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MINISO Group Holding Limited (simplified Chinese: 名创优品; traditional Chinese: 名創優品; pinyin: Míngchuàng Yōupǐn; Jyutping: ming4 cong3 jau1 ban2), trading as MINISO is a Chinese[1] retailer and variety store chain that specializes in household and consumer goods including cosmetics, stationery, toys, and kitchenware featuring IP design.[3] Founded in 2013 by Ye Guofu, its headquarters are in Haizhu District, Guangzhou.[4][5][6] In 2025, the company's sales revenue reached $2.45 billion.[7][8] In March 2019, MINISO began a collaboration with Marvel Entertainment to sell its branded products.[9]

Key Information

MINISO has expanded outside of the Chinese market and operates over 7,000 stores including designer toy brand – TOPTOY stores and 6,868 MINISO stores in Asia, Europe, Oceania, Africa, North America, and South America.[10][11][12] Sustainalytics and Morningstar ESG risk rating rank MINISO as “Low Risk".[13][14]

History

[edit]

MINISO opened its first pilot store in Guangzhou, China in 2013, near its factory. It then expanded to Hong Kong, Singapore, and Malaysia before opening several stores in Sydney, Australia.[15] The company was co-founded by Chinese entrepreneur Ye Guofu in 2013. According to Ye, the brand's early product designs were developed in collaboration with a Japanese designer. However, some media outlets have questioned the authenticity or existence of this designer, suggesting a lack of verifiable information or public records regarding their identity.[16][17][18][19]

The company initially employed a Japanese-influenced branding strategy, despite previously operating under Chinese company Aiyaya.[20] MINISO’s first overseas store was opened in Singapore in 2015, two years since its debut in Guangzhou.[21] MINISO has since expanded outside of the Chinese market and operates 6,868 in Asia, Europe, Oceania, Africa, North America, and South America.[22]

In January 2017, MINISO announced that they were seeking to enter the North Korean market, opening their first store in Pyongyang four months later. According to The Economist, the store was popular among the country's wealthy but only accepted foreign currency, including the US dollar, Chinese yuan, and euro as payment.[7] Soon after opening, the company's Japanese branch came under pressure for violating United Nations Security Council Resolution 2321 prohibiting trade with North Korea, distanced themselves from the move, and blamed the Chinese offices for the decision.[23] As a result of the controversy, MINISO promised not to ship any more products to North Korea and the Pyongyang store was rebranded as "Evolution".[24][25]

In September 2018, MINISO received its first external strategic investment funding of one billion RMB from Tencent and Hillhouse Funding Group.[26] On December 18, 2018, MINISO Canada filed for bankruptcy.[27] In March 2019, MINISO China took over the operations of MINISO Canada.[28] On March 13, 2019, MINISO partnered with Marvel to introduce a range of themed products. MINISO went public on the NYSE in October 2020 under the name MNSO.[29]

In December 2020, MINISO launched a toy brand called TOP TOY, with its first global flagship store located in Guangzhou, Guangdong.[30]

In August 2022, MINISO apologized for "wrong brand positioning and marketing", admitting that the company was a "proud Chinese brand through and through", and said it would remove its Japanese inspired elements (including their katakana logo, メイソウ MEISOU) by March 2023.[31][32]

In 2023, MINISO released new brand strategies including launching different store types such as IP-themed stores, “super stores” and national flagship stores and changed the font on the logo. Their stores have been revamped, removing most Japanese references, and are much larger in size for more products.[33]

In May 2024, MINISO ceased operations in the Republic of Ireland and went into administration in Australia for the second time in four years.[34]

As of June 2024, MINISO has established collaborations with over 100 intellectual properties, including Disney, Sanrio, Barbie, Sesame Street, Minions, Pokémon, Harry Potter, Care Bears, Peanuts, Tom and Jerry, Teletubbies, Strawberry Shortcake, We Bare Bears, My Little Pony, The Powerpuff Girls and the Beijing Palace Museum. The company currently operates four design centers in China, the United States, Japan, and South Korea. It has launched over 10,000 stock keeping units (SKUs) related to intellectual properties. After partnering with Mattel Inc. since 2022 and releasing Barbie-themed products since 2023, MINISO acquired several percent of Mattel's shares. The acquisition was officially announced at the Barbie 65th anniversary celebrations in April 2024.[35][12] Also in 2024, MINISO opened its largest Barbie-themed store in Malaysia and Vietnam, attended by both Mattel and MINISO's directors and staff.

