U.S. market opens. A conference call will be held at 4:00 A.M. ET on the same day to discuss the financial outcomes. The call can be accessed via Zoom or phone. MINISO is a global value retailer specializing in design-led lifestyle products, aiming to provide an enjoyable shopping experience. Since its inception in 2013 in China, MINISO has grown its brand recognition and extensive store network worldwide.
MINISO Group Holding Limited (NYSE: MNSO) announced the resignation of CFO Steven Saiyin Zhang, effective January 31, 2023, citing personal reasons. He will continue as a senior consultant. Eason Jingjing Zhang, previously vice president of capital markets, will take over as the new CFO on the same date. The board of directors will now consist of five members, including three independent non-executive directors. CEO Guofu Ye expressed gratitude for Steven Zhang's contributions over the past five years, emphasizing the importance of the succession plan designed for a smooth transition.
MINISO (NYSE: MNSO) has achieved significant growth in India, opening around 60 new stores in 2022, reaching a total of approximately 220 stores across more than 120 cities. This growth marks the highest number of new openings since the pandemic. Sales performance surged nearly 80% year-on-year, with notable spikes during Diwali and Black Friday. The retailer plans to continue its expansion strategy, focusing on larger stores in first- and second-tier cities while enhancing its e-commerce presence on Amazon and Flipkart.
MINISO Group Holding Limited (NYSE: MNSO) announced the successful conclusion of its annual general meeting (AGM) held in Guangzhou, China on December 28, 2022. All proposed resolutions for shareholder approval were adopted during the meeting. MINISO, a global value retailer since 2013, is known for its affordable, design-led lifestyle products and has established a significant store network worldwide. The company aims to create an engaging shopping experience, appealing to diverse demographics.
On December 5, MINISO (NYSE: MNSO) launched its #Lifeisforfun! world tour featuring its beloved MINI Family mascots, spreading joy across Mexico, Italy, and Thailand. The tour included festive activities, such as a Penpen mascot driving through Mexico City and interactive games in Florence. This initiative aims to bring happiness and warmth to communities during the holiday season. MINISO's campaign also extended online, with the #MINISOPentaClaus challenge on TikTok generating over 100,000 videos. The company continues to emphasize its mission to uplift consumer experiences globally.
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