The globally popular lifestyle retailer sees
around 60 new MINISO stores opened in India this year, for an expected total of
about 220 stores in over 120 cities since the opening of its first
store in Gurugram in 2017
NEW
DELHI, Jan. 3, 2023 /PRNewswire/ -- MINISO
(NYSE: MNSO; HKEX: 9896) a global lifestyle retailer, offering
high-quality household goods, cosmetics and food at affordable
prices, has revealed as of the end of 2022, it set a record in
India for the highest number of
new store openings since the pandemic, estimated at around 60, the
most in almost three years. Since the first store opened in
Gurugram in 2017, MINISO has set up in 125 cities around the
country, and is expected to exceed 220 stores by year-end,
including 16 stores in Mumbai.
Around ten of these stores opened in December, one of which is a
bright 110-plus square-meter storefront in first-tier city
Bangalore on the swanky New Bel
Road commercial pedestrian street. This store enabled MINISO to
cover strategic business districts in other tier 1 and 2 cities,
with further openings in Phoenix Citadel Mall in Indore, Unison
Mall in the heart of Dehradun, Ranchi, and Hyderabad, among
other cities. In December, MINISO also added another new store in
Lulu Mall Thiruvananthapuram, which is the largest mall in
India and near Technopark, the
largest IT park in India.
In addition to the United
States and Indonesia,
India, with its large population,
economic vitality, and rapid consumption recovery, is one of
MINISO's most important direct sales markets. The country is also
among the top three markets for MINISO in South and Southeast Asia and the Company is well
positioned for further growth in 2023 having continued to expand
store count throughout the pandemic.
Performance in India this year
has been outstanding, with sales performance this year increased by
nearly 80% year-on-year. During Diwali, with aromatherapy products
in MINISO's New Delhi store seeing
an increase of 27% month-on-month. Black Friday's performance
jumped 168% year-on-year, of which the directly-operated stores'
toiletry products were up 125% year-on-year. Women's body care and
perfume products also performed well, while fragrances, home
supplies, and plush toys have always been the top-selling
categories in India. MINISO, as
always, stays committed to launching tailored products that meet
the needs of local consumers.
Among retail brands, MINISO has steadily climbed the ranks in
terms of scale and influence and is currently one of the most
popular and visible brands among Indian consumers as well as the
fastest growing among similar brands in the country.
MINISO's outlook for 2023 and beyond looks strong in
India
MINISO will continue with its flexible store expansion strategy
adjusted to market conditions with a focus on opening
high-performing stores. Tyrone Li,
India head of MINISO, said,
"During the pandemic, we adopted a more conservative store opening
strategy and having seen the performance potential of first- and
second-tier cities, next year we will mainly open larger stores
there."
In terms of e-commerce, MINISO's focus will be on Amazon and
Flipkart, the two leading platforms in India, and MINISO plans to launch products
that specifically reflect trends for Indian online consumers.
"We can see the potential for growth in India and will continue to work with our
existing and new partners here to boost our growth in the market,"
Li added.
About MINISO
MINISO Group is a global value retailer offering a variety of
design-led lifestyle products. The Company serves consumers
primarily through its large network of MINISO stores, and promotes
a relaxing, treasure-hunting and engaging shopping experience full
of delightful surprises that appeals to all demographics.
Aesthetically pleasing design, quality and affordability are at the
core of every product in MINISO's wide product portfolio, and the
Company continually and frequently rolls out products with these
qualities. Since the opening of its first store in China in 2013, the Company has built its
flagship brand "MINISO" as a globally recognized retail brand and
established a massive store network worldwide.
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SOURCE MINISO