Welcome to join us at Guangzhou, MINISO Investor Day 2024. I work for MINISO. I am the moderator today. My name is Lan Junqi. Our investor day is the first ever investor day after we have the dual listings. It is the very first investor day communicating with our global investors in the beginning of 2024. Today, we are going to have this investor at the hotel, and tomorrow, we'll lead you to our offices. In the morning, we're going to have the management presentations. In the afternoon, we're joined by our IP licensors, global agencies, suppliers, and distributors for a roundtable. We also have a little bit of time today for direct communication with all investors. Tomorrow, we will be very happy to host you in our headquarters and in our MINISO store, top three stores for store visit. Now, let's kick off our morning session.
The first presentation comes from Jack Ye, Founder and CEO, Chairman of the Board. Mr. Jack Ye, now the floor is yours.
Distinguished guests, ladies and gentlemen, dear investors, good morning. Thank you so much for making your time for our Global Investor Day 2024. In my presentation, I'm going to talk about how MINISO has been exploring the new world with our brave deeds. Now, this is my signature in my WeChat Moments, and this represents my commitment to MINISO. So what do I mean by that? First, this is the first-ever offline investor day after that we're listed for three years. So I must really recap on our past one decade of business development. And today, online and offline, we're joined by over 1,000 professional investors and investment institutions.
Taking this opportunity, I would like to particularly reiterate on our global competitive edge. My third, I would love to walk you through our strategy from the year 2024 onset to 2028. Now, let me recap on the past ten years. From 2013- 2023, it is going overseas 1.0, plus affordability. In the next ten years for MINISO, our strategy would be interest-based consumption plus outbound expansion 2.0. So a very updated global strategy. Now, let me walk you through on the statistics. In the last five years, our accumulated GMV amounted to CNY 100 billion. The last five years, starting from Q3 2018 to Q4 2023. Globally, we have over 6,200 stores.
In the fashion product variety stores, we're one, and the only with the revenue and GMV of more than CNY 100 billion, and we have over 218 stores in Europe. So what are my key takeaways from my last 10 years of efforts? First, long-termism. The retail sector is a sector of patience, and we must stay true to long-termism, especially given the economic downturn around us. Long-termism must be observed, especially for entrepreneurs. I know we're joined today by many hedge fund managers or fund managers. I think your business, speed is the key, but in our business, long-termism is the key. Now, I started MINISO when I was 30 years old, and, and in the last 15 years, I have been there starting up, and I still consider myself a young man who has great potential to unveil.
So long-termism is true for me, and I must observe long-termism to do the right things. Secondly, I would love to stress on the ultimate goal of a business. The ultimate goal of a business is to create your own customers. In such a competitive retail market, we have proposed a concept of customer creation. How? By co-branding, by the IP. We have really hit the peak of the product quality. The market is brutal. If your product is not what the market need, you won't find anybody who's willing to pay and you will gradually lose the customers' interest. So the interests of the customers are constantly improving, and that's why our end goal is to create customers. So how do we constantly create customers? In the last few years, you don't see any co-branding on IP retail sector.
We're the only one to do so, and the only one that has constantly see profit and scale growing out of co-branding IP. In the past, our customers never had a need or demand for co-branded retail goods. With our efforts, the customers are presented with a better choice, more choices, and with constant product innovation and co-branded products. With our marketing, we constantly attract our customers for purchase and repurchase. Interest-based consumption, and that's what I have pioneered in the year 2023, a new word, interest-based consumption, creating your own customers. For example, Steve Jobs, when he prior to releasing iPhone, he said the users at that time, they didn't know they need an iPhone, because at that time, a simple phone that helps our users to have phone calls or send messages, good enough.
However, after iPhone, Apple has created its own customers and needs. Today, Apple has a sales volume of more than $500 billion. Why? It is successful because they're always creating new need for customers. The third key takeaway for me is, we need to go out of our comfort zone. In any sector, we see things very clear with our clear mind. In the retail sector, you have the low cost or the affordability model, like the PDD model, right? And we also have the specialty retail, represented by Sam's Club, Costco, and MINISO. So why do I talk about Sam's Club and Costco in my presentation? If you think back on the last one decade, in China's markets, Walmart, Carrefour, they all have been disappearing from Chinese market, where, you know, Sam's Club and Costco, they are gaining great success.
Costco today, they have a number of shops in China, and last Friday, the first ever Costco opened in Shenzhen. It was such a phenomenal event, and each store brought them more than CNY 2.5 billion sales. Why is there such a clear contrast? Retail is promising sector, and we need specialty retail. What's so special about Sam's Club and Costco? Their specialty is membership system, plus affordability. A good value for money. By introducing the membership system, they gradually screen their ideal users. And how do we do that in MINISO? We use IP to screen our users, and we only target those users who are interested in IP, interested in consumption based on their interests. If I borrow the time machine theory, as TikTok, PDD, disrupt the consumption world, the retail market today, its scale, its landscape reflects the retail in the future.
What's the retail landscape in China today? It will be the future of the global retail. If you look at pharma stocks, in the future, it is going to be so disruptive. Who will survive in the competitive market? Those with their own features and specialties. Time machine will enable leading Chinese businesses to be successful in a number of emerging markets, becoming number one in our own segment. In my second part of the presentation, I'd like to stress on what's so good about MINISO. What are our competitive edge? One plus three. So just remember the formula, one plus three. What are our advantages? Number one, one, China supply chain, plus three global advantages. So one, supply from China, plus global IP, plus global design, plus global channels. One plus three. Now, let me talk about one supply chain in China.
We work with more than extensive number of 1,400 quality suppliers in China. Then we talk about three. First, our global IP. We work with super IP amounting to 80 globally.
We work with these IP licensors, and we will continue to grow our licensors numbers. The second global is global design. We now have 4 design centers. Design is a very important part of our competitiveness. The next is global channel. Globally, we have over 6,200 stores. As we continue to open our TOP TOY stores, we will engage on the global e-commerce and online business. In the future, in terms of, design centers, now we have the global rate of design capacity. Now, I would like to outline our strategic plan in the next 5 years. So you can see our strategic map. Our mission is to create happiness. I think to be happy is very important, especially given the adverse, market environment. We know that, life is very short, therefore, we couldn't, afford - we cannot afford to be unhappy.
Our vision is to create a super brand, and we want to be the world number one IP design retail group. Every word in this is carefully chosen and deliberated. So these are the core and the keywords for us in the future. In terms of the strategy, we believe affordability is very important. In addition, globalization and the product innovation are also very important. How to do the product innovation, that is through IP design. As for our aim, between 2024-2028, every year we will have 900-1,100 new stores open. By 2028, in comparison with 2023, the number of stores will be nearly doubled. And between 2024-2028, the compound growth rate will be no less than 20% annually.
So I believe this deserves some applause. Our IP branded products should account for more than 50% of the total products that are sold in our stores. 2023 was the tenth year anniversary of MINISO. We think in the last 10 years, the consumer behavior is characterized by affordability. Today, we think in the past, competition is highly related to international trade. It means that the cost should be low, and the quality should be high. As for Pinduoduo, it doesn't offer goods with a high quality, although the price is very low. But nowadays, we think that affordability is very important. MINISO is an IP. You are not a member, you are not allowed to be in.
For instance, for consumers, if the product doesn't have a high quality, I won't have any interest at all. Nowadays, we think to go out is becoming a master choice for the enterprise. In the past, we tried to seek a new blue ocean in the overseas market. In terms of the competition strategy, we also said that you need to be a leader in some sort of a cost or to be a leader in product differentiation. We think that we are very good in both these two aspects. We could say that the overseas market competition is more fierce in all fields, because it is different from in past when the trade defines everything. We have been upgraded from the 1.0 version to 2.0 version.
Localization and IP design, brand, building, are all very important. So we need to do the product innovation. We also need to build the brand to be a super brand. For instance, for Uniqlo, it doesn't have any competitors in Japan. But then between 2025- 2015, its overseas revenue grew by 45% annually in overseas market. So we think that that role model for us, our aim is 20%, lower than them. So the overseas market has become a very important source of growth for Uniqlo. But we believe that there is still a large room for us to grow in terms of international market. I paid a visit to many countries last year. I think in Europe, in America, there is one store for 100,000 people.
As in the emerging markets, we think that, for 200,000 people, there should be a store. In North America, it has a population 470 million. So if there is one store for 100,000 people, it means that we can open 4,663 stores. In another 10 years or 20 years. So I think there is still a very large room for us to grow in terms of the number of newly established stores. IP retail market is also a market with a lot of potential. In 2022, globally, IP sales reached CNY 1,800 billion. This includes, for instance, plastic toys and a number of other products.
The average or the per capita spending on it is 227 CNY globally. 20 years ago, the IP retail market didn't exist at all. In the two decades, it has recorded tremendous growth. Looking to the future, I believe the potential is even bigger. As for in China, the per capita spending is 51 CNY, significantly lower than the global level. In Japan, the per capita spending is 581 CNY, 10 times as much as that of China. In the US, the spending is $3,000. That's about 60 times as much as that of China. China is at a very initial stage in terms of IP retail. If we want to sell consumer goods, we need to have a huge population.
