Recently, everyone has been saying that I am lucky. I want to tell everyone that without courage, there is no luck. As long as I am doing it, it represents the possibility of success
On October 29th, Miniso held a press conference on the results of its 2024 global brand strategy upgrade. Ye Guofu, founder, chairman of the board, and CEO of Miniso, stated at the conference that the retail industry is now in a good new stage of development and advocated that the retail industry should not be swayed by prices. "Low prices are detrimental to society, enterprises, and consumers. Pursuing low prices blindly is irresponsible to everyone. Without reasonable prices, there can be no guarantee of product quality, and without reasonable utilization, innovation in enterprises is difficult to continue
Enterprises are going global in full swing. Ye Guofu said in an interview with media including The Paper that if a company wants to do globalization, its founder should have a global perspective, have a long-term perspective, and resources should be infinitely tilted. Miniso has been doing business in the United States for eight years and only started making money this year. Without a long-term perspective, it will definitely not be able to make money. Two thirds of his time is spent overseas. "We need to go to Southeast Asian countries first, such as Malaysia, where there are many Chinese people and labor costs are cheap. If you can't even do well in Malaysia, I suggest you not go global. Once Southeast Asia is done well, you can go to Europe and America. Don't go to the United States all at once and then collapse, and you will never dare to go abroad again. Globalization is a trap. Less is more, globalization should focus on not going to too many countries at once. Finally, you need to prepare international inventory and not take Chinese pallets directly overseas
Ye Guofu believes that truly globalized enterprises still need to "occupy Europe and America". Only by occupying the European and American markets can they cultivate a high level of brand. This is the most important step for an enterprise's internationalization. Southeast Asian countries can send a large number of employees there, while European and American countries cannot send people. To find ways to localize talent, products, and marketing, these countries have strict regulations, including employment environment and product certification. Only by making good use of the local market can they do a good job in the European and American markets.
It is reported that relying on cost-effectiveness, high-frequency promotion of new products, and franchise models, Miniso has been rapidly expanding since opening its first store in Guangzhou in 2013. In 2015, Miniso's store count exceeded a thousand. In 2015, Miniso launched its globalization strategy and opened its first overseas store in Southeast Asia. Subsequently, Miniso rapidly expanded its stores to markets such as Oceania, the Middle East, Latin America, North America, and Europe. In the first half of 2024, Miniso Group's global stores have exceeded 7000.
In terms of the overall number of stores, Ye Guofu has set a five-year strategy for the company, which includes the goal of adding 900 to 1100 stores annually by 2024 to 2028. According to the plan, Miniso will achieve a store count of over 10000 in three years. In the interview, Ye Guofu further stated that the number of stores opened by Miniso at home and abroad is basically equal, "half and half. For example, 450 stores are opened overseas every year, and 450 stores are opened in China as well
Specifically, Miniso has seven store formats, namely MINISO LAND, Potential Store, Theme Store, Flagship/Sub flagship Store, Regular Store, MINISO GO, and Pop up Store. On October 27th, MINISO LAND, the global flagship store of Miniso, officially opened on Nanjing Road in Shanghai. The store achieved nearly 10 million yuan in sales in its first month of trial operation.
Ye Guofu believes that China's retail industry is facing an unprecedented opportunity to break through. How to create a world-class retail company in China that truly possesses global competitiveness and influence is the goal that Miniso needs to break through and achieve during this window of opportunity. At present, IP strategy is an important lever for Miniso to lead interest consumption. Miniso's vision is to become the "world's number one IP design retail group". In the next 10 years, Miniso aims to lead 100 Chinese IPs to the world.
In terms of IP business, Miniso started its IP strategic layout in 2016 and has cooperated with over 150 globally renowned IPs worldwide, with a global IP product sales scale exceeding 10 billion. Miniso is centered in China and supported by three overseas design centers in South Korea, Japan, and the United States. The South Korean design center has been established this year and will be officially promoted in the global market next year.
A set of data shared by Liu Xiaobin, Vice President of Miniso Group, shows that as of now, Miniso's registered members in major global markets have exceeded 100 million. Overseas members who started working last year have grown by 63% since 2024. Taking the US market as an example, in the four years since 2019, the unit price of Miniso products in the local market has increased by 93%, and the unit price per customer has increased by 77%.
On August 30th, the first half of 2024 performance report released by Miniso showed that its revenue increased by 25% year-on-year to 7.76 billion yuan in the first half of the year; The adjusted net profit was 1.24 billion yuan, a year-on-year increase of 17.8%. Among them, overseas business revenue exceeded 2.7 billion yuan, a year-on-year increase of 43%. The direct sales market in overseas business accounted for 56% of overseas revenue, surpassing the agency market. In terms of store quantity, Miniso Overseas and TOP TOY (a trendy toy brand incubated by Miniso) both experienced the fastest opening of stores in history in the first half of the year, with a net increase of 266 and 47 stores, respectively.
According to Dazhihui VIP, as of the close on the 30th, Miniso rose 2.37% to HKD 38.85 per share, with a total market value of HKD 48.9 billion.