The performance of Miniso fell by 30% in January. Two-thirds of domestic stores were not in operation in February. The sales of stores that were open fell by more than 95% year-on-year. Meanwhile, Miniso were facing predicament of a large inventory backlog, a sudden drop in cash flow, and huge operating pressure.
However, surprisingly, merely 20 days later, Miniso announced the establishment of "partnership support funds" with RMB 800 million, and claimed 1,200 new stores will be opened worldwide in 2020.
Under the tough circumstance of pandemic, Miniso adopted community marketing and achieved a remarkable growth of 300% in online business, which stirred up a wave.
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