China is a populous country, therefore offering a very big market for us. So you can see the figures here. Globally, the IP retail and service value is about CNY 2,300 billion. In China, about CNY 71.5 billion. So, U.S. is about 60 times that of China, and Japan is about 11.5 times that of China. So I think this gives us a strong confidence in the Chinese market. And we noted that there is a very small IP in Japan. We know that its sales is about CNY 10 billion, that is, CNY 230 billion. We know that Japan is a very seriously aging society. Given this, this small IP could record such an impressive sale.
So I believe in the next 10 years, the IP retail sales globally will reach about CNY 3 trillion. This means that we need to leverage our advantage since there is such a huge market and we are at the right time to develop it. Let's take a look at the case of LEGO. It's toy brick plus IP. LEGO is famous for its brick products supporting the brand. IP has become the biggest retail toy brand globally. Therefore, very appealing, and it's able to create a lot of value. So we think for us, we have a huge potential in terms of for instance blind boxes toys and facilities. These are interest-based consumption.
We could expand the IP to include other categories, for instance, consumer electronics, stationery, gifts, bags, and snacks. We can see in Japan, a lot of snacks and drinks have an IP. So we believe, since that we have... If we have a global IP, global design, and global channels, we will be able to integrate them. So in MINISO, the customers are able to buy the cheapest and authorized or licensed IP products. That's the reason why we define ourselves as the world's number one IP design retail group. We believe we will be able to bring happiness and fun to our customers, and we base our philosophy on the concept of being happy. We want to bring happiness to the Chinese people and to the consumers around the world.
We think a brand that is able to bring happiness to the consumers will become a super brand at the end of the day. So, in the last 10 years, we sold to 1 million consumers. We have become a major brand in China. In the next decade, we are going to take part in the international competition, pursue globalization, keep innovating, foster sustainable growth, and become the number one IP design retail group in the world. Thank you
Thank you very much. So go back to your seat. Now, may I invite the Chief Product Officer and Executive Vice President of MINISO, Ada Dou?
Good morning. I am the Chief Product Officer of MINISO. My name is Ada. It gives me great pleasure to be here for the 2024 Investor Day of MINISO.
As CPO, I would like to give you a speech on how to create a super brand through super products. Products is one of our core competitive, how to put our core competitiveness in our products. That's because we take a lot of explorations and innovations. We have the following four capacities: super product, super supply chain, and super IP. In terms of super products, in the last ten years, we are able to achieve best cost effectiveness. We introduced to our consumers over 100,000 products. Some of them have become the super products. We could see that there are three characteristics of such a super products. First of all, they are at the top of the market and are highly concentrated. The second, the most popular products are becoming even more popular. Lastly, they are interest-driven consumption.
So if we focus on the super products, we could see that the contribution made by them have increased from CNY 2.5 billion to CNY 6 billion, accounting for about a half of our annual sales. And as for the top sellers, they have become even more popular in the last year as our... Among the products, whose sales is over 100 million CNY. 300 of them are the so-called best sellers, and some of them the sales is very phenomenal. So the last slide, please. There is a toothbrush. We own the design patent and invention patent. The sales for it were over CNY 25 million. Another characteristic is interest-driven consumption. The customers are interested in not only the products for everyday use, but also for their personal interest.
For instance, the dolls and the blind boxes. Both of these products have had an annual sales growth of more than 50%, verifying our commitment in this sector. So now I'd like to talk about how a super product is born. At MINISO, one super product is born after more than 10 sets of smart digital systems verification. This is our visualization, the digitalization platform, representing our key interest and specialty on digitalization. I'd like to walk you through a typical case. In the gift bag, there's one product that is the disposable towel, and this is a product that we have sold for more than sales of CNY 50 million. We started off with an initial batch of products, and we identified that emergency need and the tourism market development has driven the demand for this disposable towel.
After prototyping of 500 products, we have finalized the end product, including the smell, texture, raw material, and how it will be wrapped and packaged. So quality first is what MINISO has always been keen on developing. We have used the medical materials with the 5th generation German RF system for production, and this super product is just beginning.
We need strong supply chain to support our demands from the users. Let me take the disposable bed cover as an example. If we are to have more than 50 million sales, maybe in 2024, we're going to have a sales volume of more than 100 million from this one single product. What should we do in our super supply chain? After seven days of testing to seven days of production line manufacturing, we have a 7-1-1 principle, meaning every seven days, we select 100 best design products for product release. So we need to build a strong supply chain ecosystem to support such responsive product release. We have more than 1,400 super suppliers, like Leica, [Foreign language], a number of these landmark suppliers.
Their ecosystem has ensured the completeness of our ecosystem, and that has enabled us to distribute it to over 6,000 stores globally. At the same time, we have lean management to improve the overall efficiency. Last year, our supply chain has been accelerated by 15%. Now, thirdly, I'd like to talk about the super IPs, the co-branded IPs. Some consumers say we are the tycoon for IP. Yes, that's definitely true. IP first is what MINISO has been committed to. In 2015, we worked with Sanrio to start the super IP development. In the ninth year, by the year 2023, we have collaborated with more than 80 top IPs.
We operate more than 300 products of various categories and have released more than 30,000 IP products, with the sales of more than CNY 700 million pieces of these super IP products and covering more than CNY 100 million consumers. Consumers who have once bought the super IP products contributed more than 263% of their sales, and the average transaction volume is also 176% higher than those people who have never been purchasing the IP products. So how do we continue to elevate the super IPs? We need to have responsiveness and our customer insight, as well as how we consolidate the super IPs in the future. And I attribute that to our strength in MINISO. I'd like to give you another example, which just happened in 2023 or prior to 2023.
These cases will help us to showcase the professionalism of MINISO in operating the super IP. First, Barbie. I think you all know how popular Barbie is in 2022, especially with the movie. Barbie is the world's number one dolls brand. It represents the fashion and trendy goods. At the end of 2022, MINISO has identified the emotional connection of Barbie with our targeted users. So we have formulated strategic cooperation with Barbie, and in 2023, Barbie pink must be the trendy color. In the same time, we also developed the insight that Barbie on garments products will be best-selling and popular. So we are focused on garments and accessories to develop Barbie-associated products. In 2023, we listed our Barbie products to the market.
Together, after the movie, we see a whirlwind of Barbie trend and all of our products sold out, especially the bags, purses, have become the most popular products, creating a few million RMB sales. And not only are we successful in China, in Singapore, Indonesia, in those stores, we continue to surprise our targeted users with our, our Barbie products. Now, I'd like to talk about another case, [Pully]. [audio distortion] is another, famous celebrity. She is extremely cute, with a sharp personality, and taking her as a super IP has enabled, MINISO to be the most popular read news on microblog. Our quick and responsive supply chain have enabled such a success for [Bubla]. And this year, we will continue to launch looby 3.0 version.... And we work with the IP owners, and there's further potential from this celebrity to surprise our consumers.
So please stay tuned. After the two new cases of IP in 2023, now I'd like to quickly recap on our old IP licensors. The first is Disneyland. The year 2024 honors 100th anniversary for Disneyland, so happy birthday! In the last five years of collaboration, MINISO and Disneyland have formulated such synergy. We not only become a licensee, we are working on the same business with Disneyland, our licensor. We have co-branded a number of products. Commemorating the 100th anniversary of Disneyland, we promoted a lot of meaningful products, for example, the Centennial blind box. In that Centennial Commemorative Blind box, we have selected Disney's cartoon characters from Disneyland. We have created blind box, and it is sold out first day after release. The fans not only see their favorite Disney figures, but they can touch and feel the goods.
Also, we're working with Disneyland on developing new contents, new channels. In 2023, we have great accomplishments with Disneyland. We have seen over 80% growth for our collaboration with Disneyland, so there's much more to see from our collaboration with them. The number four case dates back to an older friend. In the year 2015, Hello Kitty became so popular, and MINISO started the first IP co-brand with Kitty. And in the same time, we were the first licensee for the licensor in the retail and lifestyle product. So together with Kitty, we have had 9 years of collaboration. We have cumulatively listed more than 8,000 products around Kitty, and we have been exploring the preferences of our users. We not only have Hello Kitty, but a number of altogether 16 super IPs from the Kitty family.
In our flagship store, we also built dedicated shelf zones for Kitty-associated products. If you go to MINISO, you have to buy Kitty products, and if you want to buy Kitty products, you go to MINISO. That success signifies our joint efforts in the last nine years, constantly creating better quality content to our users. All these cases, you see the commitment, efforts of MINISO and success on our co-branded IPs. The past success laid a solid foundation for next decade. As Jack just mentioned, we want to be global number one IP retail design group. Long-termism, IP innovation, globalization, and value creation innovation will be the key. Now, let me talk about them one by one. First, focusing on strategic categories. How do I define strategic categories? We differentiate a category to see whether it is strategic or not in the following formula.
First, we talk about the traffic-driven categories. We need to continue to accumulate traffic so that our consumers will proactively buy from us. Second, content traffic or content products. We stimulate the needs from our user with our content, and we continue to dive deeper on content creation. We design differentiated products to seize the market. The ultimate one is organic traffic. Organic traffic produces by itself. So for MINISO, we want to leverage our brand, lead the trend for consumption. With good value for money, with scenario-based consumption, we will convert our users into paid users. Today, we have more than 500 series of products in 16 categories, and in the future, in MINISO, we will have four, at least three billion SKUs and a number of one billion scale categories, and this is just our beginning.