On 9 December 2024, Mirage Retail Group, the operator of Miniso Netherlands stores, was declared bankrupt.[36] In February 2025, Mirage Retail Group put Miniso Netherlands up for sale.[37]

Global expansion

[edit]
MINISO in Tijuana

MINISO first established a retail presence in China, and the majority of its stores still operate there. It has pursued an aggressive expansion plan in countries connected with China's One Belt One Road economic policy, alongside other similar international retailers like Mumuso,[38][39][40] XIMIVOGUE,[41][42] YOYOSO,[43][44][45] USUPSO[46][47] and LÄTT LIV,[48][49] with shopping malls sometimes having several rival stores.[50]

It first began expanding in Asian countries, including Taiwan, Hong Kong, Cambodia, Nepal, Macau, India, Pakistan, Mongolia, Kazakhstan, South Korea, North Korea, Indonesia, Malaysia, Singapore, Vietnam, Sri Lanka, the Philippines, Thailand and Bangladesh.[7][11] Sales in one store in Vietnam on its opening day exceeded $10,000 in one hour.[51] Its Japanese branch closed in 2020 due to the pandemic. MINISO's store in Pyongyang was the first and only foreign-branded chain store in North Korea.[7] It opened its first Australian store in early 2017.[52]

On 27 May 2016, MINISO opened its first Thai store in Seacon Square Srinakarin, Bangkok, operating under the name of Miniso (Thailand) Company Limited, which Singtai Trading Company Limited is the sole importer. Currently, MINISO has a total of 52 branches in Thailand.[53]

MINISO currently operates 294 stores in North America and 598 in Latin America.[54][55] Its first U.S. store opened in Pasadena in April 2017.[56]

In Central America, MINISO opened its first store in Panama in 2018. They had opened four more stores there by October that year. They also started operations in Costa Rica in 2019, where there are currently 10 stores.[57]

A MINISO retail store in Mazatlán, Mexico

In South America, MINISO opened its first retail store in Brazil in August 2017.[58] Its second store followed in Chile in December 2017, where there are now 30 locations.[59] In May 2018, MINISO opened its first retail store in Peru at Jockey Plaza Shopping Center. In Colombia, operations began with the simultaneous opening of two stores on August 30 in Bogotá, and by December 2018, they planned to have 15 stores in the country. In October 2018, MINISO opened its first store in Bolivia and reached its tenth store in that country by 2020.[60]

In Europe, MINISO operates retail outlets in Spain, Germany, Italy, Estonia, Serbia,[61] Armenia,[62] Russia, the United Kingdom, France and Iceland.[63][11]

In Africa, MINISO first entered Morocco in early 2017 with 15 stores in multiple cities around the kingdom, South Africa in August 2017[64] and Nigeria in West Africa one month later.[65] There are also stores in Kenya and in Kampala, Uganda.[66][67][68] As of January 2018, MINISO operated two stores in Egypt.

On August 1, 2018, MINISO opened its first store in Kuwait in the Avenues Mall Phase 4 (The Forum). On September 25, 2019, its second store was opened in The Avenues Mall Phase 1. On March 3, 2021, another store was opened in Marina Mall, and a fourth location opened on July 7, 2022 in Souq Sharq Mall.

On September 1, 2018, MINISO opened two stores in Romania and plans to open 40 more stores nationwide.[69] MINISO has opened more than 70 franchises in Pakistan during past three years.[70] On January 12, 2018, MINISO opened its first store in Bangladesh, with 29 stores currently.[71][72]

In June 2019, MINISO announced it would open six more stores in Israel bringing the total to 18 by the end of the year.[73]

On 8 November 2019, MINISO opened its first store in the United Kingdom in Ealing, a West London suburb.[74] They then proceeded to open more stores as of December 2023; including one in Wandsworth, South London and their Central London flagship store in Oxford Street on 10 November 2023, as well as a 'MINI MINISO' concept store near Chinatown, London on 29 September 2023.[75] In February 2024, its largest UK store opened in Camden, London.[76]

As of January 2020, MINISO had over 3,500 stores in 79 countries, with an approximate revenue of US$2.4 billion in 2019.[15]

In January 2021, MINISO opened its first Portuguese store in Porto, Portugal, and announced plans to open 250 stores in Spain and Portugal.[77]

As of August 2021, MINISO had four stores in Oman, with three located in the capital city of Muscat and one store in Sohar.[78][79][80][81][82]

In May 2023, MINISO opened its first flagship store in Times Square, New York City and also one store inside the Mattel headquarters in El Segundo, California before its first live action movie (Barbie) was launched, specialized to sell Barbie-themed collaboration products.[83] In December of the same year, its 100th U.S. store opened in Orlando, Florida. One year later, MINISO opened a pop-up store in Times Square, setting a new U.S. record for sales per square foot and ranking in the top three U.S. stores in terms of sales performance.[84] On October 24, 2023, MINISO opened its first flagship store in Latin America at Costanera Center in Santiago, Chile.[59]

In December 2023, MINISO opened its first Sanrio co-branded pop-up store, located in Margo City, a shopping mall in Indonesia.[85] On 31 August 2024, the company opened its largest store globally at Central Park Jakarta, Indonesia.[86]

In May 2024, MINISO expanded its presence in the New York metropolitan area with the opening of its first IP collection store in New Jersey. By the end of 2024, MINISO opened its 200th store in the United States.[87]

