Investor.com" Ding Wanying.
Recently, MINISO Group Holdings, hereinafter referred to as "MINISO", 09896HK) affiliates were forcibly held for 30 million yuan.
In recent years, various infringement issues of MINISO have been controversial in the industry, and its "copycat" attribute has also appeared in the public for many times.
At the same time, its growth in the domestic market has slowed down, and in fiscal year 2022 and 2023, the revenue of the Chinese market is 744.2 billion yuan, 765.1 billion yuan, a year-on-year increase. 8%, and the revenue from overseas markets was 264.4 billion yuan, 382.2 billion yuan, a year-on-year increase. 6%。
was forcibly held for 30 million yuan
According to public information, MINISO is a global retailer that offers a wide variety of creative lifestyle and home furnishing products. In the nine years since opening its first store in China in 2013, two brands have been incubated, MINISO and TOPTOY. According to the Frost & Sullivan Report, in 2021, the GMV of products sold through MINISO's store network totaled approximately RMB18 billion (US$2.8 billion), making it the world's largest integrated retailer of private label lifestyle and home furnishings. TopTOY is a new brand launched by the company in December 2020, and according to the same data**, TopTOY's GMV in 2021 reached RMB3744 million yuan, ranking seventh in China's trendy toy market.
However, recently, a number of affiliated companies of MINISO and Qi Wenjun of Anqing Jiaxin Medical Supplies Technology Co., Ltd. have added a new information on the person subject to execution, and the execution target is 300050,000 yuan, and the enforcement court is the Jinan Intermediate People's Court.
Its affiliated companies mainly include MINISO (Guangzhou) Co., Ltd., MINISO (Hengqin) Enterprise Management *** and MINISO Optimal Technology (Guangzhou)**, and the related cases are Shenzhen Cotton Times Technology*** and the above-mentioned companies are related to the dispute over the unauthorized use of others' commodity names, packaging and decoration (see the figure below).
MINISO (Guangzhou) Co., Ltd. was established in October 2017, the legal representative is Ye Guofu, and the registered capital is about 1RMB 4.7 billion, wholly owned by MINISO, and a subsidiary of MINISO (see figure below).
In the 2023 interim report disclosed on the evening of March 21, MINISO mentioned the above-mentioned litigation cases, saying that Cotton Times filed legal proceedings against several Chinese subsidiaries of the company and a ** merchant for unfair competition disputes, and the amount of compensation was 30 million yuan. Based on the assessment of our class action lawyers, the likelihood that the Chinese subsidiary of the Group will lose the case is very small, and even if the plaintiff wins, it is expected that the amount of damages awarded by the court will not be significant and will be well below the total amount claimed.
In recent years, various infringement issues of MINISO have been criticized in the industry, and its "copycat" attribute has also attracted much attention.
Some consumers said that MINISO looked at the logo like Uniqlo from afar, looked at the decoration style like Muji, and the cost-effective product positioning was very similar to the Japanese 100-yen store Daiso, and for a long time after its establishment, consumers were confused by the Japanese elements that can be seen everywhere such as MINISO's logo design, store decoration, and product packaging, and thought that MINISO was an authentic Japanese brand.
It is understood that MINISO once hired Japanese designer Shunya Miyake as the chief designer, so he promoted himself as a "Japanese designer brand" as his own publicity positioning.
Relying on the rapid rise of Japanese labels, MINISO catered to the consumption trend of the popular period of Japan and South Korea in China in the past, quickly occupied the minds of consumers, and disguised itself as a "Japanese brand", but the price of the product was much lower than the Japanese brands on the market, such as "Muji" and "Uniqlo", which quickly became the favorite of young domestic consumers.
When it expanded its overseas markets, MINISO adopted the same "fake foreign brand" strategy. For example, in the U.S. store advertisement, MINISO directly typed "from Japan to U.".s".
Some analysts believe that 20 years ago, "fake foreign brands" could still be ambiguous through information asymmetry, but now, with the extremely developed information circulation, in the Internet era where everyone can pick up a magnifying glass and take a closer look, these companies need to pay special attention. As more and more Chinese consumer companies seek to raise funds, their true background is not immune to disclosure.
