MINISO Group Holding Ltd
NYSE:MNSO
MINISO Group Holding Ltd
MINISO Group Holding Ltd., founded in 2013 by Chinese entrepreneur Ye Guofu, has rapidly become a prominent player in the global retail landscape, carving a niche with its unique blend of affordability, quality, and design-centric products. This lifestyle retailer has successfully tapped into the zeitgeist by offering a wide array of consumer goods spanning homeware, electronics, toys, cosmetics, and even snacks. By drawing inspiration from the aesthetics of minimalism, popularized by Japanese culture, MINISO creates an appealing shopping experience focused on affordable luxury. The company's business model thrives on the synergy between product design innovation and agile supply chain management. This dynamic approach helps MINISO keep costs low while maintaining swift inventory turnover, capturing a diverse customer base worldwide.
The company conducts its business primarily through a franchise model, establishing a physical presence in over 90 countries by the end of 2022, expanding its global retail footprint with thousands of stores. This franchise model not only enables rapid international expansion but also mitigates operational risks and capital expenditure. With minimal investment in store operations, MINISO focuses on its core competencies—product development, supply chain logistics, and brand marketing. By operating as a hub of creativity, it capitalizes on collaborations with popular brands to release themed product lines that further drive customer engagement and revenue. These strategies, combined with its attractive pricing policy, ensure MINISO remains adaptive and competitive, anchoring its position as a go-to destination for budget-conscious shoppers seeking trendy, everyday items.
MINISO Group Holding Ltd., founded in 2013 by Chinese entrepreneur Ye Guofu, has rapidly become a prominent player in the global retail landscape, carving a niche with its unique blend of affordability, quality, and design-centric products. This lifestyle retailer has successfully tapped into the zeitgeist by offering a wide array of consumer goods spanning homeware, electronics, toys, cosmetics, and even snacks. By drawing inspiration from the aesthetics of minimalism, popularized by Japanese culture, MINISO creates an appealing shopping experience focused on affordable luxury. The company's business model thrives on the synergy between product design innovation and agile supply chain management. This dynamic approach helps MINISO keep costs low while maintaining swift inventory turnover, capturing a diverse customer base worldwide.
The company conducts its business primarily through a franchise model, establishing a physical presence in over 90 countries by the end of 2022, expanding its global retail footprint with thousands of stores. This franchise model not only enables rapid international expansion but also mitigates operational risks and capital expenditure. With minimal investment in store operations, MINISO focuses on its core competencies—product development, supply chain logistics, and brand marketing. By operating as a hub of creativity, it capitalizes on collaborations with popular brands to release themed product lines that further drive customer engagement and revenue. These strategies, combined with its attractive pricing policy, ensure MINISO remains adaptive and competitive, anchoring its position as a go-to destination for budget-conscious shoppers seeking trendy, everyday items.
Revenue Growth: MINISO reported a 28.2% year-on-year revenue increase in the September quarter, surpassing RMB 5 billion for the first time and hitting the high end of guidance.
Profit Milestone: Adjusted operating profit rose 40.8% to RMB 1.02 billion, also breaking the RMB 1 billion barrier for the first time.
Store Expansion: Net addition of 102 MINISO stores in China and 170 internationally, with the overall global store count surpassing 8,000.
Same-Store Sales: Mid-single-digit global same-store sales growth, with high single-digit in China and low double-digit in the US in Q3.
Brand Strength: MINISO brand revenue grew 23%, while TOP TOY revenue surged by 111%, reflecting strong momentum in both flagship brands.
Margin Stability: Gross profit margin was stable at 44.7%, with an ongoing focus on balancing product mix and profitability.
Q4 and FY Guidance: Management expects Q4 revenue growth of 25–30%, full-year revenue growth of 25%, and operating profit between RMB 3.65–3.85 billion.
International Outlook: The US remains a key growth driver with over 65% revenue growth and continued store expansion; Southeast Asia faces macroeconomic headwinds but is expected to recover.
