Chinese retailer Miniso accelerates international expansion efforts

Prominent Chinese low-cost retailer Miniso is making waves in the global market with plans to open about 600 overseas stores this year. This strategic shift comes as the company aims to reduce its reliance on the domestic market, which has been struggling with weak consumption.

In an exclusive interview with the Financial Times, Miniso’s chief financial officer Eason Zhang revealed that the company also intends to open approximately 400 stores in China. However, this year will mark a significant milestone as most of its new outlets will be located outside the country, a departure from previous years.

The decision to expand internationally reflects a broader trend among Chinese companies seeking growth opportunities abroad amidst challenges in the domestic market. With the cost of goods produced in China becoming more competitive globally, companies like Miniso are capitalizing on this trend to drive their expansion plans.

Zhang acknowledged the challenges posed by shifting consumer behavior in China, driven by economic uncertainties and changing expectations. Despite these headwinds, Miniso remains optimistic about its growth prospects, with plans to increase its presence in overseas markets and diversify its product offerings.

With a strong focus on lifestyle products and licensed brand goods, Miniso has carved out a niche for itself in the competitive retail landscape. The company’s unique approach sets it apart from Chinese rivals, positioning it for continued success in the global market.

As Miniso continues to expand its footprint and adapt to changing consumer preferences, the company remains committed to promoting Chinese culture and values. With a blend of affordability, quality, and cultural relevance, Miniso is poised to attract a diverse customer base and drive its growth trajectory in the years to come.