Here, I'd like to talk about a few examples on the mentality, mindset-driven consumption. First, blind box. In 2023, a whole year, relying on IP resources from MINISO, we have promoted more than 100 blind box products. We have responded to the users' emotional needs, preferences, and we have constantly innovated our blind box, relying on our strong supply chain.
That, of course, is our core competitive edge. In the year 2024, Blind Box will continue to be one key bestselling product for MINISO. That's because it can deliver emotional value to the customers, and it's able to enhance the price per transaction. And secondly, is about dolls. And actually, we have trying to cultivate this category of products for many years, and then issued a few collection, and the sales is about hundreds of millions CNY. And then last year, we tried to combine or create an IP for the dolls, and the sales is also excellent. So we believe that this have a very huge potential.
In [audio distortion] , we are selling these dolls, and their sales in overseas markets accounts for about 10% of total sales of this category, and we try to become the number one self-owned doll sellers in the world. And the next is a perfume and fragrances. I think this is a very typical product that can create emotional value for us. So the dolls I talked about just now, those are plush dolls. So talking about perfume and fragrances is also one of our key products that will do the innovation. So every year, we sold over CNY 110 million such products. So for aroma, for fragrance, we believe there is a lot of room for imagination. And the next is for tourism and travel.
For the travel products, we believe this represents one-stop shopping behavior for the consumers. Last year, it has become a very innovative area and a new area. So for instance, now for 47% of the customers, according to our survey, if they want to shop for the tourist, the first shop they will think about is MINISO. And we think that this will also help us to stimulate the scene-based consumption. We believe the those in this category will be about CNY 3 billion. We have about 13 category products covering 500 products. So just now, I just highlight some of them out of the 500 products. It is impossible for me to exhaust all of them.
Talking about IP, as it has become part of our vision, I'm thinking about this question: How can IP provide additional growth for us? So for me, I think to do IP innovation, we need to focus on the following three things. The IP creation is very important. First of all, we need to expand IP cooperation. The second, we need to innovate IP design. The last three, we need to do end-to-end representation of IP to bring better experience to our consumers. First, IP cooperation expansion. This will provide us opportunities. Now, we collaborate with over 80 IP owners and IP licensors. In this way, we are able to build collaborative relationship with global IP owners. Therefore, our IP collaboration could be extended. Domestically, we are also trying to discover more cooperation opportunities.
We want to develop new materials, develop new products, diversify IP structure so as to identify the growth opportunities. Design innovation is a very key element. It is magical, just like the magic used in by Harry Potter. So first of all, how to create super IP? So for instance, Barbie, Disney, they are all creator of super IP. And the second point I want to make is IP design innovation. We need to deepen our understanding of IP stories, and then try to leverage them as best as possible through our R&D, supply chain. And the sales, we try to tell the story of IPs as best as possible. So 50% of our IPs will be updated or will be presented in a fresh way every year.
Besides, we hope that the consumers could be better connected with the scenes and the IP stories. And for the way to represent the IP, we explore many different ways, and therefore, now we find a lot of possibilities. First of all, the IP land, IP land store. So I remember there is one comment. It's not that we cannot afford Disney, it's just that MINISO offers good value for money. Therefore, I think it's very important for us to create different scenarios for the customer shopping. So IP land is one of them. Besides, it's also possible for us to have the IP in the stores. For instance, the stores in Beijing Road, in Guangzhou, and it's in other places in China.
And we also opened an IP themed store in Indonesia, bringing the customers a lot of fun experience. And the other thing is the flash store. This is also a new thing. Since we have so many looks to offer and we have such strong designing capacity, anytime, anywhere, we will be able to present the story of IPs. And the third point I want to make is globalization. We think we need to bring together the design resources globally. Last year, we proposed the idea of establishing four design centers globally. Now, we are trying to turn that plan into action. The first step we have made is to establish a design center in Korea.
We hope that 10 years later, talking about the MINISO, the consumers are able to come up with the most typical, most representative products and the works of our company. Since we have a strong design power, we believe we will be able to create world-leading products out there. Our globalization strategy will be driven by two wheels. One wheel is the five regions globally, and the other wheel is the global supply chain. We are going to be deeply engaged in North America, Latin America, Europe, Middle East and Southeast Asia in our globalization strategy. We are going to understand more about the local demands, improve our supply chain to better satisfy the customers' needs. In terms of transportation, we are going to adopt the shipping, the air transportation, so as to deliver more benefits to the customers.
So, quick, good cost, effectiveness, and, abundant, good supply will be our defining, characteristic. Now, let's look at the value, innovation. To deliver sustainable value creation is what we, offer to our customers. Differentiation is very important in this regard. I would like to give you an example. So this is, the washing... The facial tissue, the cotton facial tissue. Actually, we have improved the product quality for over 30 years since its launch in the market. So you could see the yellow, curve represents the raw material price. Then how about our retail price? It is always kept at CNY 15. As for sales, it grew from CNY 20 million to CNY 50 million. What's more important, our gross, profit grew by 15%. So this is a typical example of our value creation.
You might be interested in knowing how we managed to achieve that. First of all, the answer lies in the technological innovation. The product, raw materials are innovated in terms of the supply and the manufacturing. And essentially, we try to adopt automatic technology so as to reduce the manufacturing cost by a half. And we also make use of our resources in sourcing by buying and securing the contract in advance, we managed to keep the raw materials stable. We know that the raw materials could be widely applied in the end products. For instance, the facial tissue and many other sectors. Therefore, you could imagine how important the cost is for the raw material.
We are able to maintain an edge in terms of the raw material cost of the edge super products and the super brands. I think to achieve this goal, there is no shortcut for us. If we stay committed, I believe one day the customers will realize our innovation and our achievement.
Now, may I invite Liu Xiaobin, the Chief Marketing Officer and Vice President of MINISO, to speak to us.
Distinguished guests, ladies and gentlemen, party of MINISO, I feel very delighted to share with you the brand upgrading in MINISO. So last year, we formally launched the brand upgrading action of our company, because we believe our super brands and super products are the key factor for us to sustaining our success. In terms of R&D, sales, and the operation, there are a lot of new actions are taken by us. So first of all, let's have a review of what we do last year in terms of marketing. Brand upgrade serves better operation. In last one year's financial statement, you can see absolute improvement of our KPIs. Now, let's look at this round of the brand wellness survey. Now, first, the reputation of our brand has upped by 60%, and the preference rate improved by 26%.
Now, let's look at user insight. In the key tags of our users associated on MINISO, they look at our products as strong IP, playful, useful, good value for money. So IP stands out for MINISO, meaning our IP strategy is so successful. Now, let's look at how we have developed better business out of the branding upgrade. First, we have really stimulated our users from knowing our brand as a good value for money to IP co-branded products. Trendy fashion products, globalization, improving the branding effect. In order to develop global brand, we have three transformations pointing to each layer of this traffic pyramid. In the past, we survived because of our organic traffic. Now, we talk about D2C, direct to customers, where we can retain the traffic, consolidate the traffic, and developing incremental traffic. Now, we want to stimulate needs, expanding content traffic.
By developing the branding and strategy, we bound the users with our strong IP, which enable the users to visit our stores proactively. We not only have deepened the traffic base, we also have created new traffic. This is highly relevant to content operation. This is our so-called marketing flywheel. Let's look at internal circulation. IP enable us to have so much differentiated content to continuously touch the users, and then the content continue to develop. The IP fans and their impact help us to gain new users, and then we promote new products to increase stickiness between our products and our users. In the same time, all of these user-generated content have enabled wider popularity from our users. So why do we particularly look at user operation and content marketing? You can see that the marketing notes on RED platform have increased in terms of its exposure and readership.
So the IP product exposure is 3.2 times of our usual products, with readership much higher than usual notes. People who have been tagged with interest-based production, their consumption frequency is 176% higher than normal users, and their spending on MINISO 263% higher than a normal user. Now, let's look at the content marketing ecosystem that we built in the last two years. On content production, we built a middle platform where we continue to output new content. In 2020, we have built our own MCN, and we also talk about the private domain KOL, or everyone can be our KOL. So that's what we developed on content. We also have a smart, decentralized content asset pool, where the content assets will be so important. The content distribution is also a decentralized platform.
So once authorized, the public domain content will then be output to private domain, improving the click rate and the conversion rate. Now, let's talk about the centralized content production after AIGC technology. We work with leading AIGC companies, where we produce content much faster. We have automatic tagging and categorization for the content. In the last two years, this sales system has helped MINISO to build over 25,000 KOL, producing over 55 million content with an effective exposure of 4 billion. If you search for MINISO, we have more than readership of 6 billion on Red Book. Blind Box, as I said, is a strategic category. All year round, we have been doing marketing around Blind Box, especially in the second half of 2023. All year round, we have produced more than 195,000 contents with more than 1 billion exposure.
Content marketing has continued to build the mindset for our users in terms of Blind Box, and we have access to a number of new users. The first time users in 2023 for Blind Box increased by 168%, and the penetration rate of Blind Box also doubled. Now, let's talk about Loopy. We have Loopy fans in private domain and the self-owned KOL. On the presale and the first three weeks of the product release, we have created more than 1,672 notes on Red, with a total content exposure rate of more than 50 million. In our actual flagship store in Guangzhou, we have created more than 98% sell-through rate in the first day of opening. We replicated this model in Indonesia, where we also have localized adaptation.
