Chinese lifestyle retailer Miniso has announced plans to open 600 overseas stores in 2024, the Financial Times (FT) has reported. 

Miniso chief financial officer Eason Zhang also revealed that the company planned to open 400 stores in China. 

Zhang noted that 2024 will see the majority of new outlets established outside the country for the first time since 2019.

This comes as the retailer shifts the focus of its expansion away from a domestic market amid sluggish consumption. 

Eason Zhang noted that Chinese consumer behaviour is being shaped by expectations of future income and economic outlook, presenting challenges for businesses operating within the country. 

The FT quoted Eason Zhang: “It’s a very, very challenging task for us at this moment, especially [given] the new normal of [the] Chinese economy. It’s no longer the stage of high-speed growth.” 

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Miniso offers a wide range of lifestyle products including electronics, water bottles, toys, cosmetics and snacks.  

On 31 March 2024, the brand reached a milestone of 6,630 stores globally, with a net addition of 217 stores in the March quarter alone. 

Meanwhile, in the quarter ended March 2024, Miniso reported revenue of 3.72bn yuan ($515.7m), a 26% increase from the same period a year previously. 

The retailer attributes the growth to a 19.3% rise in the average store count and 9% same-store sales growth at group level.  

During the quarter, Miniso’s gross profit increased by 39.1% to 1.61bn yuan with a gross margin of 43.4%, compared to 39.3% in the same period of the previous financial year.

Its operating profit stood at 743.3m yuan – a 29.1% increase year-on-year.  

The retailer reported adjusted earnings before interest, taxes, depreciation and amortisation of 965.3m yuan, a 36.7% rise from 706.36m yuan in the previous year.  

Miniso founder, chairman and CEO Guofu Ye stated: “This past March quarter has seen our fastest pace of store openings for the first quarters ever, establishing a robust foundation towards our goal of a net addition of 900 to 1,100 stores in 2024. We also embarked on our path towards our five-year strategic goal with a stronger March quarter compared to the high base of the same period of 2023.”