In June 2024, MINISO opened a flagship store on the Champs-Elysees in Paris, positioning the store as a global IP co-branded collection hub, launching more than 2,400 IP co-branded products, including Disney, Sanrio, BT21, Barbie, Harry Potter, Plants vs. Zombies, Minions, Pokémon and Peanuts.[88]

At the end of 2024, MINISO launched a flagship project, "MINISO LAND," in Madrid, Spain, aiming to enhance brand experience through themed spaces.[89][90][91] In January 2025, MINISO opened a flagship store at Asiatique The Riverfront in Thailand, further expanding its presence in Southeast Asia.[92][93][94] Throughout 2023 and 2024, MINISO continued opening "IP-powered flagship stores" in key international markets, including Times Square in New York,[95][96] Oxford Street in London,[97][98] and the Champs-Élysées in Paris,[99][100][101] showcasing collaborations with global IP brands and enhancing its international brand image. Also in June 2024, MINISO introduced its biggest flagship store at Plaza Hollywood in Hong Kong, making it the brand’s largest store in the region.[102]

Intellectual property concerns

[edit]

Copycat controversy

[edit]

Since its opening, MINISO has focused on "Japanese style." Its logo, store image, and products are similar to those of UNIQLO, MUJI, Daiso[103] and even caused controversy over plagiarism due to being too similar. Their business methods are also known as "cottage-style" business methods.[6][104][105][106][107][108][109]

Laura Wen-Yu Young, a managing partner at San Francisco-based law firm Wang and Wang believes that there are no restrictions on creating a brand that simply sounds Japanese or Korean. She ultimately thinks that it will be up to the customers to decide whether such businesses "will succeed or fail based on normal market principle".[110]

Simon Collins, founder of Fashion Culture Design Unconference and former Dean of Parsons School of Design, suggests that the criticism MINISO has been facing doesn't stand to a certain extent. He does not think that "Muji or Uniqlo represent Japanese cultural brand", given that they are "100% international".[110]

MINISO allegedly started to remove Japanese elements from its stores and shopping bags in late 2019 across its 3,100 shops in China.[111] MINISO’s "de-Japanisation" process has allegedly been completed in March 2023.[112]

[edit]

Several products of MINISO were also accused of infringing copyrights rather than authorizing the use of characters designed by different cartoonists and illustrators. In mainland China, MINISO and its trademark owner Saiman Investment have been involved in many intellectual property infringement lawsuits, most of which ended with MINISO compensation.

The commodity director of MINISO said that their products "are similar to other famous brands because they are the original factory of the favorite brand products, so the similar appearance is reasonable."[113][114][115]

Finances

[edit]

According to reports, the address, chairman, founder, and investment fund of Fenlibao, a P2P online lending platform, are all the same, and there are reports that the platform was established to support MINISO. However, after the Fenlibao platform collected funds from individual investors, MINISO guaranteed it, and then loaned to MINISO’s franchisees at an annual interest rate as high as 18%, and the franchisees were asked to pay MINISO Chuangyoupin, this financing method has been questioned to transfer operating risks to franchisees to conduct "self-financing" (self-financing) behaviors that violate mainland Chinese laws and regulations, and is also suspected of violating regulations that prohibit providing "self-guarantees" to lenders. Its individual financing amount is also suspected of exceeding the upper limit. However, MINISO replied that its "industry-finance integration model" is not self-financing, and believes that doubters do not understand the operating nature of its P2P financing.

At the same time, according to the official announcement, the main assets of Fenlibao, an online loan investment docking platform, come from MINISO, and investors can get an annual interest rate of 6-11%, which is relatively "stable." This financing method allows MINISO to "transfuse blood" for franchisees and circulate assets internally to realize its business empire.[116][117] Miniso stopped using the platform prior to its public listing. In August 2020, Fenlibao officially announced its closure, and other P2P businesses associated with Ye Guofu and Miniso (also known as Mingchuang Premium) were also wound down.[118][119]

Marketing

[edit]

According to company co-founder Ye Guofu, the brand was initially registered in Japan and operates some stores there, contributing to its positioning as a "Japanese brand." However, this identity has been widely questioned, particularly due to its corporate headquarters and main operations being based in China.[120]

In response to accusations of imitation, MINISO’s Hong Kong general manager stated that the similarities with other Japanese-inspired brands were the result of employing a design team with diverse nationalities and a shared minimalist style. Critics have debated whether MINISO's branding is misleading or simply a strategic decision aligned with consumer preferences.

Legal experts interviewed by the South China Morning Post have argued that creating a brand name that sounds Japanese or Korean is not legally prohibited. Laura Wen-Yu Young, a managing partner at the U.S.-based law firm Wang & Wang, noted that market success is ultimately determined by consumer response rather than brand origin. Likewise, Simon Collins, founder of the Fashion Culture Design Unconference and former dean of Parsons School of Design, remarked that criticism toward MINISO may be overstated, emphasizing that even well-known Japanese-origin brands like Muji and Uniqlo are, in essence, globalized companies.[120]

Nevertheless, because of MINISO's success in expanding its number of retail stores, AllianceBernstein, a global asset management company.

