Core Insights - Miniso views the European market as a strategic focus for overseas expansion, with over 300 stores in Europe and more than 60 in Italy, including over 10 flagship stores [2] - The company employs a highly standardized retail operation model driven by efficiency and systems, differing from traditional low-price strategies [2][3] - Miniso's self-developed IT system helps manage compliance and operational processes across different countries, reducing reliance on local high-cost resources [3] Financial Performance - The number of Miniso's overseas flagship stores increased from 422 to 637 year-on-year, with a revenue growth of approximately 69.9% for flagship stores in Q3 [4] - Operating expenses grew by about 40.7%, showing a slowdown compared to previous quarters, indicating that revenue growth is beginning to outpace operating expense growth [4] - The overall gross margin remained stable at 44.7% year-on-year, reflecting improved supply chain efficiency [3][4] Competitive Strategy - Miniso targets young consumers by leveraging popular IP products, which resonate well with local cultural preferences, particularly during festive seasons [5][6] - The company is transitioning from a value-based retailer to a leading IP operation platform, focusing on emotional value and deeper connections with consumers [6] - The global localization strategy allows Miniso to maintain brand consistency while adapting to local market preferences [6] Market Challenges - Structural cost pressures are emerging as the company expands its store footprint, necessitating higher demands on profitability and cost management [7][9] - The competitive landscape includes established brands like MUJI, which have adapted their strategies to maintain market position [8] - Rising rental costs in prime locations, particularly in Italy, pose significant challenges for Miniso's expansion plans [9][10] Future Outlook - The European retail market is expected to grow, with a projected 2% increase in actual retail spending by 2025 [11] - Miniso plans to open larger flagship stores in key European cities to enhance brand recognition and offer more design-oriented products [11] - The company is well-positioned to benefit from both the growing demand for high-value products in China and the inflationary pressures affecting European consumers [11]
【新华财经调查】 名创优品欧洲快速扩张经受住考验 结构性压力逐步显现