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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 Group (MNSO) reported its Q1 fiscal 2023 results with revenues of RMB2,772.4 million (US$389.7 million), a 4.5% year-over-year increase. Gross profit surged 35.7% to RMB988.6 million (US$139.0 million), with a gross margin of 35.7%. Operating profit rose by 138.6% to RMB509.5 million (US$71.6 million). Profit for the period reached RMB404.1 million (US$56.8 million), marking a 161.5% increase. The number of stores grew to 5,296, bolstered by robust overseas performance, despite pandemic impacts in China. Adjusted net margin reached 15.1%.
MINISO (NYSE: MNSO) has launched an exclusive collection of blind boxes featuring Sanrio characters in its US stores, generating considerable customer interest since October. The Irvine Spectrum Center location has seen a significant boost in foot traffic due to these offerings. MINISO's blind box sales in the US surged 15-fold in 2022, with the Sanrio Collection becoming the top seller. The retailer plans to enhance in-store experiences and open new locations in Florida and Texas ahead of the holiday season, aiming to attract more Gen Z shoppers.
MINISO (NYSE: MNSO) launched its Lotso collection from Toy Story in Vietnam on October 18, 2022. The launch included various products such as plush toys, pillows, and keychains, which were highly anticipated by customers. Following the launch, stores saw record sales, with the Van Hanh store in Ho Chi Minh breaking sales records on opening day and overall sales in Vietnam increasing nearly twofold. The collection features 16 different items, and dedicated Lotso zones were set up in stores.
MINISO (NYSE: MNSO) celebrated Diwali on October 22, 2022, at its New Delhi store, attracting nearly 200 visitors with floral decorations and festive activities. Sales of perfumes and scented products surged by 27% month-over-month and 47% year-on-year. Currently, MINISO offers 140 scented products tailored to Indian preferences. The company, with over 200 stores in India, aims to strengthen local ties through cultural celebrations and localized product strategies. General Manager Bella Tu emphasized ongoing collaboration with local distributors to explore growth opportunities.
MINISO Group Holding Limited (NYSE: MNSO) will release its September quarter 2022 financial results on November 14, 2022, before U.S. markets open. An earnings conference call is scheduled for 7:00 A.M. Eastern Time on the same day, aimed at discussing the financial results in detail. Investors can join the call via a Zoom link or dial-in numbers available for various regions. MINISO continues to position itself as a global value retailer, offering design-led lifestyle products with a focus on quality and affordability.
MINISO (NYSE: MNSO) recently launched the #PlantForPanda# campaign to support panda conservation by planting bamboo in China's Qinling Giant Panda Habitat. The initiative, part of its Corporate Social Responsibility efforts, encourages global engagement across 14 countries. As of October 7, 2022, MINISO successfully facilitated the planting of 50,183 bamboo clumps, with plans to complete the project by spring 2023. The campaign garnered significant interaction online and offline, with nearly 600,000 consumers participating in related events. This move reflects MINISO's long-standing commitment to social responsibility.
MINISO Group Holding Limited (NYSE: MNSO) has announced its annual general meeting (AGM) on December 7, 2022, in Guangzhou, China. Shareholders of record as of November 7, 2022, are eligible to attend and vote. Concurrently, the company has filed its annual report on Form 20-F for the fiscal year ending June 30, 2022, with the SEC. This report includes the audited consolidated financial statements and can be accessed online. MINISO aims to provide a variety of design-led lifestyle products, promoting an engaging shopping experience worldwide.
MINISO (NYSE: MNSO) opened its 2000th store outside China on October 1, 2022, in Lyon, France. This milestone marks a significant step in the brand's global expansion since 2015. The new store, located in the Saint Genis 2 shopping center, spans 200m² and features popular licensed collections, attracting six million annual visitors. The brand aims to have 20 outlets in France by the end of 2022, having already established stores in Paris, Lille, Nantes, and Calais. As of June 30, 2022, MINISO operates around 5,200 stores globally, with approximately 200 in Europe.
On October 1, MINISO (NYSE: MNSO) reopened its Vaughan Mills store in Toronto, unveiling the new "$2 Plus" concept aimed at enhancing the shopping experience while providing affordable products. This revamp reflects MINISO's adaptation to rising inflation, emphasizing quality and diversity over traditional dollar store offerings. With 50 stores in Canada since 2017, MINISO focuses on offering well-designed products at reasonable prices. The Vaughan Mills store is among the first to implement this concept, alongside three others in Ontario and British Columbia.
MINISO Group Holding Limited (NYSE: MNSO) announced that chairman and CEO Guofu Ye plans to purchase up to $5 million worth of the Company’s ordinary shares and/or American depositary shares within the next twelve months. This amount represents approximately 0.3% of the total issued share capital as of September 28, 2022. Ye currently holds about 61.6% of the issued shares through controlled entities. The purchases will depend on market conditions and are meant to demonstrate confidence in MINISO’s long-term growth. However, shareholders should note that the purchase plan may not proceed.
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