Miniso plans a May opening of its latest flagship store, co-designed with Hello Kitty intellectual property owner Sanrio, at the American Dream Mall in East Rutherford, New Jersey.
The new flagship reflects Miniso’s exploration of IP collaborations in the United States as it accelerates the company’s rapid expansion in North America on the back of strong growth in the past year.
According to the company’s latest financial reporting for the quarter ending in December 2023, Miniso’s total global revenue reached $1.9 billion, with a year-over-year growth of 39.4%. In the North American market, the company reported operating 172 stores by the end of 2023. It delivered a gross merchandise volume of $178 million with an annual growth rate of 120%. North American revenue reached $160 million, up 128% year over year.
Miniso attributes the growth to its IP collaborations, constant product innovation and strategic store expansions across the region, whether the licensed brand was Snoopy, Barbie, Care Bears or any of the several others the company offers.
In May 2023, Miniso opened its Times Square New York City flagship store, which saw opening day-sales of almost $80,000, the company maintained, setting first-day and first-month sales records among all its global stores. In December, Miniso celebrated the opening of its 100th store in the United States, a number that reached 120 soon thereafter. In March 2024, the company opened its second Times Square pop-up store with an eye-catching Stitch storefront that helped it to achieve the highest sales per square-foot record among all U.S. Miniso stores. Competitive store location and a high-quality shopping experience have led to stellar store performance, the company stated, with same-store sales growing by 75% year over year in the Miniso North American market during 2023, far exceeding the brand’s global overseas markets average of 26%, excluding China.
“Our vision is to become the world’s leading IP design retail group, and North America has a vital part to play in achieving this,” said Bella Tu, vice president and general manager of Miniso overseas directly operated markets. “We’ve made huge strides in this market thanks to our strategic IP collaborations, innovative store initiatives, and the amazing support we’ve received from local consumers. In the remainder of 2024, we are looking forward to opening our American Dream Mall New Jersey flagship, as well as stores in more key locations such as Santa Monica (CA), Coronado (CA), Miami Beach and Burlington (CA). We believe North American growth can act as a catalyst for our continued global expansion, with our aim to add 550 to 650 new stores worldwide by year-end to bring Minio’s Joy Philosophy to even more consumers.”