IP collaborations, word-of-mouth, celebrity endorsements and the ability to launch viral products are the basis of MINISO's success in China.[121] Apart from collaborating with international brands, its store designs that attract customers and encourage social media engagement, it also uses blind boxes to increase sales, especially among young consumers.[122]

In recent years, MINISO has expanded its overseas marketing activities by introducing IP-themed stores and pop-up events in various regions such as Southeast Asia,[123][124] Australia,[125] and the United States.[126] These stores feature collaborations with globally recognized brands such as Harry Potter,[127] Sanrio and Lilo & Stitch.

Additionally, MINISO has leveraged the global popularity of the blind box trend through initiatives like the "Blind Box Carnival," offering immersive unboxing experiences in stores worldwide.[128][129][130] In 2023, MINISO reported global blind box sales exceeding 20 million units,[131] further enhancing its brand engagement, particularly among younger demographics.

Social responsibility

[edit]

In February 2022, MINISO entered into partnership with Peruvian NGO ECOAN to plant a tree in the Andes mountains for each certain number of items it sold. The project was joined by entities from 37 countries and donated 115,000 plants.[132] On June 22, 2022, MINISO launched a charity campaign - Penpen2PENPEN focused on supporting children around the world. MINISO alongside its customers and fans donated goods to children in 18 different countries.[133] In September 2022, MINISO and the China Green Foundation jointly launched the #PlantForPanda# campaign to raise awareness for panda conservation and bamboo planting. The campaign resulted in planting over 50,000 clumps of bamboo for pandas.[134] MINISO’s 2023 ESG Report indicated that it supports women through its marriage and childbirth incentive programs and has established a fund of US$1.38 million. The proportion of women in senior management positions in China is 61.8%.[135]

Awards

[edit]

In 2018 and 2019, MINISO won German iF Design Award for seven of its products including The Wave Pencil Box, "Water Cube" series water bottles, Kendama Gel Pen and portable lint rollers.[136] In 2021, MINISO was awarded the Red Dot award for the simple and user-centric designs of the Ten Thousand Bristles Toothbrush and the double-sided makeup mirror.[137][138] MINISO was named 2023 'International Retailer of the Year' and was awarded the 2023 and 2024 'Store Design of the Year’ (Small) by Retail Asia Awards.[139][140] In 2024, MINISO won the gold award of ‘Best Cause-Related Event’ and bronze for ‘Best Experiential Marketing’ in Event Marketing Awards.[141] MINISO won the “2024 Best Managed Companies” award by Deloitte China[142] and received the title of “Most Intellectual Property Rights Merchandise” in The Malaysia Book of Records, in featuring 4,616 new products of 86 IPs.[143] According to 2023 ESG report, MINISO is turning ““Waste” into Treasure by Using Recycled PET Bottles to Make Plush Toys".[144] In 2024, MINISO won MUSE Design Awards  for “the largest store in Indonesia”,  MUSE Design Awards for 200th store in the U.S and MUSE Design Awards for its India store.[145][146] In addition to design awards, MINISO has been recognized for its corporate performance and leadership. In 2024, Ye Guofu, founder and CEO of MINISO, was named among Forbes China Best CEOs.[147] The company was also honored by Institutional Investor as part of the 2024 Asia (Ex-Japan) Executive Team rankings.[148]

Moreover, MINISO was listed among Forbes China's Top 30 Multinational Companies,[149] and was ranked in the Hurun China 500 Most Valuable Private Companies 2023.[150] In the same year, MINISO was awarded Forbes China's Best Employer 2024 — Most Popular Employer Among Employees.[151]

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  • MINISO, SM Ormoc
    MINISO, SM Ormoc
  • Shelves in MINISO, SM Ormoc
    Shelves in MINISO, SM Ormoc
  • MINISO, SM Ormoc
    MINISO, SM Ormoc
  • MINISO, Champs-Élysées
    MINISO, Champs-Élysées
  • MINISO, Santa Monica
    MINISO, Santa Monica
  • MINISO, Santa Monica
    MINISO, Santa Monica
  • MINISO, Santa Monica
    MINISO, Santa Monica
  • MINISO, Gran Via
    MINISO, Gran Via
  • MINISO, Gran Via
    MINISO, Gran Via
  • MINISO, Gran Via
    MINISO, Gran Via
  • MINISO, Times Square
    MINISO, Times Square

References

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MINISO

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from Grokipedia

MINISO Group Holding Limited is a Chinese multinational retailer founded in 2013 by Ye Guofu and headquartered in Guangzhou, China. The company specializes in affordable, design-driven lifestyle products, including cosmetics, accessories, plush toys, and household goods, with a focus on trendy items featuring collaborations with over 100 global intellectual properties such as Disney, Harry Potter, and Sanrio. MINISO has pursued aggressive global expansion, reaching over 7,800 stores across 112 countries and regions by September 2025, including flagship locations in major cities like New York, , and . Its emphasizes offline retail supplemented by channels, driving revenue growth of 22.8% in 2024 alongside a record of 44.9%. The retailer listed on the in 2020 and the in 2022, positioning itself as a leading IP design retail group. Early branding drew from Japanese minimalism aesthetics, which sparked in 2022 when Chinese consumers accused the firm of misleadingly presenting itself as Japanese-origin, prompting a public apology and commitments to "de-Japanification" efforts. Despite such challenges, MINISO's strategy of IP integrations and store openings has sustained strong performance, with overseas revenue surpassing domestic sales in recent periods.

