Miniso, a Chinese discount variety store, has revealed plans to expand into four additional markets, namely Panama, Angola, Trinidad and Tobago, and Latvia. These four new territory partnerships were announced during Miniso’s Global Partners Symposium held in Guangzhou, China.

The brand aims to reach a wider customer base globally and has selected territory partners who possess extensive expertise and capabilities in the retail industry, along with a comprehensive understanding of their respective local markets.

During the summer, Miniso is scheduled to open its first store in Riga, Latvia’s capital city, followed by the launch of the first store in Panama in June, with seven stores planned to open by year-end. The company’s first store in Trinidad and Tobago is scheduled to open in the middle of this year, with a target of establishing more locations within three years.

Miniso has partnered with a major Latin American retail firm that has worked with several internationally recognized merchants in Trinidad and Tobago, allowing for further expansion opportunities in Central and South America. Miniso has also secured a location in Shopping Avenida, a high-end mall in Luanda, Angola’s capital, with plans to open its first store by the end of the year, followed by three additional stores.

Vincent Huang, VP of Miniso’s overseas operations, revealed plans to renovate foreign stores with designated zones for the best-selling product categories, such as toys, blind boxes, plushies, accessories, cosmetics, and personal care products. Despite a 10% year-on-year decline in revenue, the company reported a 15.6% increase in gross profit, reaching $144.6 million for the quarter ending December 31.