Chinese discount variety store Miniso is to expand into four new markets: Panama, Angola, Trinidad and Tobago, and Latvia.

The four new territory partnerships were announced at Miniso’s Global Partners Symposium in Guangzhou, China.

Miniso says it wants to reach as many customers as possible around the world and the new territory partners have “strong capabilities and expertise” in the retail industry and “a deep understanding” of their local markets.

This summer, the first Miniso store in Latvia will open in Riga, the capital city, while the first in Panama is set to open in June, with seven stores planned there by the end of the year.

Trinidad and Tobago’s first Miniso store will open in the middle of this year, with the goal of building more locations within three years and gaining further opportunities to grow and build relationships in Central and South America. Miniso reports it has partnered with a major Latin American retail firm that has worked with hundreds of internationally famous merchants in Trinidad and Tobago.

Miniso has also acquired a spot in Shopping Avenida, a high-end mall in Luanda, Angola’s capital. The first store is expected to open in time for the festive season this year, with subsequent plans to open three more.

Vincent Huang, VP of Miniso’s overseas operations, told the summit that foreign stores will be renovated to include specifically designated zones for top-performing product categories such as toys, blind boxes, plushies, accessories, cosmetics and personal care products.

Earlier this month, Miniso reported a 15.6 per cent increase in gross profit to US$144.6 million for the quarter ending December 31, despite a 10 per cent year-on-year decline in revenue.