In 9 months, we have accumulated more than 12,000 general KOL, KOC, publishing more than 15,000 contents on their social networking site. Today, the monthly exposure is about 300 million, and the cost for per thousand exposure is less than CNY 3. On the very right, you can see the hair accessories product exposure. We have been producing these, accessories with very low exposure cost. So one TikTok best-selling video can definitely convert into a great sales performance. In China and Indonesia, we have such a great success. These common creation contents and outsourced marketing can definitely help us to become successful. This year, we are going to see at least 50% above for self-owned KOC, and 62% up for the external KOL, creating 12% for our marketing rate, which saves about more than CNY 100 million sales expenses for MINISO.
Now, let's talk about users operation. Brand is all about people and personality. So, build the relationship, acquire users, and strengthen the bond with users. With the mentality of long-termism, we start from a material bond to emotional bond with our users. Constantly translate our normal users into membership users, private domain, KOC, and user values, like higher frequency of purchase and the marketing value of co-creating content. From the year 2019, we constantly developed our users. Today, our members and private domain marketing accounts for a majority of our marketing efforts, which enabled us to have lean, automatic, and digital marketing. Ever since a member has joined our group with their private domain, we maximize the user's life co-value. The user's value continue to contribute to our sales. Here, you can see the user's scale.
In private domain, their annual consumption is 3 times of the usual users, with higher frequency of consumption, almost 4 times of a non-user. So membership development helps us to retain traffic. In 2023, 36% of our users contributed more than 57% of the GMV, and 21% of the private domain users contributed 41% of the GMV. At the end of 2023, we have accumulated more than 83 million users, among which the premium users are amounting to 15 million, accounting for 18%. They have been tagged by over 300 tags for detailed marketing. And private domain users amounted to 39 million, and people who joined our WeChat chat group amounting to 5 million. Our private domain operations have become such a landmark, being verified by WeCom as the best practice. And last year, we replicate our private domain experience in Indonesia.
In less than one year on WhatsApp, in Indonesia, we have more than 500,000 private domain users, whose frequency of consumption is 133 higher than non-users. The contribution of the private domain users purchase in our overall GMV has been improved, increased exponentially. Looking ahead, we will replicate this private domain operation in North America, in USA, EU. In North America, we want to do membership or premium users operation. Now, we have kickstart the USA and North America membership premium plan. In Southeast Asia, we will start our private domain efforts by the year 2028. In the key markets overseas, members spending will account for 35%, contributing a GMV of CNY 11.3 billion. Our special marketing methodology focus on content and users.
In our super stores, super IPs and super categories differentiate MINISO from other brands. In our super stores, this is the middle ground where we communicate with the users. We create exceptional user experience, where the store will become a destination and a super factory to produce content. Content and users are the two flywheels. The exposure that we have obtained is of low cost and high growth. With minimized investment, we have harvested high exposure and high growth. Never worry about our expensive marketing, because here, marketing in MINISO is good value for money. Recently, I've been reading a book by Niall Ferguson, The Square and the Tower. When the author talked about square and tower, he said the impact from tower is now being distributed to common people on the square. We need to participate in this distribution process.
In a We Media age, the user's preference, reputations, spread out of words is what matters. We need to come out of the high tower and to create content for common people on the square. Before I conclude, I'd like to share 3 stories. So I met this boy, Xiaohongshu. He is a very faithful fan of MINISO products. He collected about 80 pieces of our dolls. Some of them are bought from common, some of them are bought by others for him overseas. U.S. has the, and in MINISO, we have the DUN DUN.
And, he expected his hope for us that is, this can be a great IP in China, and we hope that, when we develop new products, we send it to this set. And the second is a couple in Indonesia. They collected about 100 pieces of this figure, the doll figure. And last year, they sent us an invitation to their wedding. And so in order to celebrate their wedding, we send them two pieces of our dolls. And we also are now developing new merchandise around this IP. And the third story is this little girl. She got famous because of a video posted on the social media. And when she was small, she was accompanied by this doll.
When the doll was missing, she was very upset. So his father sent a post on Xiaohongshu, asking who still has this particular doll, which is out of stock in our store. Therefore, this story got popular on Xiaohongshu. I hope that such stories will tell you why our products are so touching. We can see that our customers have shown that they are very happy, and that they had a lot of fun when they own our products. To be happy has become our philosophy. I remember President Ye said that if we want to make our customers happy, it means that we will become a super brand. So I think if you buy the share of MINISO, you are investing in brand, which has a lot of stores.
It also w hich means that you are investing in a brand which has the potential to be a super brand in the future.
Now, may I invite Mr. Yao Jianzheng, the General Manager of MINISO China, and our Vice President?
Good morning, dear friends. I am Yao Jianzheng, the General Manager of MINISO China, and very glad to give you a briefing on the Chinese market. So MINISO has been sailing in the Chinese market for 10 years, so we are onboarding this huge ship. Although there are many uncertainties, however, as Mr. Ye has said, that we are adopting longism. We truly believe that the society will be better and better, Chinese economy will be growing, and the people's aspiration for a better life will remain unchanged. Under the leadership of Mr.
Ye, we believe that we will sail very smoothly in our voyage. So here, I'd like to share with you some figures. So now, we have 3,802 stores, and we amounted to CNY 12.4 billion. The gross profitability is from... Now, there are a few more figures. For instance, in terms of house and services, we are present in 551. In terms of product innovation, 2 products has a sale of more than 50 million. In terms of digitalization, you can see that from 2019, the number of employees per store it has decreased from 6.6 to 4.5.
In terms of the retail catalog, it has grown from 700 to about 1,000. So in the last 10 years. In the last 4 years, we have 1,418 more stores, and the restoration level is 93.2%. And our operation gross profitability is over 30%, showing our resilience. So just now, I share with you some of the figures. So in terms of the Chinese business, it's sales growth, let's look at our potential. So in China, for 1 million people, there is about 8 MINISO stores. In comparison, in Japan, the number of stores is 33. So that is for Daiso. China's population is about even 11 times that of Japan. ...
So if we calculate that, so given that, China's consumption power is one third of Japan, it means that we can open about 10,000 stores in China. So now, in China, there are about 8,000 shopping malls. We are represented in 3,000 of them. So therefore, the penetration is about 38%. In terms of this, I think there is still a large room for imagination. There, what kind of stores are there for we to identify the customers demands and tap into such a massive market? So we try to create the stores whose annual sales is over CNY 10 million. We hope there will be more such stores. Therefore, beginning from August last year, about 28 such stores.
There are 12 more on the way whose annual sales will be about CNY 10 million. You could see that their daily sales is around CNY 100 million. So how about profitability? Up to Q3 last year, 90% of the stores are able to make a profit, and the average profit rate is about 7% for a single store. So it means that their profit is about CNY 35,000, so they will make a profit of about CNY 420,000 a year. So the stores could have their costs covered and returned in less than 12 months. So what is the spirit of MINISO?
So you could see that, one of our retail partners has the four characters, Mingchuang Jingshen , the Spirit of MINISO, written by a famous calligrapher, and it hung this in his office. So what does the spirit mean to the retail partner? First of all, speed. Our speed is very fast. The second, it means we are innovative, and certainly, we are able to sell more, although there are some adverse environments. So we are popular with the consumers. So 28 million consumers place order with us for three years in a row. And then 43% of the consumers are the first-time consumers with us. And the number of transactions last year was 350 million. So how about the customer profile?
So 70% of our customers are women customers. For those who are aged between 15-59 in China, there are 430 million such a population. This offers a lot of potential for our sales growth. Our company is committed to high quality development and high quality management. It means that we need to take concrete actions and to take care of every aspect of operation. Performance and standards are very important. Our performance is measured by the price per transaction multiplied by the traffic. On the left-hand side, this is a tourism package, so this is created in collaboration with Meituan. You can see that it looks like a shopping mall.
So we try to attract more, customers by putting up such a thing. You know, for the facade of the shop or the appearance of the store is very important. So this is a store opened in Wanxiang City, in Shijiazhuang, and on the right-hand side, this is another store. So on the right-hand side is one square in Nanhai, Foshan, and the right-hand side is a store in, Shijiazhuang. And on the left-hand side, that is, store in Beijing. It used to be the store of our, competitor. Last year, we upgraded, the appearance. And, it was, opened, once again, yesterday. So its sales yesterday was as much as CNY 80,000. So you see how popular it is. So store image is very important because it is able to attract, customer, traffic.
In addition, we believe bringing present KOC is very important. So as our employees, total 20,000, every day, they will take photos of the store and post them. It's on as a means of publicity. We also organize many activities to create fun and appeal. So for instance, we invite some stars to the store to attract the fans. And the other thing is that we organize events for the grown figures. And we also make some candies on site to attract the young fathers and also the young couples. So when the customers are attracted into the store, how can we increase the conversion rate? First of all, the new image of the store, and second, the scenario or scene-based decoration. Thirdly, the atmosphere of IP, and lastly, the micro renovation of the stores.
We know that some of the stores has a history of about ten years. Now, for some of them look a little bit outdated. Therefore, by taking some small actions, we try to innovate them on a very micro scale. Our products have been updated a lot, but if the store looks the same, it might not be able to attract the customers. Therefore, it's very worthwhile to make some micro renovation of the store. So you could see some of the spots for taking photos. The flagship stores in some of the cities in China. Besides, we have the dedicated area for IP. They are able to retain the IP sets. So the dedicated area for blind boxes.
