Budget Retailer Miniso Bets on Homegrown IP to Fuel Global Expansion
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Miniso Group Holding Ltd., the Chinese discount lifestyle retailer known for its “efficiency-first” model, is rewriting its playbook. The company is betting big on developing its own intellectual property (IP), seeking to turn original characters into global brands as it looks beyond low-cost retailing.
At the company’s second-quarter earnings call, Chief Executive Officer Ye Guofu said Miniso has signed nine trendy toy artists and will prioritize in-house IP development over licensing deals. “In the past, we didn’t have the awareness to build our own IP,” Ye said. “Now we recognize the value. We have strengths in product design, marketing and distribution. The only missing piece is original IP.”
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- Miniso is shifting from licensing popular IPs to developing its own, aiming for in-house IPs to account for 30% of sales and at least 50% IP-related revenue by 2028.
- The company launched its character “Yoyo” and acquired two new IPs, with international expansions in both Miniso and Top Toy stores.
- Miniso operates 4,305 stores in China and 3,307 overseas; U.S. revenue grew 80% year-on-year with new stores outperforming older ones by 30% in sales per square meter.
- Miniso Group Holding Ltd.
- Miniso Group Holding Ltd. is a Chinese discount lifestyle retailer known for its "efficiency-first" model. The company is now focusing on developing its own intellectual property (IP) and characters like "Yoyo" to become a global IP operator rather than just a licensed product retailer. Miniso aims for in-house IP to account for 30% of sales eventually, with a target of 50% IP-related revenue by 2028.
- Pop Mart International Group Ltd.
- Pop Mart International Group Ltd. is a rival Chinese toy retailer whose homegrown character, Labubu, achieved global success. This success led to a significant increase in Pop Mart's revenue and net profit in the first half of 2025, and its shares soared, resulting in a market value six times larger than Miniso's.
- Hi Toy
- Hi Toy is a company that developed two original Chinese IPs, Nommi and MayMei. Miniso's toy arm, Top Toy, recently acquired these IPs from Hi Toy. Nommi and MayMei products will now be sold through both Top Toy and Miniso stores, indicating their integration into Miniso's retail ecosystem.
- First half of 2025：
- Pop Mart International Group Ltd.’s revenue reached 13.88 billion yuan, up 204% year-over-year, with net profit surging nearly 386%.
- By June 2025：
- Miniso operated 4,305 stores in Chinese mainland and 3,307 overseas.
- By mid-year 2025：
- Top Toy had 293 stores worldwide, mostly in China, with plans to add 50 to 60 overseas in 2025.
- Second-quarter 2025：
- Miniso CEO Ye Guofu announced that Miniso has signed nine trendy toy artists and will prioritize in-house IP development over licensing deals at the second-quarter 2025 earnings call.
- July 2025：
- Miniso held a fan signing event for its homegrown character 'Yoyo'.
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