Prominent Chinese low-cost retailer Miniso plans to open about 600 overseas stores this year as it shifts the focus of its rapid expansion away from a domestic market plagued by weak consumption.
In an interview with the Financial Times, chief financial officer Eason Zhang said Miniso also planned to open roughly 400 stores in China, but this year would be the first since at least 2019 that most of its new outlets were outside the country.
Miniso’s plans reflect how China’s companies are seeking growth overseas as the country struggles to boost domestic demand. The falling cost of goods produced in China’s factories is also making them more competitive abroad.
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