After this category had been introduced, Blind Box has contributed more than CNY 1 billion in sales, and I'm sure the Blind Box will continue to take off. We also have toys zone. We not only find the toy zones very popular among the kids, but with the young people. Cosmetics. Last year, we used the new cosmetics bar, where we have reshuffled our products. All of these stores that used the new cosmetics bar has been improving its sales. Scenarios, vibes, have been so appealing to enable our users to have such immersive shopping experience, though conversion is the key. How do we improve the average transaction value per store? When the users need baskets, they will receive a large baskets. Why?
Because the small basket looks so full, when they just place two-3 products, so our large baskets will help them to buy more. In the same time, we have very good tags on one store. So one precise display policy for one store, where we can have a targeted supply of products, which is the favorite products in this particular location, shopping mall. So last year, we visited a number of stores. We see the overall, average transaction value has been improved. This is a local store with the GMV of more than CNY 1.4 million. So you can see the average transaction value has been improved to reach 57 CNY. So it's not happening overnight, but it is happening.
So I talk about the store business, but what about real-time retail? In last a few years, we also identified the real-time delivery business. For example, Meituan, JD, Elema. We see great performance of sales on these platforms. On Meituan in 2023, we saw a 70% above growth of business, and with this platform, we identified that there are a number of customers who is willing to buy. For example, every day after 10 o'clock, they make their order, and especially when the shopping malls are closed, people have to order from online platforms. So this is a picture showcasing our MINISO store in Chongqing. By online targeted operation in this store, every day, the online business doubled, so CNY 1,000 more every day. And offline, the sales also improves. We extend the office hours by midnight, so that paid another CNY 500 offline.
So we have over 600 street side stores, accounting for 16% of our total store sizes. I'm not saying we need to extend the office hours of all these stores, but this is a good clue. In different types of stores, we have differentiated marketing policy, and in over 90% of the stores, after extending their office hours, their performance improved by 3%-15%. Yes, among all these platforms, we have 95% of stores there, and there are some stores that are not so well connected in terms of transportation, so they're not fully there on the platforms. Now, let's talk about people. People matters, and that's why we have built a professional, digitalized team. One key of our talent policy is our regional manager.
Now, our regional manager, on average, manage 36 stores, which is leading and phenomenal in the whole sector. There isn't a second brand which entrust one regional manager to manage 36 stores. In MINISO, some of the regional managers manage over 40 stores in the same time. What else do we do to improve the sales of our stores? Store manager. How we incentivize the store managers? Let me give you an example of our philosophy. First, we have a very complete training system. Every year, we train over 1,000 qualified store managers, and these store managers will help us to respond to market development. How do we incentivize them? We choose role models. A role model can inspire a large group of people.
For example, in Guangzhou, Beijing Road flagship store, as an example, in July 2023, they have a single month GMV of CNY 4.6 million, the highest ever. After July, on August 1, we wanted to give them number one award. Number one award means key contribution makers in the company. In the first of August, we host a great ceremony. All the store managers are there, and Jack Ye, the founder and CEO, had presented the award to Beijing Road store. And they're so excited that they created CNY 5.12 million sales in the next month, in August.
When the news spread out, all the store managers are so excited, and they say, "Hey, you know, if we do the same, I might receive the same award." In the year 2024, we see great performance, great morale of our teams. That's almost everything I want to say. We all want to see sustainable growth. We want to make money to open more stores. We want to develop winning culture as a belief in the company.
Now, thank you to Mr. Yao. Coming next is Mr. Huang, who's the General Manager of MINISO Overseas Distributor Market and Vice President, Vincent Huang, to speak for us.
Hello, everyone. My name is Vincent. Just now, Mr. Yao, our China Market General Manager and Vice President, shared with you on our experience in China. Now, I'd like to talk about how MINISO sails the wind overseas. I not only will cover on the distributors, we also have Ada, who will share with us on the direct business. Now, let's talk about the distributors business. Yes, you heard a lot about our China business. You probably don't know much about our overseas business operations, so today is the time to unveil the secrets. First of all, I'd like to walk you through on the overseas market.
Here, you can see that versus the year 2020, in terms of the store numbers, we see robust growth in sales revenue from CNY 5.6 billion, we pick up to CNY 7.5 billion, and the revenue per store also increased by 7%. In 2019, we were creating a record high for our overseas market, and soon, pandemic hit us. But today, we're happy to report we're out of the pandemic crisis with a strong rebound and growth. With Jack Ye making a new five-year plan, we're looking at higher aims. Now, let's look at the daily sales revenue from single store. After years of efforts, the sales single store every day has overtaken the year 2019, which is very pleasing to us all. And overseas, we have 85 distributors.
After years of efforts, we see that the market has been so concentrating on the top. The top 20 distributors contributed 72% of sales revenue in 2019 and 81% in 2023. The store's scales also have improved from 56% to 62%, and their shipments contribution to the revenue increased to 83% from previous 75%. So the scale effect, the cost marginal effect, are now playing really well. The top distributors are making money. 100% of them are generating profit. So the distributors business is now being more concentrated on the top. In the same time, you might be curious for our distributor business. So let me walk you through the zero to one for our distributor market. Okay, let's say this is an empty market.
The headquarters will have a dedicated team to survey the market landscape, consumption trends, and user profile. We have to leverage on our existing product mix and supply chain to provide tailor-made experience overseas. For example, religious beliefs, regional preferences. For example, the thermal cups that Asian people like are different from the Europeans. Also, in the same time, we will collaborate with local distributors on the market barriers, commercial resources reserve. So after signing the contract, we start preparing for mid phase. For example, product plan, a pricing system. How do we price according to our rivals? We care about our store, especially our brand exposure. Overseas, every one store visual design had been planned by the headquarters, and the decoration, the preparation of goods, customs clearance, sales plan, are all done by distributor.
From making the order, to verification, to offline distribution, the distributors have to do their own work. Before the store opening, the headquarters will have a team to train the local staff for pre, after, review. Then the distributors, they need to build their own team to have the store display and then open a store. That's how an overseas store came into being from zero. After the store being opened, we will have a marketing team to empower our overseas distributors. That's for our HR. How about the tech system empowerment? Here, from order making, we have number of systems to help our distributors to make their own display plan, order management, order preference, and their franchisor's order management. Everything, tech empowerment from the headquarters.
In the second time, the local warehouse and distribution, automatic replenishment plan, automatic store shelf, everything had been empowered by the headquarters. Why? On one hand, we care about distributors' capability. Second, we know very clearly that the headquarters cannot replace the local distributor, and the local distributors have to make their own plan. What the headquarters can do is to empower the distributors to improve their business performance. We're happy to note that after a number of IT and human resources empowerment, the store turnover overseas for our distributors have improved by 60%. So, nice trend, right? Now, I'd like to walk you through the distribution of our overseas stores. Now, for the distributor business, today, we have over 1,585 stores overseas.
Most of them are in Asia, 706 in Asia, and Latin America, over 500 stores. In the middle part. You see some discrepancies of numbers. Why? Because, Miniso has entered in these different regional markets at different time. In Southeast Asia, Latin America, are the first batch of overseas markets of entry, and that's why we built a large number of stores. In Europe, we see faster growth, and we expect to see robust growth in the next several years. Europe continue to be a high growth market for us. Now, I'd like to talk about the store model, which is highly flexible. We will design the format or design for our retail stores to satisfy the local tastes. For instance, unlike Thailand, Philippines, and Mexico, we have mainly developed in the shopping malls. You could see that there are a lot of Miniso stores in the shopping malls in those countries.
As for the European countries, Southeast Asia, the pedestrian streets are also very important shopping areas. That's why we deploy a lot of stores in those pedestrian streets. In addition to this, there are other flexible formats. For instance, a store within store. In Mexico and Philippines, we developed stores in supermarkets. These are the so-called store inside store. And there are also stores at the transportation hubs, including metro stations, airports, and the train stations. You will not be surprised if you could see a lot more MINISO stores in those transportation hubs. So for instance, in Panama, so if you transfer at airports internationally, it will be very natural for you to see the MINISO stores. How about the development space for the existing market?
So for our distributors, what will be their growth space? So in these 85 markets, let's begin from Latin America. You know that Mexico is one of the best distributing markets for us. There are over 200 stores. In the future, how many stores will there be? I would like to benchmark against the Starbucks. Why I choose Starbucks? Because when we go to other places, we need to visit our stores, so this is actually a very higher sum. So we have to drink a lot of coffee. So when you are tired, if you want to get a cup of coffee, and it's very easy for you to find a Starbucks, not far away from MINISO. Sometimes it's just across facing us.
So I think, it's very accessible for us to benchmark against, Starbucks. In Mexico, we find that in the shopping malls, when there is a MINISO store, there must be a Starbucks. So there are 791 Starbucks stores in Mexico, while the number of MINISO is about 200. This shows a huge gap. So in Latin America, in accordance to our plan, by 2028, we are going to have about 1,000 stores. And in Saudi Arabia, there are about Or in the Middle East, there are about 300 Starbucks stores, and our store in Saudi Arabia is only 28.