Founding and Early Development

Inception and Founding Principles

MINISO was founded in 2013 by Chinese entrepreneur Ye Guofu in Guangzhou, China, with its first store opening in the city's Haizhu District. Ye, who had previously operated the lifestyle brand Aiyaya, drew inspiration for MINISO during a family vacation in Japan that year, where he observed specialty stores offering high-quality, low-priced everyday items akin to those in 100-yen chains. This experience prompted him to collaborate with Japanese designer Miyake Junya to create a retail model leveraging China's manufacturing advantages for affordable, aesthetically pleasing products, distinguishing it from pure Japanese imports by emphasizing cost-efficient domestic production. The company's foundational business principles centered on a "three highs and three lows" strategy designed to maximize volume sales through affordability while maintaining . The "three lows" encompassed low prices (typically under $10 per item), achieved via low production costs and low gross margins, enabling broad consumer access to goods without . Complementing this, the "three highs" focused on high product quality, high , and high technology adoption to ensure reliable, appealing offerings despite slim margins. This approach prioritized direct cost reductions in sourcing and over branding extravagance, aiming to disrupt China's fragmented retail sector by delivering value-driven, simple designs for daily use.

Initial Growth in China

MINISO opened its first store in , , in 2013, marking the beginning of its domestic operations focused on affordable lifestyle products. The company pursued rapid scaling through an asset-light franchise model, with over 70% of stores franchised by the late 2010s, enabling quick penetration into urban shopping malls and high-traffic locations. This approach facilitated hundreds of annual openings in the mid-2010s, capitalizing on 's growing middle-class demand for low-cost, trendy goods without heavy capital investment in owned real estate. Key to sustained growth was a high-frequency product refresh strategy, featuring weekly updates and an target of approximately 21 days, which kept assortments fresh and aligned with shifting consumer preferences for value-oriented, design-inspired items. This drove robust same-store sales in early years, as empirical demand for items priced under 10 yuan underscored the appeal of accessible novelty in a competitive retail landscape dominated by higher-end or utilitarian alternatives. Initial hurdles in supplier coordination, including quality consistency and cost pressures amid fast expansion, were mitigated through deepened retailer-supplier partnerships and enhanced vertical oversight, fostering efficient integration and contributing to gross margins exceeding 40% by the late . Such measures stabilized operations, allowing MINISO to refine its domestic footprint before broader pursuits.

Business Model and Operations

Core Strategies and Supply Chain

MINISO employs a lean operational model emphasizing direct sourcing from Chinese suppliers to achieve cost efficiencies, partnering with over 1,400 manufacturers that account for 80-90% of its product . This approach bypasses intermediaries through bulk orders and integrated , enabling low procurement costs and rapid production cycles aligned with demand fluctuations. The company's supports high , with operations achieving approximately 72 inventory days—translating to over five annual turns—via data analytics for sales forecasting and just-in-time replenishment that curtails excess stock and waste, in contrast to traditional retailers' slower cycles. Overseas direct operations exhibit longer turnover at 153 days due to logistical variances, yet overall efficiencies stem from centralized warehousing and vendor coordination in province. To mitigate dependencies on external licensing and bolster proprietary control, MINISO initiated an in-house IP incubation program on September 30, 2025, focusing on original character development like PenPen and DunDun, which integrates with its existing supply network to sustain low-cost scaling without eroding margins. This strategic pivot complements core efficiencies by internalizing design inputs while leveraging China's manufacturing scale for quick iteration and global distribution.

Store Format and Retail Approach


MINISO stores adopt compact formats, typically under 200 square meters for standard locations, featuring minimalist designs inspired by Japanese retail aesthetics such as clean lines and simple shelving to create an organized, approachable shopping space. These layouts utilize a grid configuration with parallel, medium-height aisles that guide customer flow efficiently while highlighting products on end caps. The retail approach emphasizes impulse-driven sales through visual merchandising strategies, including strategic placement of low-priced, trendy items like on prominent displays to trigger unplanned purchases. Limited SKUs in each category support rapid , minimizing overstock and reinforcing the fast-paced, grab-and-go experience central to the model. A franchise-dominant structure, with over 70% of stores operated via partnerships, enables broad , while centralized elements in the —such as controlled product sourcing and distribution—preserve uniformity in store presentation and merchandise availability across franchised units. This integration ensures consistent brand execution despite decentralized ownership, prioritizing experiential consistency over local deviations.

