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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- 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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