Chinese discount variety retail chain Miniso (public compan traded at NYSE: MNSO) accelerated its expansion plan during the pandemic, opening 364 stores around the world during the past 12 months.
The expansion has increased Miniso’s store number to 4,587 in China and 94 in overseas markets. The brand recorded the strongest performance in its home market, with physical store and online e-commerce revenue surging 69% and 86% respectively during the third quarter of fiscal year 2021, which ended on March 31.
The retailer has also expanded into new global markets, including Iceland, Malta, New Caledonia, the Canary Islands.
“We will continue to make efforts in overseas markets, not only to further develop new markets and existing markets, but also to further localise,” said Vincent Huang, VP of International Business at Miniso.
During Q3 2021, Miniso generated US$340.3 million in revenue, increasing 37% year on year. Its e-commerce sector accounted for US$26.1 million in revenue, increasing 86 per cent year on year, while the O2O business contributed nearly US$10.7 million in revenue, accounting for 3.1% of sales.
“Online business has been accelerated by the pandemic and will be one of the priorities for the future development of Miniso,” said Robin Liu, chief marketing officer and head of e-commerce at Miniso.