MINISO, Chinese variety chain store, recorded significant growth in sales in South Korea, since it entered the country in August 2016. It has become popular among local consumers, as it has broken the traditional business pattern with high cost performances and entertainment marketing. MINISO stores in South Korea are mainly distributed in shopping malls and shops in business districts, with the majority of consumer groups being women aged 15-35 years old.
MINISO Korea said that it has 60 stores in total so far, with the highest monthly turnover reaching RMB31.63 million and daily sales volume exceeding RMB122,000. It is expected that there will be over 70 MINISO stores set up in South Korea by the end of 2018, with total sales volume reaching RMB240 million.
In South Korea, MINISO has a lot of hot-sale products with high cost performance. For example, bluetooth speakers are generally sold for around 60,000 Korean won in the local market, while MINISO sells for only a third of the price of competing brands. In addition, perfume, health and beauty tools, and stationery are all high cost performance products.
Consumers are paying more attention to the meaning that come from consumption behaviors. In recent years, while focusing on the cost performance of products, MINISO has been inclined to pay attention to the development of public praise.
MINISO on one hand is increasing input of design, collaborating with KIDP (Korea Institute of Design Promotion) to develop creative products; on the other hand, it takes advantage of South Korean dramas to create “IP” products, selling products that are popular among customers.
MINISO’s emotional marketing and entertainment marketing in the South Korean market are among the best in many overseas markets, such as advertising in Guardian and While You Were Sleeping. Mr. Sunshine, the drama being broadcasted now is also collaborating with MINISO, and they will create new products together to sell and promote around the world.
MINISO has expanded globally since its establishment in 2013. It has opened more than 2,600 stores around the world within 4 years, reaching cooperation agreements with partners from more than 70 countries and regions with sales revenue exceeding USD1.8 billion in 2017.