Chinese retailer Miniso says overseas revenue to surpass domestic sales

GUANGZHOU/PARIS -- Chinese lifestyle goods retailer Miniso says it expects to derive a majority of its revenue from abroad in the next five years as it accelerates store openings amid rising trade barriers and a slowdown in growth at home.

In the first quarter of this year, overseas stores made up 39% of its 6,690 outlets and contributed a third of its 3.72 billion yuan ($515 million) in revenue, Miniso's latest financial statement revealed. The Guangzhou-based retailer plans to add between 900 and 1,100 new stores in 2024, with over half of them abroad.