Recently, the whole society has been saying that I am lucky and have taken every step right
On October 29th, Ye Guofu appeared in Shanghai and talked about his "good luck" in buying the bottom of Yonghui. At the end of September, Miniso acquired Yonghui for 6.2 billion yuan, doubling its book revenue in the past month.
Without courage, there is no luck, "Ye Guofu responded.
In late October, Ye Guofu accomplished another major event in Shanghai. MINISO LAND's global flagship store has officially opened, positioned as an IP amusement park store. It covers an area of nearly 2000 square meters and displays over 10000 SKUs, with more than 70% of them being IP products.
It is said that in the first month of trial operation, the store's performance exceeded 10 million yuan, with an average daily sales of about 300000 yuan.
MINISO LAND's first store in Tianjin achieved sales of nearly 5 million yuan in its first month of operation. He plans to open 100 MINISO LAND stores in the Chinese market and 300 stores in the global market in the next 5 years.
Ye Guofu's confidence has doubled. Recently, he made it onto the 2024 Hurun Rich List with a net worth of 25.5 billion yuan.
Emotional Value
I haven't attended the opening ribbon cutting ceremony for many years, but I went to MINISO LAND Global No.1 store. This is a memorable moment, "said Ye Guofu.
This is a newly launched channel product line by Miniso, focusing on various IP co branded products such as Harry Potter, Disney, Sanrio, Barbie, etc.
MINISO LAND's IP products account for 70% -80%, and has a anime area, a pet area, and a blind box area. On a weekday morning, a reporter from 21CRBR visited the store and received a continuous stream of customers.
Ye Guofu vigorously promotes the "big store strategy". It is expected that in the next 5 years, global MINISO LAND will open 4-5 locations in landmark cities and commercial centers.
In recent years, there has been a prominent change in consumer demand, where consumers not only focus on the functionality of products, but also value the emotional value they bring. Ye judged that young people will pay for inner satisfaction.
IP co branded products are the way for Ye Guofu to manipulate young people.
Since its establishment, the company has collaborated with over 150 IPs, with sales of related products exceeding 10 billion yuan, and over 10000 new IP products added annually.
Ye Guofu has set a goal to have IP sales account for over 50% by 2028. The increase in the weight of IP products brings about an improvement in business efficiency.
Taking the domestic market as an example, from the first half of 2021 to the first half of 2024, the unit price of Miniso's products increased from 34 yuan to 38.5 yuan.
From January to June, Miniso's revenue was approximately 7.8 billion yuan, a year-on-year increase of 25.0%, with a net profit of 1.242 billion yuan.
Fully expand
For Ye Guofu, a mature development team and supply chain can achieve large-scale and customized production of IP derivatives, while maintaining a high cost-effective selling price.
However, cooperation with classic popular IPs is not easy to achieve. For example, the Harry Potter IP belongs to Warner Bros. Exploration, and the selection of partners is extremely cautious.
Miniso had contact several years ago, and it wasn't until last year that the two sides attempted to collaborate overseas. This year, they entered the domestic market.
Ye Guofu's team focuses on four categories: plush toys, blind boxes, perfume and travel supplies. In the first three quarters of 2024, the cumulative sales of its blind box products exceeded 30 million, and the sales of its plush category exceeded 36 million.
Next, Ye Guofu is ready to launch the anime track and pet track.
Driven by IP, it plans to add 900-1100 stores globally annually, with a compound annual revenue growth of no less than 20% for the group. In his vision, by 2028, there will be 40000 stores worldwide.
Miniso currently has 7 store models, including MINISO LAND, Potential Store, Theme Store, Flagship/Sub flagship Store, Regular Store, MINISO GO, and Pop up Store.
Ye Guofu told the media that there are two main directions of focus in China:
One is the 'big store strategy', which involves opening large stores in the core business districts of first tier cities. The second is to upgrade channels and innovate store formats.
There will be many new formats emerging in the future, and the products will become increasingly diverse, "Ye said. In the future, we will promote the coverage of pop-up stores and airport stores.
Overseas replication
Ye Guofu is making every effort to replicate the domestic tactics overseas.
Two thirds of my time is spent busy with overseas business, leading my friends to 'fight' on the front line for a long time, "Ye said.
In the past year, Miniso has added 1500 stores, half of which are located overseas.
Ye Guofu mentioned that it is relatively easy to go abroad to Southeast Asia, such as Malaysia. "One third of them are Chinese, and even if they don't speak English, they can still conduct business. Moreover, local labor and other costs are cheaper than in China
In Indonesia, people pay attention to offline consumption, with an average age of less than 30 years old and a significant demographic dividend. In August of this year, Miniso opened the world's largest store in Jakarta, the capital of Indonesia, covering an area of over 3000 square meters and achieving over 10 million yuan in sales in the first month.