On June 22nd, Miniso flagship store made its debut on the Champs - É lys é es in Paris, France, marking another milestone in the global development of Chinese brands. After becoming the first Chinese brand to enter Times Square in New York in May last year, Miniso has once again entered the world's top business districts, further unleashing the potential of "interest consumption" overseas and showcasing the power of Chinese brands to the world.
Mingchuang Youpin's flagship store in Champs - É lys é es, France is located in the core area of Champs - É lys é es Boulevard in Paris, adjacent to the LV flagship store and just a few steps away from the Arc de Triomphe. Focusing on the brand positioning of "global IP co branded collection stores", Miniso continues to revitalize consumer scenarios and experience, creating super destinations with "super stores" and building a new world-class IP trend consumption highland.
Entering the Fragrant Street in Paris and Occupying Global High Potential Business District Again
Paris Fragrant Street is one of the three busiest central streets in the world, gathering numerous world-class commercial brands. The data shows that the average monthly passenger flow of Paris Fragrant Street exceeds 1 million. With the approach of the Paris Olympics, the popularity of Paris tourism continues to heat up, and it is expected that this number will continue to grow.
Ye Guofu, Chairman of the Board and CEO of Miniso, stated that becoming a "super brand" must occupy the world's highlands, and the prime location of Paris Fragrant Street is the best showcase window for "super brands". The "Super Store" created by Miniso in the Fragrant Street of Paris this time, with an area of 800 square meters, is its largest store in France and even Europe, becoming an important part of Miniso's entry into the European market. It is reported that on the first day of opening, the flagship store of MINISO France's Champs - É lys é es achieved a high performance of 576800 RMB, once again breaking the overseas single day performance record.
In recent years, Miniso has successively occupied a "high ground" globally, landing on the model of "super stores", and the performance of overseas large stores has become an important engine for its overseas market growth. In May 2023, Miniso opened its first global flagship store in Times Square, New York, USA, with a record high monthly revenue of nearly 10 million yuan. In November 2023, Miniso UK flagship store landed on Oxford Street in London, and on its first day of operation, its performance broke the record for European stores; In the first quarter of this year, Miniso opened IP stores in the core business districts of markets such as Malaysia and Vietnam, and continued to focus on cultivating high potential stores.
Ye Guofu emphasized that in the future, Miniso will also enter more world-class golden commercial districts, improve average store efficiency by creating "super stores", maximize the value of offline store floor area, and continuously strengthen consumers' awareness of "super brands".
Leading Interest Consumption and Deepening the Positioning of "Global IP Co branded Collection Stores"
Since opening its first store in Paris in October 2020, Miniso has quickly gained recognition and favor from French consumers for its excellent product quality and user experience. This time, Miniso will meet the strong consumer demand of the French market with the ultimate cost-effectiveness of IP lifestyle products, and strongly drive new overseas IP consumption trends.
Closely aligned with the new brand positioning of "Global IP Co branded Collection Store," Miniso has cleverly integrated numerous IP co branded elements into the store design and product layout of its flagship store in Champs É lys é es, France. It is understood that the flagship store is divided into two levels, inspired by IP design, to create a visual feast. In terms of product layout, the store has over 3000 SKUs, with IP products accounting for over 80%, and has set up multiple IP product zones such as Sanrio, Disney, BT21, Barbie, and Snoopy, continuing the spatial innovation expression of "super IP" and "super store", bringing consumers an immersive IP trend shopping experience.
On the day of the opening ceremony, Miniso launched its highly anticipated BT21 series IP products in France. BT21 is a cartoon character designed based on the well-known Korean boy group BTS, and has become a popular IP among young consumers at home and abroad in recent years. At the opening event, Miniso carefully arranged BTS flash dance performances, deepening emotional connections with consumers and fans, and attracting a large number of consumer traffic.
As the "most popular retail brand among young people worldwide," Miniso has opened up the era of inclusive IP with high cost-effectiveness, breaking the cognitive barrier of "IP equals price" and transforming IP consumption into mass consumption. This is a commercial subversion and innovation, as well as an innovative development of Chinese brands. At the same time, with the help of global IP collaborations, Miniso has also broken the ceiling of product innovation and market expansion, building a bridge connecting global consumers' "interest consumption" and successfully opening up the largest common denominator in the global market. Data shows that in the first quarter of this year, the sales proportion of MINISO's IP products reached 26%, and the proportion of overseas IPs increased significantly to over 40% year-on-year.
Focusing on the European market and further promoting the deepening layout of globalization
Entering the Fragrant Street in Paris is an important step in the deepening layout of Miniso's globalization. Under the leadership of globalization strategy, Miniso's overseas market continues to show strong growth momentum, especially in the European market. In 2023, Miniso's GMV in the European market increased by nearly 70% year-on-year; In the first quarter of 2024, the GMV of the European market increased by over 80% year-on-year.
Based on the favorable economic situation and consumption structure in Europe, Miniso has full confidence in the consumption potential of the European market and continues to accelerate its expansion. Ye Guofu stated that in the coming years, the European market will become a key point for Miniso's overseas development, with the goal of achieving a scale of 1000 stores in Europe in 5 years.
As of the end of March 2024, Miniso has established a retail network of over 6600 stores in 111 countries and regions worldwide, including nearly 2600 overseas markets, accounting for more than one-third, covering core business districts in globally renowned cities such as New York, Los Angeles, Paris, London, Dubai, Sydney, and Istanbul.
From going global to going global in depth, Miniso has embarked on a unique path of brand globalization with its advantages in product innovation and localized operations. The debut of MINISO's flagship store in Champs - É lys é es, France once again proves MINISO's confidence and determination to convey the development power of Chinese brands to the world. In the future, Miniso will continue to adhere to product innovation, cost-effectiveness, globalization, focus on high-quality development, bring more beautiful, fun, and useful products, and strive to become a "super brand" that makes global consumers happy.