A Miniso retail store in Shenzhen, South China's Guangdong province, on July 12, 2019. [Photo/Sipa]
Issuing the public offering in the New York Stock Exchange would help Miniso Group Holding Limited, a leading Chinese budget chain retailer, to provide financial support necessary for its global business expansion, said a senior company executive.
"By listing in the NYSE, we are on a right path to become a global chain retailer, especially for the global young consumers," said Ye Guofu, founder and CEO of Miniso.
The company, based in Guangzhou, the capital of Guangdong province, announced the listing in the NYSE on Oct 15, with the ticker symbol of MNSO, helping raise the company's market value to $6.992 billion.
With its core competitiveness of low price but high quality of products and high frequency of new products, Miniso would bring more low-budget household products to the overseas market, according to Ye.
"Listing in the NYSE would help boost Miniso's brand recognition in the overseas market, where consumers have also developed interests in buying low-budget products," said Ye.
According to Ye, more than 30 percent of Miniso's sales are currently from the overseas market.
"We will invest more in design of products and cooperate with more international IPs, aiming to provide innovative products to young consumers," said Ye.
Since its establishment in 2013, Miniso has focused on low-end household goods, adopting a strategy of low cost, low gross profit and low price, and has expanded rapidly at home and abroad, riding on the waves of popularity of new retail.
The company has already built a global retail network by opening more than 4,200 outlets in over 80 countries and regions, of which over 2,500 are located in China.
Amid the global COVID-19 pandemic, Miniso's sales from July 2019 to June 2020 reached 8.97 billion yuan ($1.34 billion), according to the company.