The brand's new store smashed records for both first-day and first-month sales.
NEW YORK, July 25, 2023 /PRNewswire/ -- Lifestyle brand MINISO (NYSE: MNSO; HKEX: 9896) recently hosted its 2023 Second Half Global Partners Strategy Summit in New York, highlighting the brand's achievements and future ambitions as it works on becoming a global lifestyle super-brand. During the summit, MINISO founder and CEO, Mr. Jack Ye, revealed that the brand's recently opened store in Times Square, New York, had shattered previous sales records. In fact, the new store set new records for both first-day and first-month sales among the brand's over 5500 global stores. During its inaugural month, the Times Square store recorded sales with over 60,000 consumer visits, equating to approximately eight times higher than the average sales of the other nearly 80 stores in the United States.
The exceptional early success of the store, located in the heart of one of the world's most iconic shopping and leisure destinations, sets a new benchmark for excellence among MINISO's global network. As well as setting a new sales record, the unprecedented performance also reflects a significant growth of MINISO's profitability in the US market.
During the summit, MINISO shared its assessment that the remarkable sales performance of the Times Square store could be largely attributed to the popularity of the brand's diverse range of products, with the new store offering over 2,500 individual SKUs. The selection of attractive, useful, and fun items includes IP licensed products, blind boxes, and toys, which contributed significantly to the store's overall sales. Notably, a significant portion of the products available at the Times Square store are unique creations from MINISO's collaborations with renowned IPs such as Sanrio, Disney, and Pokémon. Meanwhile, a number of products on sale are MINISO's original designs comprising blind boxes, plush toys, fragrances, and more.
The exceptional sales records of the Times Square store also reflect the positive trends within MINISO's product sales structure in the US market. The brand's remarkable growth can be attributed to the higher proportion of sales from on-trend IP licensed products and original designs, which MINISO categorizes as " interest-driven consumption." These products carry higher unit prices, profit margins, and overall profitability. To capitalize on this, MINISO continues to place great importance on actively collaborating with renowned IPs, launching new authorized cooperations regularly. Notable IP collections include the hotly anticipated upcoming Barbie series, and other prominent series such as Snoopy and Winne that have garnered significant attention.
Besides IP licensed products, MINISO's new global strategy, which aims to transform the company into a lifestyle super-brand, also places significant emphasis on continually strengthening investment in original designs. This will be achieved through the brand's newly established "Global Product Innovation Centers". These centers of creative excellence, with locations in the United States, China, Japan, and South Korea, will serve as a hub for innovating and originating trend-setting designs that contribute to MINISO's continuous growth.
Mr. Jack Ye emphasized that MINISO's new store, as the first in Times Square to be opened by a Chinese brand, has achieved outstanding results during its debut month. The performance milestone reflects the brand's growing influence in the United States and strengthens its confidence in expanding further. MINISO has locations in 17 states, and has established partnerships with high-profile real estate developers such as Simon, Macerich, Brookfield, Westfield, and Taubman. By the end of 2023, MINISO plans to have stores in 28 states and expand its presence to over 100 locations across the nation, bringing its fun and joyful brand to an even wider audience.
MINISO Group is a global lifestyle brand offering a variety of design-led lifestyle products. 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.