Miniso marks 10th year with expansion to new markets

Lifestyle retailer leverages globalisation, consumer trends, and partnerships for future growth.

Global lifestyle retailer Miniso, celebrating its 10th anniversary, unveiled its expansion plans to four new markets with an emphasis on innovative and dynamic product offerings, Vincent Huang, vice president of Miniso's Overseas Business Department, told Retail Asia in a recent interview.

Huang, a member of the Miniso team since January 2013, credited globalisation, responsiveness to consumer trends, and reliable partnerships as key lessons learned throughout the company’s first decade. Priding itself on having opened over 5,400 stores, Miniso has firmly established its global presence with 2,700 stores located overseas.

The retailer’s success is attributed to its ability to adapt and launch new products in response to shifting consumer preferences. “Consumers only pay for a brand’s professionalism,” said Huang. “We act first and launch new and innovative products frequently to keep consumers excited.”

However, Huang acknowledged past mistakes and shared insights on overcoming them. He revealed that the company’s strategy to frequently rotate commodities was previously fast-tracked to match their rapid growth. Huang believes more comprehensive commodity training for their partners is needed for consistent success.

As part of its mission to spread joy among consumers worldwide, Miniso actively seeks out new partners to fuel its expansion strategy. When selecting new markets, the company prioritises partners with robust capabilities, industry expertise, and a profound understanding of local markets. By joining forces with such partners, Miniso aims to ensure a successful and impactful presence in each new location it ventures into.

In terms of future projects, Miniso is committed to expanding its footprint, opening new stores in critical markets, and making significant entry into new ones. One such plan involves opening two new stores at Delhi International Airport in India and a flagship store in Guangzhou, China.

The retail giant is also focusing on delivering more interactive retail experiences with larger, brighter stores. “In February this year, Miniso opened the first flagship store in Chengdu,” said Huang, noting it is the first of three. “The three-story store featured a brand new museum dedicated to Miniso fragrances and perfumes.

The company’s strategic product offerings include blend boxes, plush toys, and perfumes. They plan to continue collaborations with licensed IPs while also developing original ones, Huang added.

With ten years of substantial growth under its belt, Miniso’s forward-looking strategies set the stage for an exciting next decade in the global retail scene.