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Pearl Liu

New York City’s Times Square was abuzz with cheerful beats on Friday as hip-hop DJs, chic in cutting-edge headphones and the latest designer sunglasses, brushed shoulders with famed influencers broadcasting to their millions of Instagram and Tiktok followers.
Amid the throng of fashionistas and online celebrities, the real centre of attention was a blue stuffed penguin called Pen Pen posing for photographs with delighted guests.
Pen Pen is the mascot of Chinese budget lifestyle goods retailer Miniso Group Holdings, and the festivities were in honour of the opening of the company’s “global flagship store” in the famous US shopping district.
Long queues of excited teenagers waited for giveaways, raffles and Miniso vouchers in front of the bright cream-colored, 400 square-metre shop.
One person missing was billionaire Ye Guofu, Miniso’s 45-year-old CEO, who founded the Hong Kong and US dual-listed company in 2013.

He did not stop to rest on what he called “the biggest milestone” so far in the 10-year history of the company. Ye was in Europe, busily looking for opportunities there to open more “mega” shops like the one in the Big Apple.
By doing so the ambitious Hubei native, who built the household goods retail empire from scratch, hopes to edge closer to his ultimate dream – running an international super brand.
“We’ve come this far in Miniso’s first 10 years, and becoming a super brand is our goal in the next 10 years,” Ye told the Post.
“We’d like to be on par with brands like Nike, which is always fashionable, trendy and constantly rolling out new products adored by young people all around the world.
“In the future, every consumer in the world will use Miniso’s products like they turn to Nike for clothes and sneakers, Starbucks for coffee and Coke for drinks.”

In fact, almost from day one Ye has had his sights set beyond the 1.4 billion potential consumers of his native China. He opened a shop in Singapore in 2015, just two years after launching the very first outlet in southern China’s Guangzhou province.
There are now more than 2,100 Miniso stores outside mainland China, out of a total of over 5,500 stores.
“We are selling consumer products of good quality at reasonable prices that every individual consumer can use,” said Ye. “Overseas markets account for four fifths of the global population, so there is no reason we should not pay attention to this.”
Now, as the popular shopping chain approaches its 10th birthday, Ye sees the opening of the Times Square store as the start of a new chapter in which he takes his global expansion ambitions to the next level.
This time around, size matters. Ye plans only to open stores that are no smaller than 200 square metres, in the most prized spots in the most high-end shopping malls worldwide.

“Mega stores like this mean more foot traffic and more revenue which eventually will turn into more profit,” Ye said.
Miniso’s overseas markets generated 986. 5 million yuan (US$143.0 million) of revenue in 2022, a 37.5 per cent year-on-year increase. Its overseas business now contributes nearly two fifths of total revenue.
“Everything towards overseas” is the ethos the Chinese billionaire has set for his companies in 2023 and he hopes that, before long, revenue from the international market can contribute more than half of the total.
It is not easy to seize market overseas, though Ye is typically confident.
In the US, for example, big name rivals like Dollar General, Dollar Tree, Family Dollar and Below Five dominate the market for no-frills discount retailers catering to America’s most cash-strapped shoppers.

Swiss bank UBS estimates that dollar stores have opened 12,000 new outlets in the past decade in the US.
“Unlike those discount stores, Miniso’s products are not only reasonably priced, but also fashionable, adorable. We are always being creative with new products,” said Ye.
The Chinese retail chain has been on an intellectual property (IP) shopping binge in recent years, taking brands ranging from Disney and Pixar to Japanese toys like Hello Kitty and applying them to every-day lifestyle items.
For example, they sell facial sponges shaped like the cheese favoured by the mouse in the world-famous Tom and Jerry cartoons and eye masks adorned with the Minions’ big round eyes.
“It is one of a kind,” said Ye. “Only Miniso can do that, because of our scale.
“We pay over US$10 million a year to Disney and that brings us to the table talking and negotiating with IP holders. Others, like our competitors in China, can only get those IPs that Miniso does not pick.”
For 10-year-old Emma Decarlo, the main draw of Miniso is inexpensive items such as glass tumblers with the head of Ice Bear from the American animated sitcom We Bare Bear for a lid and throw pillows shaped like characters from Lilo and Stitch that she can use as gifts for her friends.
“These are cute things that I can afford,” said the primary school student from San Francisco, who regularly shops in Miniso.
The low prices Miniso is known for need not be an obstacle to becoming a “super brand”, according to Ye.
“Starbucks, Coke and Nike are not expensive, but people like them and like to pay for them. If a product is cheap and of good quality, there is no reason consumers don’t like it. We like being a down-to-earth brand,” he said.
A few blocks away from Miniso’s new Times Square premises is a six-floor Nike shop on Fifth Avenue. The sportswear giant is the brand fixed in the founder’s mind as what Miniso should be aiming for.
He is clear about this goal, and eager to attain it.
“The sooner, the better,” Ye said.


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‘Consumers will use Miniso’s products like they turn to Nike for sneakers, Starbucks for coffee and Coke for drinks,’ says boss
The low-cost lifestyle retailer opened its shop in Times Square on Friday to much fanfare


‘In the future, every consumer in the world will use Miniso’s products like they turn to Nike for sneakers, Starbucks for coffee and Coke for drinks,’ says boss of the Chinese discount lifestyle chain.


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‘As big as Nike’: Miniso founder states his aim as Chinese variety chain opens flagship store in New York’s Times Square

‘Consumers will use Miniso’s products like they turn to Nike for sneakers, Starbucks for coffee and Coke for drinks,’ says boss The low-cost lifestyle retailer opened its shop in Times Square on Friday to much fanfare

‘Consumers will use Miniso’s products like they turn to Nike for sneakers, Starbucks for coffee and Coke for drinks,’ says boss

The low-cost lifestyle retailer opened its shop in Times Square on Friday to much fanfare