As for Southeast Asia, take Philippines as an example, we have 150 stores, while in that country, there are around 400 Starbucks stores. As for Thailand, there are around 400 Starbucks, while for us, in both these two countries, we just have 200 stores. Also, Watsons is also one of our benchmark. In Europe, we have about 200 stores. Then how about the similar brands? For instance, Flying Tiger and HEMA. Flying Tiger, there are 800 stores, but we just have 200. Therefore, in Europe, I think, by 2028, our plan is over 1,000 stores. So for the existing markets, you could see there is such a huge space for imagination.
Is there anywhere that we could open up new markets? For instance, the areas with a high potential and high value creation. So what are they? First of all, Asia, Japan and Korea, our neighboring countries. So we think they are very good potential markets for us, as it is a highly developed economy. For one million people, there are 33 Daiso stores. For Korea, with a population of 50 million, boasts huge potential for consumption. Europe also offers a lot of space for growth, because there are 10 additional markets in Europe. For instance, Germany, the number one economy in the area, and also the North European countries. There is one island country, Iceland, we opened three stores.
So if you visit the country for the natural scenery, it is also possible for you to shop with us, and we are going to open more. So you can see these four North European countries; there are 200 Flying Tiger stores. So I think both North Europe and Western Europe offers us great space for growth. Therefore, I think it's possible for us to realize the goal of double the number of stores. And how do we work together with our local distributors? For the local development, Ada just now talked about the product competitiveness of MINISO. I want to stress localization to fit into the local conditions. We think it's around 80 super IPs globally. We also try to identify some local IP. So for instance, the one in Mexico.
So when we visit the stores, we find that this IP in Mexico is a doll. It looks like a Barbie, and a lot of people's children carry this doll, and they will bring it back to the store to see the doctor for medical treatment, for taking a shower. So we think this is so interesting. Therefore, we launched a co-branded product during the Christmas season, with very good sales. I remember there was also a film named Coco. So we also launched a series of products in relation, for instance, for the commemoration of the deceased. So this is kind of paying tribute to the film. I think many of you have been to Middle East.
You know that most of the people are dressed in white clothes with very small pockets. However, the weather is very hot there, they use towels, which is very big. So we find there is an opportunity here. We developed a mini tissue for them, very easy to carry, and it has become a very hot consumption item still. As for fragrance and perfumes, I find that the Middle Eastern people have a higher requirement in terms of the duration of the smell and the intensity of the smell. So they want something stronger and that last longer, therefore, we develop products that cater to their special preferences. We know that Paris is going to organize the Olympics. Therefore, we developed a Olympic specialized product, sometimes for French markets. It is very popular in the market.
I believe that when the Olympics begins, it will become even hotter. As we want to drive consumption through interest, we try to organize specialized areas for the blind boxes and model kits. I believe these two categories will generate very good revenue results for us. We could see some of the distributors are working with us to make the stores more fancy, more colorful. So we could see in one open in February, and it used the pink as the main color because it's so popular. Through products upgrading and store image upgrading, we managed to make some of the stores the super ones. There are many in Mexico. In addition, for instance, there is one flagship store in Chile.
So in the underground, there is a small store, but this year, the distributor make a flagship store on the ground floor at the entrance area, with a daily sale of 150,000. And there is also a store in Trinidad and Tobago. The flagship store records annual sale of 130,000, and there is also a flagship store in Oxford Street of UK, and there is also a flagship store in Naples, Italy. Their daily sales is about 130,000 in Milan, Rome. In France, there will emerge some super stores. So you can see the size and expanded. For the overseas distributors, you can see there is great potential for expanding the number of stores and the sales volumes.
What is important is that our distributors work together with our headquarters, so as to make our products super products and our stores super stores.
Thank you very much, Mr. Huang. Now, may I invite Bella Tu, GM of MINISO Overseas, directly operated markets and the Vice President
Good morning, I'm Bella Tu. Today, I am very glad to join all the investors for the 2024 MINISO Investor Day. Now, I would like to share with you some of the story of our overseas business. I am responsible for the overseas directly operated markets. I've been working overseas for 7 years, witnessing the growth of our brands. Now, I would like to brief you on the development of overseas directly operated markets. A little bit on our 7 direct sale markets. Let's look at 2022 to 2023, Q3. First, store numbers from 567 to 723, an absolute increase of 156. GMV increased from 11% to 19%, 69% growth. The single-day revenue increased by 32%.
The overseas direct sale stores are still in its infant stage, with great potential in the future. So what is the key country to note? USA. Now, in USA, you can see the number of stores accounting for 13%, but the GMV contribution reaching 32%, profit contribution, 29%. USA, from the statistics, you can see the single store revenue has been a key contribution factor, but still, there is further room to improve. We are hopeful that US market can be further expanded. Now, next group of data. Let's look at USA. As the September of 2023 and 2022, you can see absolute growth. Store numbers, 28 of them, from 66- 94.
At the end, we see GMV increased from RMB 250 million- 620 billion a million RMB, and our presence in the States from 14 states to 29 states. Now, let's look at our scale, expansion, and cost. Rental and labor are the highest in USA. After two years of efforts, these two expenses have been reduced. You can see the rental versus the sales ratio has been 7%, down from 24%- 17%. Labor cost increased to 11% from previously 17%. So you can see the economy in the US is constantly optimizing, and we will do better in the future. From last year to this year, we have five steps to upgrade our brand presence there. First, brand positioning, second, product upgrade, supply chain consolidation, store upgrade, and quality-driven development.
When I was new in U.S., as Jackie had said, we were in the U.S. perceived as affordability, good value for money. We mostly saw products below $10. I visited all the states in U.S.A. in three months time. I identified that there are good IPs everywhere in U.S. They have very large-scale co-brand. So it's a great place for IP. It is also a highly competitive market, with a number of IP and the landmark for trendy sales. So if in the U.S., we continue to be known as a brand for good money, good value, then we might be phased out. So last year in U.S.A., we repositioned our brand in U.S. as an IP-centered specialty trendy goods retailer. Still, U.S. is our great battlefield. You see, U.S.A. as a market filled with IPs, with strong user interest and strong user consumption capability.
So we then readjusted our U.S. IP metrics, and we have swiftly adjusted our inventories in U.S. We have identified the U.S. IPs that will be popular there, and after two years, the IP products account for 70% of our total GMV, the highest of all stores, and we have a strong local IP co-branded efforts. If you go to every store in USA, you find all the products are with IP co-brand. Now, there are a number of good products, good IP, and there's particular need in USA. So our IP products are so popular with its good value for money. Yes, in U.S., they have a number of co-branded products, but are all in the premium market. For MINISO's IP, I think it will be very popular in the U.S. So how do I consolidate the supply chain?
How do we have a synchronized product release? Air cargo is the key. As of this year, we have 10% of the carriers done by air. So that will help us to have the little product testing and the product release. From the USA local warehouse to stores, we also built two warehouses in USA. In the past, we only have one warehouse in west of Los Angeles, and we have built eastern warehouse in USA. So each warehouse will cover at least a number of stores. In the western part, we only had one warehouse, and the lead time was very long. After building two warehouses, the western warehouse had improved its efficiency by 20%.
In the past, it took us 15-20 days to have shipments from western warehouses to eastern warehouses, but today, the lead time has been shortened to 3-5 days. Especially the Times Square shopping circle have helped us to further expand the market in New York. Because USA is a high land for IP and for IP cluster. There, we can collaborate with a number of good IP owners. We will continue to work with them to product design and product release. This will enrich our product mix, helping MINISO to become more competitive in USA. I'd like to talk about Barbie debut in US. Barbie movie debuted by July 21st. At that time, I wanted to have speedy delivery of Barbie goods in all our Times Square stores.
With 10 days, we have completed the shipments and shelf display, and the sell-out rate reached 85% in 1 week. Almost everybody who had watched the movie can suddenly go to our stores to purchase the merchandise there. This year in February, Mr. Ye visited U.S. market, and he had selected the location for Times Square store. This is the store creating 9.06 million CNY GMV. You know, Times Square is so expensive. It's not an ideal location. Just producing branding effect is good enough. However, we have cash collection in 4 months with super profit in our Times Square store. That store has helped us to develop more stores. This is a store in Florida Mall, a very good shopping mall in Florida. It's not a super large sale, but we have upgraded the visual design.
The first month's GMV reached RMB 1.72 million. In USA, the commercial property owners, they look at the output per square meter to determine your location. After months of testing water, after constant improvement of a single square output, we have been enabled to get better location with better performance. This year in 2024, we have signed contract for another 40 stores in USA, and we are gaining a number of quality resources in the US. What have we done internally in US? It's the first country in USA that we have launched the automatic cashier. That have helped us to reduce labor cost by 0.2%. In USA, we want to engage membership plan. They care about membership and premium benefits.
So we start to build premium benefits in 2023, and we will continue to engage with the membership program and private domain traffic. After the compound system, we monitor all the data in USA to assist our stores in making better decisions, so technological empowerment. Of course, in the USA, we have a localized talent pool. In the early days, we have empowerment from our headquarters, but now in many countries, we have a globalization, where tier two and tier two below talents have been promoted and recruited overseas. So we have built a local talent pool using global talent, supporting our global talents, and we will continue to do so with long-termism mindset... After an array of countermeasures, let's look at the future expansion in USA. As of December, we have 118 stores in 24 states.
