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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, 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.
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.
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