Product Offerings and Innovation

Product Categories and Sourcing

MINISO's product assortment encompasses categories such as , , , accessories, , , and wellness items, snacks and beverages, and products. Typical stores stock over 3,500 stock-keeping units (SKUs), with the company introducing approximately 100 new SKUs weekly to maintain variety and responsiveness to consumer trends. Nearly all items are priced under $10, emphasizing affordability and accessibility for everyday purchases. The company's sourcing relies heavily on a network of over 1,400 suppliers, with 80-90% of originating from Chinese factories, facilitating cost and quick turnaround for production. This China-centric supports the rapid launch of new products, averaging around 940 SKUs monthly under the core MINISO brand as of mid-2024. Certain product lines incorporate licensed intellectual property collaborations, including partnerships with and Marvel, which extend to themed items in categories like plush toys, accessories, and apparel. These licensed offerings, spanning multiple categories, enable MINISO to integrate popular characters into its low-price model, such as Marvel-themed products across 13 categories launched in 2019.

Design Practices and Quality Management

MINISO's product designs emphasize a minimalist aesthetic inspired by Japanese principles, characterized by clean lines, simple forms, and functional simplicity, often infused with playful pop culture motifs through licensed intellectual properties (IPs) such as characters from and . This approach targets young consumers seeking affordable, visually appealing everyday items like accessories and home goods, differentiating from cluttered fast-fashion alternatives. In 2025, MINISO intensified efforts to develop proprietary IPs through an in-house incubation plan, signing nine artists to create original characters like for global launches, aiming to elevate originality and reduce dependence on external licensing that previously drew inspiration from popular trends. Company executives stated this strategy targets 30% of sales from self-developed IPs by fostering unique, interest-driven products amid rising demand for branded merchandise valued at over $3.7 trillion globally in 2025. Quality management integrates supplier evaluations, unannounced factory inspections, and onsite audits of production systems to enforce standards across the , with procedures embedded from design to delivery. MINISO conducts random and dynamic supplier assessments to maintain consistency, prioritizing affordable yet durable goods suitable for its price-sensitive demographic. These controls correlate with a reported repeat purchase rate of approximately 60%, reflecting functional adequacy and consumer tolerance for the brand's despite occasional criticisms of variability in lower-tier items. Sustained growth in same-store sales and metrics further indicate that perceptions align with expectations for products, countering unsubstantiated claims of inherent inferiority by prioritizing empirical retention over anecdotal defects.

Global Expansion

Timeline of International Entry

MINISO initiated its international expansion in August 2016 by opening its first overseas store, a flagship location in , . This marked the company's entry into Asian markets beyond , followed by openings in countries such as the and during 2016 and 2017. By 2018, MINISO extended its presence to , establishing initial stores in the region, and began operations in the , including early entries in North and Latin American markets. The company's in October 2020 provided capital that supported accelerated direct-operated flagship developments abroad, shifting from primarily franchise-based models in select regions. MINISO reached over 100 countries by 2023, with approximately 107 markets served and more than 2,100 overseas stores operational. Post-2023, expansion intensified amid global economic challenges, with plans for 900 to 1,100 annual net new store openings through 2028 to sustain growth momentum.

Key Markets and Adaptation Strategies


MINISO maintains a regional operational framework dividing international markets into North America and Latin America, Southeast Asia, the Middle East, and Europe to tailor strategies effectively. This approach enables localized product assortments and merchandising, with Southeast Asia emerging as a stronghold due to cultural resonance with value-driven variety retail; the region hosts nearly 1,500 stores across Asia excluding China, including 300 in Indonesia where high population density and price sensitivity align with MINISO's model. In the Middle East, similar affordability appeals drive penetration, supported by franchise partnerships that adapt store layouts to local shopping habits. In the United States and , MINISO counters higher market entry barriers by emphasizing urban flagship stores in prime locations, such as in New York and in , alongside hybrid integrations to test consumer response before scaling physical footprints. Product adaptations include regional flavor profiles in snacks and beauty items, alongside increased local sourcing—reaching 60% in the U.S. to mitigate tariffs and appeal to preferences for domestically produced goods. These tactics have yielded empirical gains, with same-store sales growth turning positive in the June 2025 quarter, marking the first such uptick in four quarters and reflecting successful navigation of initial cultural and preference mismatches via data-informed assortment refinements. Franchise model adjustments further prioritize partner incentives aligned with local regulatory and consumer dynamics, fostering resilience over rigid global standardization.

