Branded variety retailer MINISO has revealed plans to transform into a new retail platform and incubate more sub-brands.
Dubbed as X strategy, founder and CEO Ye Guofu unveiled the company’s 2021 business strategy, which aims to diversify the business.
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By GlobalDataUnder this strategy, MINISO will open unmanned stores in China and offer its products across all online channels including its self-owned online stores, WeChat mini-programmes and flagship stores on major e-commerce platforms.
The retailer will expand in the domestic market with plans to open new stores in Tier 3 cities and rural areas.
Despite the ongoing pandemic, MINISO will also extend operations to overseas markets in countries including India, Indonesia, the US, Colombia, Mexico, Egypt and Spain.
Over the last six weeks, the retailer already opened nine stores of its toy store TOPTOY in five Chinese cities.
The children and young adults toy brand launched in December.
Meanwhile, MINISO also plans to make the ‘Art Toy’ the strategic product category of focus in 2021 and beyond.
Speaking of the development, MINISO chief marketing officer Robin Liu said: “Covid-19 is a catalyst that has accelerated our digital transformation and embrace of online channels. We will keep broadening our online sales channels.”
Last month, the retailer opened its first physical store in Portugal and a Portuguese online store.
MINISO offers household goods, cosmetics and food across more than 4,330 stores in over 80 countries and regions.
