Thursday, 18 April 2024

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MINISO Achieves Strong Growth in North America Thanks to IP Strategy and Innovative Shopping Experiences By

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NEW YORK, April 4, 2024 /PRNewswire/ — Global lifestyle brand  MINISO will open a new IP collection flagship store in the iconic American Dream Mall, New Jersey, in May. Co-designed with Sanrio, the new store will be MINISO’s first Sanrio IP-inspired store in the US, and is set to delight local families and young people with a fantastical and fashionable shopping experience. The new flagship reflects MINISO’s latest ambitious exploration of IP collaborations in the US market, aiming to further accelerate its rapid expansion within North America on the back of strong growth in the past 2023.

According to the brand’s December quarter 2023 financial results, MINISO’s total global revenue for the year of 2023 was 1.9 billion USD, with a YoY growth of 39.4%. In the North American market, the brand’s performance was impressive. With 172 stores across the region by year-end, MINISO achieved a Gross Merchandise Volume (GMV) of 178 million USD, with an annual growth rate of 120%. Additionally, total revenue of North America in 2023 surged to 160 million USD, soaring an annual growth rate of 128%. This rapid growth in the North American market outshines performance in all of the brand’s other global markets (excluding China).

The remarkable growth is attributed to MINISO’s steadfast IP collaborations, constant product innovation, and strategic store expansions across the region. Throughout 2023, MINISO introduced a diverse selection of beloved IP collaborations in North America. From Snoopy to Barbie and Care Bears, MINISO seamlessly and creatively integrated iconic characters into product and store designs, enhancing the shopping experience to promote sales growth.

MINISO also accelerated its store expansion in North America in the past year, entering even more core business districts in major cities. In May 2023, MINISO opened its Times Square flagship store, which saw exceptional opening day sales of nearly $80,000, setting both first day and first month sales records among all its global stores. In December, MINISO celebrated the opening of its 100th store in the US, a number that reached 120 soon after. In March 2024, the brand opened its second Times Square pop-up store, with an eye-catching Stitch storefront design helping it to achieve a highest sales per square-foot record among all US stores. Competitive store location and a high-quality shopping experience have led to excellent store performance, with same-store sales growing by 75% YoY in the MINISO…

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