NEW YORK, April 4, 2024 /PRNewswire/ -- Global lifestyle brand MINISO will open a new IP collection flagship store in the iconic American Dream Mall, New Jersey, in May. Co-designed with Sanrio, the new store will be MINISO's first Sanrio IP-inspired store in the US, and is set to delight local families and young people with a fantastical and fashionable shopping experience. The new flagship reflects MINISO's latest ambitious exploration of IP collaborations in the US market, aiming to further accelerate its rapid expansion within North America on the back of strong growth in the past 2023.
According to the brand's December quarter 2023 financial results, MINISO's total global revenue for the year of 2023 was 1.9 billion USD, with a YoY growth of 39.4%. In the North American market, the brand's performance was impressive. With 172 stores across the region by year-end, MINISO achieved a Gross Merchandise Volume (GMV) of 178 million USD, with an annual growth rate of 120%. Additionally, total revenue of North America in 2023 surged to 160 million USD, soaring an annual growth rate of 128%. This rapid growth in the North American market outshines performance in all of the brand's other global markets (excluding China).
The remarkable growth is attributed to MINISO's steadfast IP collaborations, constant product innovation, and strategic store expansions across the region. Throughout 2023, MINISO introduced a diverse selection of beloved IP collaborations in North America. From Snoopy to Barbie and Care Bears, MINISO seamlessly and creatively integrated iconic characters into product and store designs, enhancing the shopping experience to promote sales growth.
MINISO also accelerated its store expansion in North America in the past year, entering even more core business districts in major cities. In May 2023, MINISO opened its Times Square flagship store, which saw exceptional opening day sales of nearly $80,000, setting both first day and first month sales records among all its global stores. In December, MINISO celebrated the opening of its 100th store in the US, a number that reached 120 soon after. In March 2024, the brand opened its second Times Square pop-up store, with an eye-catching Stitch storefront design helping it to achieve a highest sales per square-foot record among all US stores. Competitive store location and a high-quality shopping experience have led to excellent store performance, with same-store sales growing by 75% YoY in the MINISO North American market for the year of 2023, far exceeding the brand's global overseas markets' (excluding China) average of 26%.
"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, General Manager of MINISO Overseas Directly Operated Markets and Vice President. "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, Coronado, Miami Beach, and Burlington (NYSE:). We believe North American growth can act as a catalyst for our continued global expansion, with our aim to add 550-650 new stores worldwide by year-end to bring MINISO's Joy Philosophy to even more consumers."
About MINISO
MINISO Group is a global lifestyle brand 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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