MINISO’s UK and European store expansion sees sales surge by over 80%
After opening its doors in the UK in 2023, and shortly after rapidly expanding across Europe, MINISO has seen its efforts pay off with a year-on-year growth of over 80% in the European market during the first quarter of 2024.
Since 2023, MINISO has strategically opened stores in key locations across the UK. Notable mentions include the brand’s first blind-box-themed store globally in London's Chinatown that opened in September 2023, the flagship store on Oxford Street that opened in November 2023, and stores in Camden Town and Westfield Stratford City that opened in early 2024.
The brand's continued growth in the UK is evident. Just last week, it announced the opening of a new store at Bluewater Shopping Centre in Kent.
MINISO, Oxford Circus.
In addition to its growing UK presence, MINISO has made significant strides in other European markets. For example, Paris has embraced the brand with the opening of two stores. The retailer’s reach now extends to Iceland, Malta, Greece, and Latvia.
As a critical component of its overseas expansion, MINISO has undergone rapid growth over the past two years, with strong financial performance. In the full year of 2023, the brand’s Gross Merchandise Volume (GMV) in the European market increased by nearly 70% year-on-year. This momentum continued into 2024. In the first quarter, sales in the European market saw a year-on-year growth of over 80%. Within this period, revenue from directly operated markets surged by 92% year-on-year.
Vincent Huang, Vice president of MINISO's Overseas Business Department, said: “Europe is a vibrant and diverse market, and we are confident that MINISO’s unique offerings will continue to resonate with customers across the region.
“We are committed to providing a joyful and engaging shopping experience for everyone who visits our stores.”
MINISO, Camden Town.
Looking ahead, MINISO aims to open more high-quality stores in Europe. It’s gearing up to make its mark in Cyprus and Germany. Currently, MINISO has entered 110 overseas markets worldwide with over 6,600 stores.