In the future, we plan to have 1,000+ stores in U.S. opening. This is just the minimum. High quality growth. We want to open new stores in U.S., creating record high GMV. The success in U.S. mirrors our strategy. Strategy must be visionary. In the past, CNY 3 million might be good enough for us, but this year, with branding upgrades, we have been constantly refreshing our single store GMV. CNY 9.06 million GMV per month in the Times Square store means we are looking at a much larger market with greater potential. So next, we're looking at, ten million to twelve million single store GMV per month. With the Times Square store success, we also have high objectives for all our U.S. direct sale stores. Constantly elevating standards lead us to a broader market.
The store models have been so diversified to support our store opening. So we have the category stores, day-to-day stores, the street-side stores, and flagship stores. We have a number of diverse stores, from large stores to mini stores. So we will constantly research on the store models, profit models, to make sure every store open is a store that's making money. With all these experience, how do we further enhance our presence in mature market? I'm looking at a market of 2.177 billion people with a GDP of $33 trillion. So from diverse store models, with swift store strategy, we will work around super IP building, super products building, super marketing, and super experience. These four measures will help us to build flagship stores overseas.
Super IP, from just IP product to IP dedicated zone, to IP stores, to IP theme park. From singular IP, to multiple IP, to a theme park, a scenario-based consumption experience will be so immersive for the users. We will constantly highlight the IPs in our stores to make it trendy and appealing. At the same time, super products. From a singular category to 10 designated zones to four designated zones, our store sizes are larger and larger, and we reserve flexible space inside the store. We call that a great cosmetic zone, great toy zone, great snack food zone, and great IP zone. So each zone offers an appealing and immersive experience. In the snack zone, it's like a snack house where you can access to diverse flavored snacks.
In the future, the store size can be even enlarged, where we can build a theme park inside one store. In Indonesia, this year, with super marketing methodology, we have obtained over 19 million fans, with annual exposure of more than 2 billion. Every store opened in Indonesia receives a long line, because we've accumulated a very large fans pool. So every store opened in Indonesia will hire the local KOL and celebrities. So every new store opening in Indonesia will drive phenomenal traffic. After the super IP super store, now we have pink store, a theme park store, where we have delivered extreme experience to our users, driving our GMV. You can see in Indonesia, the four stores after upgrade, zero four store after theme park, we have a GMV of over CNY 6 million, 11% growth.
And the second store, single mall, CNY 5.52 million, 10 times of growth. The third store, double digit growth. And the last store, the great IP store, great cosmetics, extreme user experience in Indonesia, CNY 6.5 million single store GMV with phenomenal performance. So with these major efforts, we've seen great performance on the Here, through the same means, we try to replicate and iterate the stores. For instance, the flagship store in Singapore with GMV growing by 3 times, reaching CNY 3.6 million. In Hong Kong, the flagship store GMV has grown by 168%, with reaching CNY 350,000. So we will see that the single day, the single store performance keeps hitting new heights. For each store, there will be something new to be introduced.
And, a lot of stores are trying to set new records. Many of the stores have made plans for continued growth and new records. I think, to improve the single store sales, will help us to boost our total GMV. There is still a long way for us to go, and we try to explore, even deeper in each country that we are represented.
So may I invite Sunny Sun, the General Manager of TOP TOY, to speak to us.
As you know? So we could see that, this morning, we listened to several presentations, giving us information in various fields. And, my topic will be about TOP TOY. And, I cherish this opportunity very much. Why? Because, I think, TOP TOY received very little attention from the investors.
The reason why I am here is to draw your attention to TOP TOY. Three years ago, TOP TOY emerged. And, a lot of the story for this, valuation has been, told. However, because of the COVID, we experienced a lot of difficulties. Now, for the attention I have received, it's not that much. In 2023, we continued with our efforts by to make improvements. And today, I want to update you what we have achieved. So we are just like a little star shining on. So we hope that, we will be able to, radiating more light in the family of the MINISO. There is, a lot for me to say today, since I have, limited time. So I ask myself, "If I am an investor, what will persuade me to buy, a new brand?
How can we be, How can I be confident in its future?" So in order to convince you, I would like to concentrate on the following three areas: what, why, and how. So what is TOP TOY? And the second keyword is why. Why? Why TOP TOY? Why TOP TOY? So actually, a lot of people ask me why, why I decided to engage in the TOP TOY. So in the field of TOP TOY, why the TOP TOY will excel. So I think you will be very interested in knowing why. And the third point is how. That is how to realize our strategic plan, since we postulate to become the number one IP retailer in the world. So how can TOP TOY help to achieve that goal? So first of all, what is TOP TOY?
In December 2020, the first store was opened in Grandview Zhengjia Shopping Mall in Guangzhou. In 2023, our GMV was at CNY 1 billion. So here, I would like to show you a video to let you understand our history and the development. So this video will review our three-year history, during which we made a lot of exploration. Our total GMV was over CNY 2 billion. And last year, for a single year, our GMV is we need to check our financial reports for the exact numbers. We expect that, we expected to open 100, open 50 new stores, but in fact, we established 30 new stores. However, we fulfill our goal of GMV. Instead, we realized 50% growth.
So these 30 new stores are mostly opened in November and December last year, which means that the GMV of the new stores only account for 5%. As for the existing stores, close some of those which are not in the best location. So we try to enhance the store GMV. So with 130 stores, we achieved a GMV of CNY one billion. And for the single day, single store growth is 40%. By the end of last year, we have 150 stores with 6 million members who have made actual shopping in our store. And we are not a purely channel store. We have self-made products. So for instance, for the self-research and self-development, the growth profitability is about 60%.
So the second question I want to answer is why? So why do we choose to engage in the soft toy? As I have been working in the industry for a few years, why I decided to move into the area of a soft toy, and why soft toy can excel in this field. As for the industry sale, the CAGR grew at a scale of 25.9%. As for soft toy, our growth, I think in the future will be at least 40%, but the scale is small right now. But this is purely for the soft toy, and almost the whole toy industry has a very large scale. So I think, globally speaking, can you find a place where the annual growth of CAGR is about 20%?
So only, only the soft toy, which have such a growth rate. Then second, the industry benchmark. If a benchmark is just about CNY 10 billion, maybe it is not a high potential area. But if we look at LEGO, one of the outstanding example of the industry, we could see that its GMV was 62.8 billion yuan, growth by 17%. As for 2025, so in 2022, net profit is CNY 4.7 billion, and its sales is CNY 50.1 billion. As for in China, I think maybe the industry benchmark is about CNY 5 billion or 6 billion. So in each segment, I think there will be a Chinese company which could compete against the international stores.
So I think in the soft toy area, we are just at the beginning. So this is the industry benchmark.
And secondly, the singular brands. Law of development, the consumers are changing in their behaviors, just how Mr. Ye talked about the theory of [shally] machine. I remember 20 years ago, other consumers of coffee. That is, for instance, the financial professionals working in the financial district in China. So only a very tiny group of people drink coffee. So when I first savor coffee, I was curious why people like to have a taste of the bitter coffee, but things have changed a lot. 30 years ago, only actresses will wear makeup. But right now, every woman will use cosmetics and then makeups, and even some men use them. So this shows the changing trend of the consumers. But the consumption is also a view that is strongly encouraged and supported by the government.
How about the consumer of the pop toy? Will it be more accepted and more popular with the current consumers? Two examples. First, if you are millennials, and you have an office, what do we place in our office? First, from fish- keeping bowls to green, landscape pot to, you know, figures. A lot of young people today would love to decorate a whole cabinet in their apartment to keep their figures and stuffed animals. In 20-10 years from today, the home decoration and office decoration will be so different from today. So I'm sure in 20-10 years, pop toy will be necessities like cosmetics or coffee. Never say impossible. Luckin Coffee, they have more than 100 million users, and Pop Mart, we also see more than 40 million users.
Don't ever underestimate TOP TOY, and it's actually a growing track where it's so competitive in the coffee sector, where in TOP TOY, we're leading. Now, let's talk about how. Yes, I talked so much about why TOP TOY is so promising, but how are we going to win in this market? First, a little bit of our vision. In the shortest run, TOP TOY want to be China's world-class TOP TOY. Yes, we're from China, but we're looking at the global market. Our boss is looking at the global market, so we're standing on the giant shoulders to bring joy and aesthetics to global users. Meanwhile, how do we support our strategy? We have two methodologies to stay focused. So my message to investors are, first, our merchandise strategy. 70% of self-developed merchandise and 30% from external sources.
About one year ago, I said, in 2023, I want to have a 70% sourced elsewhere, and 30% self-researched. In the long run, we want to sell self-researched products accounting for 70%, because they contribute higher margin. Externally produced products will account for 30%, because we have the brand advantage. Second, our channel strategy. Online, offline, omni-channel. Yes, we have good SKUs in China, also TOP TOY will be present in the overseas market, because MINISO has already accumulated valuable experience to support TOP TOY. So these merchandising strategy and channel strategy will support our long-term strategy. In the short run, five years, we want to have 35 million dedicated members, much more than top 10 strong IPs. Yes, they can either be externally sourced IPs or self-researched IPs.
TOP TOY is like Android, and the other competitor of ours is like Apple. They have their own IP. But how long have they stopped incubating their own IP? Where we are an open system, where we can work with Disneyland and Pokémon, but we can also incubate our own IPs. For example, we have strategic partners with Chinese IP producers, where they can incubate IPs, leveraging our brand, our channels, leveraging our partners' design and marketing, we can create a multiply effect. Our annual GMV growth of about 40% in next to five years. I wanted to aim for 50%, but Vincent said, "Downgrade that to 40%." But still, I'm hopeful, because in 2023, we have high-quality products. So in 2023, we are aiming at high-quality development rather than the growing of store numbers.
