Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MINISO GROUP HOLDING LIMITED

(MNSO)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

MINISO : EXCLUSIVE China's Miniso to double U.S. stores, add NY 'flagship' as pandemic slashes mall rents

09/16/2021 | 09:52pm EDT
EXCLUSIVE China's Miniso to double U.S. stores, add NY 'flagship' as pandemic slashes mall rents
2021.09.17

Chinese retailer Miniso Group (MNSO.N) will open a 'flagship' New York store and nearly double its U.S. outlets this year, betting post-pandemic shoppers on a budget will snap up cheap but fun goods for homes and work like $10 soft toy cats and $4 staplers shaped like avocados.

Store of MINISO USA

At less than 60 outlets, Miniso's U.S. presence will still be dwarfed by giant low-price retailers like Dollar Tree (DLTR.O), as well as its own home Chinese base of nearly 3,000 stores.

But Miniso says it's moving quickly to take advantage of lower rents in the pandemic-hit U.S. economy, and Vincent Huang, a company vice president responsible for overseas business, told Reuters he ultimately sees potential for 'thousands' of U.S. stores.

The plan highlights the vaulting ambition of a company founded just eight years ago in Guangzhou that now reels in about $1.41 billion in annual revenue, and is listed in New York with a $4 billion market value. Shares have dropped 2.3% since its October 2020 float, amid a broad COVID-induced retail slump, but it counts the likes of Chinese tech giant Tencent (0700.HK) and Hillhouse Capital among investors.

The expansion also comes at a pivotal moment for malls across the United States, with many storied retail names having succumbed to the scything downturn in sales that swiftly followed the first wave of the coronavirus pandemic in 2020.

Among brands that disappeared from the U.S. retail landscape was Flying Tiger Copenhagen, a Danish variety store chain that is a rival to Miniso in many markets around the world, but closed its 13 U.S. outlets in November last year.

With some 4,800 stores around the world in more than 90 countries, Miniso will have 54 outlets in the United States by the end of this year, up from 30 at the start, Huang said.

'We choose to expand our presence in the U.S. now for several reasons, including that the cost of a new store opening following COVID-19 is lower,' Huang said in a recent interview.

The new stores include the November opening in the recently launched Tangram mall in Flushing, New York - an area known for a vibrant Asian-American community - of Miniso's first outlet in the city, what Huang called a 'flagship' store taking up 3,300 square feet of space, slightly bigger than a tennis court, selling everything from neck pillows to notebooks and make-up.

'STRATEGIC MARKET'

Expansion costs in the United States had fallen by about 20% mainly due to rental cuts and the pandemic had also made it easier to secure good locations, he said.

'We have always believed that we are an international business and North America is our strategic market,' he said.

Miniso describes itself as 'a Japanese-inspired lifestyle product retailer', and has in the past been compared to the Muji chain operated by Tokyo-listed Ryohin Keikaku .

But Miniso's busy stores and bargains place it in a segment occupied by Japan's renowned $1 store chain, Daiso Industries - present in the United States since 2005, with a network of nearly 80 stores including a first East Coast branch also in Flushing.

Miniso doesn't disclose exact sales numbers for stores in the United States, where it opened its first outlet in California in 2017, but last month it reported it booked about 20% of its 9.07 billion yuan ($1.41 billion) overall revenue for the fiscal year ended June from its 1,800 overseas stores, in countries such as Mexico, Indonesia and India.

Huang said Miniso's U.S. sales have recovered to pre-COVID-19 levels, with sales in the first half of 2021 seeing a rise of 73% year on the year. 'We are more popular than ever since the pandemic,' he said.

Helping drive that popularity have been product collaboration collections in recent years with leading trademark holders including Disney (DIS.N), Coca-Cola (KO.N) and Marvel Entertainment, resulting in items like Mickey Mouse facial cream, Coca-Cola ceramic mugs and Spider Man mouse pads.

'Ultimately, consumers do not care whether we are Chinese or Japanese, American or European,' said Huang. 'What concerns consumers is whether they can buy good value products with the least amount of money.'

($1 = 6.4511 Chinese yuan renminbi)

Disclaimer

MINISO Group Holding Ltd. published this content on 17 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2021 01:51:08 UTC.


© Publicnow 2021
All news about MINISO GROUP HOLDING LIMITED
10/14MINISO Expands in the U.S. and Canada with Numerous Store Openings
CI
10/14MINISO : Rolls Out '$10 N Under' Retail Outlets in the US
MT
10/14MINISO Introduces New '$10 N' Under' Concept Store in the US 4 Stores Opened on the Sam..
CI
10/14MINISO : Change to Audit Committee Composition - Form 6-K
PU
10/14Guofu Ye Steps Down from His Position as A Member of the Audit Committee of MINISO Grou..
CI
10/04MINISO : Opens Stores in India, United Arab Emirates
MT
10/04MINISO : Opens New Flagship Store in One of the World's Largest Shopping Malls in UAE
PR
10/04MINISO : Expands its Footprint in India with Seven New Stores Opening in September
PR
10/04MINISO Opens New Flagship Store in UAE
CI
09/27Consumer Discretionary Stocks Advance But Staples Lag This Afternoon
MT
More news
Analyst Recommendations on MINISO GROUP HOLDING LIMITED
More recommendations
Financials
Sales 2022 11 755 M 1 829 M 1 829 M
Net income 2022 758 M 118 M 118 M
Net cash 2022 6 663 M 1 037 M 1 037 M
P/E ratio 2022 36,6x
Yield 2022 0,73%
Capitalization 31 821 M 4 946 M 4 950 M
EV / Sales 2022 2,14x
EV / Sales 2023 1,57x
Nbr of Employees 3 648
Free-Float 57,7%
Chart MINISO GROUP HOLDING LIMITED
Duration : Period :
MINISO Group Holding Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends MINISO GROUP HOLDING LIMITED
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 4
Last Close Price 104,68 CNY
Average target price 140,84 CNY
Spread / Average Target 34,5%
EPS Revisions
Managers and Directors
Guo Fu Ye Chairman & Chief Executive Officer
Sai Yin Zhang Chief Financial Officer, Director & Executive VP
Ma Head-Legal & Compliance
Yong Hua Zhu Independent Director
Li Li Xu Independent Director
Sector and Competitors
1st jan.Capi. (M$)
MINISO GROUP HOLDING LIMITED-38.35%4 946
CANADIAN TIRE CORPORATION, LIMITED9.91%9 265
MACY'S, INC.113.69%7 445
FALABELLA S.A.-9.89%7 217
KOHL'S CORPORATION14.06%6 986
PEPKOR HOLDINGS LIMITED69.11%5 828