Financial Performance

Revenue Growth and Milestones

MINISO's revenue expanded significantly from its early years, reaching approximately RMB 7.8 billion (around $1.1 billion) by fiscal 2019, prior to its , during which the company achieved profitability with adjusted net profit of RMB 970.8 million. This pre-IPO milestone underscored the viability of its retail model amid saturation challenges. Following the 2020 IPO and disruptions, international revenue rebounded sharply, increasing 179% year-over-year to RMB 526.1 million in fiscal 2021, fueled by accelerated overseas store openings that offset domestic slowdowns. Fiscal 2024 revenue hit RMB 16.99 billion ($2.36 billion), a 22.8% year-over-year rise, driven by resilient same-store sales and network expansion despite macroeconomic headwinds in . Overseas MINISO brand revenue specifically posted a exceeding 40% from 2021 to 2024, highlighting the effectiveness of its high-inventory-turnover approach in penetrating new markets and sustaining performance through global supply chain adaptations. For the interim period ending June 30, 2025, revenue grew 21.1% year-over-year to approximately RMB 9.4 billion, with expanding to 44.3%, reflecting operational efficiencies that buffered against cyclical retail pressures. The company projects a compound annual growth rate of at least 20% through 2028, supported by empirical track record of double-digit gains in downcycles and outperformance relative to peers via rapid store rollout and inventory optimization. This trajectory aligns with historical patterns where MINISO maintained growth above 20% annually in recent fiscal years, even as softened in core markets.

IPO, Profitability, and Recent Results (2024-2025)

MINISO Group Holding Limited conducted its on the on October 15, 2020, issuing 30.4 million American Depositary Shares at $20 each, which raised approximately $608 million before underwriting discounts. The proceeds were primarily allocated to accelerate global store expansion, enhance capabilities, and support general corporate needs, aligning with the company's strategy to scale internationally beyond its Chinese domestic base. Trading under the ticker MNSO, the IPO valued the company at around $4 billion and marked one of the larger U.S. listings by a Chinese retailer that year, amid a wave of such offerings despite geopolitical tensions affecting investor sentiment toward Chinese firms. Post-IPO, MINISO's performance has reflected robust operational growth, with shares trading above the IPO price as of October 22, 2025, at $21.82, delivering modest capital appreciation for initial investors while benefiting from revenue acceleration. This trajectory was bolstered by a 54% year-over-year revenue surge in the December 2023 quarter to RMB 3.84 billion, driven by same-store sales growth of 32% and new store openings, which helped offset earlier disruptions and demonstrated resilience in core markets. Profitability has remained consistent, with adjusted operating margins hovering around 15-17% through fiscal 2023 and into subsequent periods, supported by expansions from optimized sourcing and models that minimize . The company's low leverage, evidenced by a strong cash position exceeding RMB 6.7 billion at year-end 2024, has enabled sustained investments in expansion without diluting through excessive debt. In fiscal 2024, MINISO reported revenue of RMB 16.994 billion, a 22.8% increase year-over-year, with gross profit rising 34.0% to RMB 7.637 billion and adjusted holding at 16.0%, underscoring amid retail sector headwinds. Extending into 2025, the June quarter (Q2) delivered revenue growth of 23.1% to RMB 4.97 billion, with same-store GMV growth turning positive for the first time in recent quarters, signaling successful adaptation to inflationary pressures and consumer shifts through pricing discipline and product refreshes. Adjusted in Q2 rose 8.5% to RMB 851.8 million, yielding a 17.2% margin, while group-level adjusted for the interim period reached 16.9%, outperforming broader retail peers strained by cost escalations and enabling further aggressive store rollouts. This , rooted in franchise-heavy international scaling and minimal net debt, positions MINISO for continued outperformance relative to debt-burdened competitors in the discount retail space.

Marketing and Branding

Brand Positioning and Evolution

MINISO initially marketed itself as a retailer inspired by Japanese design principles, drawing on a purported collaboration with Japanese designer Miyake Junya to project an image of minimalist and quality craftsmanship. This positioning leveraged associations with Japanese efficiency and reliability to appeal to consumers seeking affordable yet stylish variety goods, distinguishing the brand in competitive retail landscapes. In response to evolving market dynamics, MINISO committed in August 2022 to eliminate Japanese branding elements by March 2023, marking a pivot toward highlighting its Chinese operational strengths. By 2023, the company launched a global brand strategy upgrade, repositioning as a that capitalizes on China's efficiencies to deliver value-driven products worldwide. This shift emphasized affordability, , and over imported design heritage, aligning with the brand's core as a Chinese-founded enterprise founded in 2013. The repositioning's effectiveness is demonstrated through targeted loyalty enhancements, such as 2025 U.S. membership program upgrades offering benefits like birthday blind boxes, which drove a 250% membership increase to approximately 2 million in by prioritizing repeat engagement. Consumer reception has been reinforced by organic momentum, where viral of blind boxes and themed products fosters perceptions of playful, attainable delight rather than premium exclusivity. This trajectory underscores MINISO's adaptation to global tastes, evolving from a design-halo strategy to one rooted in operational pragmatism and broad appeal.