The growth of the domestic market is sluggish
In just a few years, the company's offline stores have expanded radically through three store opening models: self-operated stores, MINISO partner stores (franchisee stores) and ** stores.
The aggressive expansion of stores has also achieved high revenue growth for MINISO, and the company has also become a leader in the new consumption field, gaining wide attention from the market and capital, and successfully landing on the NASDAQ in 2020.
However, in the past two years, the growth rate of its Chinese market has not been as expected. In fiscal year 2023 (ended June 30, 2023), MINISO's operating revenue was 114700 million yuan, and the number of stores increased by 592 to 5,791.
Among them, although the domestic market is still the main revenue of MINISO, the revenue growth rate is far less than that overseas. In fiscal year 2022 and fiscal year 2023, MINISO's revenue in the Chinese market was 744.2 billion yuan, 765.1 billion yuan, a year-on-year increase. 8%, and the revenue from overseas markets was 264.4 billion yuan, 382.2 billion yuan, a year-on-year increase. 6%。
In contrast, the revenue growth in the Chinese market is relatively weak, and the growth rate in the overseas market is bright.
The data of the past two fiscal years show that the price of a single product of MINISO continues to rise, and whether the product quality can support the product under the OEM model, but the growth of product price remains to be further observed. Some consumers said, "Stores similar to MINISO are opening more and more, and many small commodities and daily necessities are basically the same in the stores of different brands. ”
Before the Spring Festival in 2023, Ye Guofu, the founder of MINISO, set a strategic goal. "Our strategic goal for the future is the strategy of 100,000,000. 100 countries, 100 billion sales, 10,000 stores. Why put 100 billion in the middle?It is to anchor 100 billion and not relax!”
In terms of the number of stores, in fiscal year 2023, the number of MINISO stores increased by 592 to 5,791, including 3,604 stores in the Chinese market, a net increase of 378 stores, accounting for 62%;2,187 overseas, a net increase of 214, accounting for 38%. Among the 5,791 stores, 97% of the stores are franchised stores, and nearly 3% of the stores are directly operated stores.
At present, MINISO is on the track where it is located, with players all over the place, and the franchise model has not become its magic weapon to win. It is understood that most of the retail collection stores on the market are expanding rapidly through franchises, and the competition is becoming more intense.
Some people in the industry said that brands such as MINISO not only have to accept competition in the same industry, but also face the impact of e-commerce, and now the popularity of e-commerce is getting higher and higher, and users in the sinking market also like to place orders online.
"Super store" strategy
According to the latest financial report of MINISO, as of September 30, 2023, the number of MINISO stores worldwide has exceeded 6,000. Under the guidance of "big stores create big performance", MINISO has built a "super store" through three levels of image stores in the world's largest countries, largest cities, and largest stores.
In recent years, MINISO has continuously expanded its store network and strengthened the management and optimization of single-store operations. MINISO's "super store" strategy has achieved remarkable results in many cities.
Since the beginning of this year, MINISO has successively built city and city image stores in the core business districts of more than 10 cities such as Chengdu, Guangzhou, Xi'an, Wuhan, Taiyuan, Ganzhou, Xiamen, Hangzhou, etc., among which MINISO Guangzhou has a monthly performance of more than 5 million yuan, setting a new domestic monthly sales record.
In addition, by exploring the connection between "super IP" and "super stores", MINISO creates popular IP co-branded products and innovative store consumption scenarios, builds a unique and fun "IP paradise", and deeply links the minds of consumers.
On December 28, China Galaxy** released a research report that gave a "recommended" rating to MINISO. Based on the judgment of its store expansion expectations and single-store operation. According to **, MINISO's revenue in 2024, 2025 and 2026 will reach 147 respectively6.3 billion yuan, 1812.1 billion and 2169.1 billion yuan, while net profit is expected to be 245.2 billion yuan, 30200 million and 36$1.4 billion.
Whether the "super store" strategy can restore the growth momentum of MINISO's domestic market remains to be further verified by the market. (Produced by Thinking Finance).