On 30 August, MINISO (NYSE: MNSO, HKEX: 9896) released its financial report for the quarter and also the half year which ended on 30 June 2024. In H1 2024, the group’s income grew 25% year-on-year (YoY) to 7.76 billion RMB (1.09 billion USD). The adjusted profit grew 17.8% to 1.24 billion RMB (174.85 million USD). Q2 2024 was also the first time its quarterly revenue reached 4 billion RMB (563.93 million USD).
The number of MINISO stores increased by 455 during the period to 6,868 globally, with 4,115 in China and 2,753 abroad. If counting its designer toy label TOP TOY, the group now has over 7,000 stores. Its overseas revenue grew 42.6% during the first 6 months of the year, reaching 2.73 billion RMB (384.89 million USD). The overseas revenue contributed 35.2% of its overall income in the first half of the year.
The number of US stores has now surpassed 200. In Europe, MINISO plans to centre around the UK and open at least 1,000 more stores in the continent and 2,600 abroad in total. Overseas, MINISO has directly operated stores, partner stores and licensed stores but places emphasis on larger stores such as the Time Square flagship and Singapore Changi Airport. Superstores have been driving sales, especially outside China. The UK stores’ average daily sales have surpassed 20,000 RMB (2,819.64 USD) and the US stores over 30,000 RMB daily (4,229.46 USD).
The lifestyle retailer also opened a large store on the Avenue des Champs-Élysées on 26 July, coinciding with the Paris Olympics. MINISO has been focusing on IP products, both at home and abroad. It has been facing off POP MART in the IP game, spending 183 million RMB (19 million USD) in H1 on licensing fees. With IP marketing entering a saturation phase, it’ll be worthwhile watching how the two brands leverage their respective advantages such as POP MART’s original IPs and MINISO’s lifestyle goods to navigate the landscape.
