MINISO, China’s leading daily necessities retailer, re-entered the Korean market after three years. Cooperation between Ali Express and Gmarket was announced at the end of last month, and Miniso is also reaching out to the Korean market again, continuing the expansion of Chinese retailers targeting the domestic consumer market.
According to the distribution industry on the 5th, Miniso opened a store in Daehakro, Jongno-gu, Seoul on the 14th of last month. Miniso has operated about 70 stores since entering the Korean market in 2016, but withdrew from business in 2021 due to the stigma of being a ‘counterfeit Daiso’.
It is known that Miniso’s re-entry into Korea reflects the will of Miniso founder and CEO Ye Guofu. Chairman Ye Guofu expressed his intention to expand overseas business in October last year, saying, “We will open 900 to 1,100 new overseas stores by 2028.” According to Miniso, Miniso’s overseas market revenue increased by 42.6% in the first half of last year (January to June), exceeding the growth rate of the Chinese market, which grew by 17.2% during the same period.
The domestic distribution industry predicts that Chinese distribution companies will continue to enter Korea this year. A distribution industry official said, “There is a possibility that Chinese retailers such as Ali and Miniso, followed by Temu, will further expand their reach into the Korean market within the year.”
Reporter Jeong Seo-young [email protected]
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