Miniso sees its revenue jump 22.8% to over $2b

By continuously leading the development of the IP economy and boosting presence of its physical stores, Chinese lifestyle retailer Miniso has achieved steady growth in overall performance in 2024, with its gross profit margin and the number of overseas stores surpassing expectations, according to the company's financial report.

The report released on Friday said the New York and Hong Kong-listed company's total revenue reached 17 billion yuan ($2.35 billion) in 2024, a year-on-year increase of 22.8 percent.

The company's overseas revenue grew by 42 percent year-on-year to 6.68 billion yuan in 2024. Meanwhile, the number of Miniso's overseas stores has exceeded 3,000, according to the financial report.

In driving the globalization of Chinese cultural IPs, Miniso announced its exclusive offline global distribution channel for official derivative products of the video game Black Myth: Wukong in 2024, with debut products first launched in its domestic stores in five cities.

As a major initiative under Miniso's plan of leading 100 Chinese IPs overseas, official derivative products of Black Myth: Wukong will be available in Miniso's overseas stores in the future.

"Miniso's goal in the future is to become the world's leading IP design retail group as consumers are shifting towards interest-based consumption and quality consumption, with clear advantages in China's supply chain and consumer market," said Ye Guofu, chairman and CEO of Miniso.

The company will continue to focus on IP collaborations and product innovation, aiming to occupy a more important position in the global retail market, according to Ye.