2023, monthly sales per store amounting to CNY 600,000 quite ideal. So this year, by December and January in 2024, a number of Chinese shopping malls approached TOP TOY to offer us good location. Look at [pics] shopping mall. You can see present in the ground floor of [pics] shopping mall, where Uniqlo is on the second floor. So that's the dividend contributed by high-quality growth. Today, we don't need to beg for the shopping malls for a good location. They invite us over for presence, so I'm very hopeful in our future. Now, how do we realize our goal? This year in China, we have 400 shopping malls opening, and we have over 8,000 shopping malls. Today, we are opening in a number of shopping malls.
We choose presence in the best 1,000 shopping malls, then best location are our core resources. That being, another 800 shopping malls, not yet, but online is a great opportunity. That's the cross-border e-commerce, especially the apps for cross-border e-commerce are so popular. So in Black Friday and Christmas, we tried, and we saw phenomenal data. Black Friday and Christmas, a number of China's TOP TOY brands in a number of cross-border e-commerce platform had surged as a great performance. From online to offline, I want to talk about yesterday, I arrived from Singapore. We had a meeting with Samuel. So his comments to TOP TOY is, your design and merchandise is going to be so popular. And after touring Southeast Asian market, I found some people who have smuggled the TOP TOY products with premium by one time or 1.5 times.
So we are going to be so strong in the Southeast Asian markets. We have idea where their opportunities are. I have a distributor friend who is in Hong Kong, designing a whole shelf, and he copied the model, TOP TOY in China, and create a mini store there. Last year, in a single month, he had HKD 1.2 million of revenue. So great overseas market opportunity. Now, we, Mr. Jack Ye, talk about the Uniqlo's revenue, 50% are generated by the global market, so the same is true for TOP TOY. In mid and long term, we believe there are 50% of our market overseas, so we have a three-step strategy. First, merchandise going outbound with our channels, Disneyland, Pokémon in 2024. Second, store outbound expansion. For TOP TOY, it's not difficult for us to open a store overseas.
You know, a few good stores of TOP TOY in where many MINISO stores are already present. So as long as we have polished our own competition model and products, nothing is difficult. Number 3 is brand going outbound, where we can create a brand, great brand like LEGO. Yes, TOP TOY is a young brand. Jack Ye taught me to have a great ambition. He said, "If you are clueless because of what's happening today, then I may suggest you to have a strategy and vision from the future, at least 20 years ahead." So now we will create a three-step strategy for TOP TOY, becoming number 1 in 2025, 3 years, global top 3 in 10 years, and global top 1 in 20 years.
We know that, Lego has been polishing their brand for almost 100 years, and TOP TOY, in 20 years, will be global top one, with more than CNY 100 million GMV to become a number one brand on the toys sector. The ambition is there, and we still are committed to making concrete efforts. As I said, we are not eager to open more stores. We want to improve the daily sales store and the quality of our merchandise. 2024, we will be still accelerating our footsteps in China. We aim high, but we stay firmly grounded. About 10 years ago, nobody believed there's one mobile phone brand in China that can defeat Apple. You know, in 10 years, here we come. On coffee segment, nobody knew that there's going to be a brand like Luckin Coffee and defeated Starbucks.
In a foreign brand, prominent tracks like Adidas and Nike, you know, Anta from China is there challenging their presence. So we've saw a number of Chinese businesses build a very high brand in each segment Chinese brand will, will at least be there competing against the global dominant brands, and MINISO would be the one in the toys segment. Thank you.
Thank you. Now, next, the floor to our Chief Financial Officer, Eason Zhang, for her presentation.
Hello, good morning. A great welcome to every investor for joining the first ever Investor Day. My name is Eason Zhang. I think you know me pretty well. In the last three years, I have represented the company, sharing the investment strategy and value from MINISO.
About 3 years ago, I was asked by investors, say, "Why are consumers buying from us?" But now they ask me: "What's your strategy next year? What's the company look like in 5 years?" So to give you a better answer, we have convened today's Investor Day. Very fortunately, at the 11th year of our business in Guangzhou, we're honored to welcome everybody together with all the members of the management team, to walk you through our next 12 months action plan and our longer term strategy. I told our management team that the investors are keen on having such a face-to-face dialogue with the management team, to develop a better understanding of the management team behind the numbers. So far, we haven't received any questions, but I wonder, what impression you have built after hearing our presentation. I look forward to your questions in the afternoon.
When I was there, offstage, I heard from each member of the management team, starting from Jack Ye, our founder. You know, there's something common in our management team: young, energetic, in good figure. In order to prepare this five-year strategic plan, Jack Ye has led the whole company in the last few days to create a good budget, a good plan. But you all know the style of MINISO. We have refreshed the market expectation with our exceptional performance, which has really risen out of the adversities and downturn in the market. That means a resilience and exceptional business, signifying the potential for our merchandise in the market. So my first message to you is, please stay assured. We will deliver whatever has been promised today in the next five years. So I'm going to have a very quick presentation.
I will reiterate the information shared by a few members of our management team. So some publicly available financial statistics. One takeaway for you. After US listing in 2022, the company became much stronger. Comparing with pre-listing, our store numbers increased by 44%, our TTM up by 55%, and after experiencing three years of pandemic and inflation, unseen in EU, USA, and geopolitical uncertainties, we have committed brand upgrade to release our profit potential, and you see the GP margin has increased by 12% against all odds, and our net profit, comparing to pre-listing, up by 200%, and net profit doubled from 8.3% to 16.3%. In the last few years, we tried to improve our shareholders' return policy.
Between 2020 to 2023, we returned about CNY 2.12 billion through dividends and repurchase, accounting for 55% of the net profitability. So we will continue to bring return to our shareholders. In terms of the information exposure, disclosure, you could see that we disclose the information in our financial reports. So, as for our financial year, it will change from June 30 to December 31. What is the benefit of such a change? So in our operation analysis, we take the natural year as the basis. When the financial year is changed, we will be able to give you a clearer and a more solid analysis of the financial status. This is a method we take to improve the information transparency.
We use a lot of methods to increase liquidity and optimize the share structure. So we are included into the Hong Kong Stock Connect. So about 10% back from the US to the Hong Kong stock market. So here I would like to recap some of the points this morning. So in the next five years, our store will number of store will be growing by about 900-1,000. So in the last four years, we opened about 3,000. It means that every year, it will be 680. And in the next five years, every year, we will open 900-1,100 stores every year. So by 2020-2028, the number of stores will be doubled. Why we are so confident in opening new stores? Because we are very confident of our products and IP.
For instance, Baisheng, its store will grow from 13,000 to 20,000. McDonald's, the store will grow from 50,000 to 50,000 stores. This is such a household name with a history of 70 years. Then it says that, in the next 3 years, we are going to have the highest rate of opening new stores. Therefore, if you are confident of your business model and your products, there will be no ceiling for the number of your stores. In the end, we hope that we could have about 40,000 stores globally. I hope that after our operation, we will keep expanding the number of stores, and we will have a higher expectation.
Next, for the growth, the compound growth rate annually will be no less than 20%. So it means that in the next five years, the China business will grow by... will be almost doubled. And as for the overseas market, it will grow by about four times. So our assumption is that in the next few years, our single store will grow a lot. So where does the growth come from? So this is a recap. First of all, products. In terms of products, we will focus on our category, strategic category, the interest-based consumption. In the next few years, we are going to launch major collections in a second for the IP. IP sales will account for half of the total sales. And localization in the global market.
Product localization is very important for us to open the global market. Therefore, we are going to establish 4 design centers globally, and we will going to strengthen our supply chain. So 30% of the products will be locally sourced, and affordability is a key concern. So domestically speaking, in terms of the channel, beginning from 2024, there will be more forward-looking and a strategic planning. So it is expected that in the next 5 years, the domestic store will maintain a growth rate of around 10%. So that is yeah 10% or even double digits growth. So for high quality development and for the channel upgrading, we will explore the bigger store concept.
For overseas, we'll concentrate on the best markets, for instance, the high potential markets in Europe and America. By 2028, there will be three markets where there will be over 1,000 stores, North America, Europe, and Latin America. In those markets, there will be over 1,000 stores, and the Asian market will have more than 2,000 stores. We are going to work in five areas. First of all, upgrading. So for the brand proposition. Second, brands. Third, integration of the supply chain for store. Lastly, organization efficiency. We need to do the IP globalization, product localization, and the membership system building. For the North American market, we are going to optimize the store format and the ability of making a profit.
We are also open to explore if it's possible to do a asset-light retail partnership. We are also trying to engage in the digital master system development for our distributors. For instance, the surveillance or the monitoring of the stock, supply chain management, and certainly, the performance analysis of the local market, and of course, the membership management. So in terms of sales, we are going to expand the consumption base, the consumer base, and enhance repeat purchase. In terms of finance, as the overseas business will take up a greater share of our IP, we hope that the net profit compound growth will be higher than the income growth, and the dividends ratio will be over 50%.
In the next few years, we are going to concentrate on the overseas markets, and we are going to visit the markets, visit the stores to talk with our heads of different markets. I hope that next time when you are here, you will be more satisfied than today. And we hope that we could deliver what we plan, what we expect. And thank you for joining us today.