Miniso’s acquisition of Yonghui supermarkets worries markets

On September 23, Miniso (2023 sales: US$1.58 billion, up 14%) announced an investment of US$893 million to acquire a 29.4% stake in Chinese supermarket player Yonghui Superstores (2023 sales: US$11.6 billion). Miniso, which has 4,034 stores in China, representing 65% of the business, would become Yonghui’s largest shareholder and distribute its own products in 850 supermarkets. Miniso‘s C.E.O., Guofu Ye, said: “With our support and by leveraging our expertise in product design, Yonghui will...