Chinese budget chain retailer Miniso will boost its overseas business expansion in the years ahead as the company, based in Guangzhou, Guangdong province, enters the 10th anniversary of its establishment, according to a senior company executive.

"We have upgraded the global brand strategy by deeply participating in the global retail market competition," said Ye Guofu, founder and chief executive officer of Miniso.

According to its unaudited financial results for the second quarter of fiscal year of 2023, the company's revenue in the overseas market reached 990 million yuan ($142.97 million), accounting for 40 percent of its total revenue.

In the North American market, the company's revenue increased by 70 percent year-on-year in the second quarter of the fiscal year, according to the company.

By the end of 2022, Miniso opened more than 5,400 outlets globally, of which over 2,000 are based in the overseas market, according to the company.

"The positive trend in overseas markets has boosted our confidence to actively expand our business in the post-pandemic period," said Ye.

According to Ye, the company, which announced the listing in the NYSE in October 2020, has adopted a more positive strategy and controlled the expansion rate overseas.

"We also took various measures to actively help our distributors to clear their inventory and have actively expanded our online channels," he said.

The company has also planned to establish four design centers in China, the United States, Japan and South Korea, to provide more professional solutions in designs to different markets.

"Relying on the leading advantage of China's supply chain, we will integrate more than 1,100 high-quality supply chain enterprises and incorporate with the world's top consumption trend insight institutions to develop more best-selling goods with IP designs," Ye said.

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