Promotional Tactics and Consumer Engagement

MINISO leverages intellectual property collaborations with entities such as , , , Marvel, and to introduce limited-edition products, including blind boxes priced between $6 and $10, which stimulate impulse buying and elevate in stores. These tie-ins capitalize on fan loyalty and novelty, drawing consumers seeking affordable collectibles and themed lifestyle items, thereby boosting transaction volumes through experiential appeal rather than sustained alone. Flash sales and clearance promotions further drive urgency-based purchases, with discounts reaching up to 80% on select merchandise until specified dates, such as April 30, 2025, in certain markets. Empirical studies on MINISO consumers confirm that price discounts heighten buying impulses, mediated by heightened interest, particularly in value-oriented demographics where hedonic motivations amplify promotional responsiveness. Such tactics yield measurable sales uplifts, as evidenced by email-driven campaigns that increased revenue by 52% via frequent, targeted sends achieving 64% open rates. Consumer engagement extends digitally through the , where members earn 1 point per $1 spent, redeemable at 20 points for $1 credit, alongside birthday incentives like free blind boxes featuring IPs such as characters. Platforms like MinisoLove integrate points with mini-games and challenges for prize redemption, enhancing retention without deep personalization. Social media efforts, including creator partnerships on and for store launches, generate user-amplified content exceeding 100,000 views per campaign, correlating with heightened traffic in emerging markets. These strategies coincide with operational improvements, including positive same-store sales growth in the June 2025 quarter, underscoring their role in countering demand softness through volume-driven recovery.

Controversies and Criticisms

Intellectual Property Disputes and Copycat Allegations

MINISO has faced numerous accusations of intellectual property infringement, particularly for allegedly copying product designs from Japanese retailers such as and , as well as other brands like . Critics contend these similarities extend beyond functional inspiration to direct of minimalist and packaging, enabling MINISO to capitalize on established brand equities in low-cost retail. Supporters argue such practices are commonplace in fast-fashion and sectors, where iterative design based on market trends drives competition rather than constituting predation. In 2025, MINISO encountered significant legal setbacks in design infringement cases. On July 31, 2025, the Bombay High Court granted an interim injunction to Travel Blue Products India Private Limited against MINISO Lifestyle Private Limited, ruling that MINISO's neck pillow product infringed Travel Blue's registered "Tranquility Neck Pillow" design under India's Designs Act, 2000, due to near-identical visual elements beyond mere functionality. MINISO defended by asserting the design's elements, such as shape and pocket placement, were functional necessities rather than protectable aesthetics, and emphasized distinct trademarks and packaging to avoid passing off; the court rejected these arguments, prioritizing the overall eye appeal of the design. Separately, on September 11, 2025, a designer accused MINISO of plagiarism in product visuals, amid broader claims of unauthorized replication. In August 2025, KK Group initiated a lawsuit against MINISO for unfair competition, potentially encompassing IP elements, with the case advancing to trial. Earlier precedents include a 2023 EUIPO decision canceling MINISO's figurative trademark following a challenge by Chinese entrepreneur Ye Guofu, who demonstrated prior copyright registration of the mark's elements in , highlighting conflicts between national copyrights and EU trademark validity. MINISO has been involved in over 40 copyright infringement suits in peak years like 2022, alongside a total of 68 lawsuits that year, though outcomes vary with some defenses succeeding on grounds of non-novelty or independent development. Recent data from November 2024 to September 2025 show at least 13 judicial cases against MINISO entities, several tied to IP and competition issues. While plaintiffs have secured injunctions in cases like Travel Blue, empirical patterns indicate mixed success rates, with MINISO often prevailing when proving functional utility or lack of consumer confusion. These disputes underscore tensions in global retail IP enforcement, where rapid product iteration challenges traditional protections.

Brand Misrepresentation and Quality Concerns

MINISO initially adopted a branding strategy that evoked Japanese and , featuring store aesthetics, product packaging, and fictional "Japanese" designer names to appeal to global consumers associating such styles with quality and novelty. This approach, while never explicitly claiming Japanese origin, fostered perceptions of the brand as foreign to its Chinese roots, contributing to market expansion but drawing criticism for misleading representations. In August 2022, following public backlash particularly in , MINISO issued an apology for "serious mistakes" in its promotional tactics and announced plans to revise store designs and eliminate misleading elements, such as altering signage and partnerships to better reflect its identity. Critics, including some Chinese netizens and media outlets, labeled this as deceptive or cultural appropriation by leveraging Japanese stereotypes for commercial gain, though the company defended it as a pragmatic adaptation to consumer preferences in competitive retail landscapes. Product quality concerns have centered on and defects in select items, with frequently citing rapid wear, such as rusting , breaking clasps on accessories, and short-lived , aligning with the brand's low-price positioning for disposable or occasional use. Notable incidents include a 2020 voluntary recall of batches deemed low-quality, offered at 10 times retail price as compensation, and a October 2025 public warning from Consumer Affairs Victoria in regarding over 400 toys and keychains containing unsecured button batteries posing ingestion risks, despite prior assurances of removal. A 2020 California complaint under Proposition 65 also highlighted unlabelled chemicals potentially linked to health risks in products. These issues, amplified in consumer forums and some media coverage, reflect expectations mismatch for budget goods, yet empirical sales data—evidenced by MINISO's expansion to over 6,000 stores globally by 2025—suggests broad acceptance among price-sensitive buyers, particularly in emerging markets where affordability trumps longevity. Countering narratives of systemic inferiority, MINISO maintains rigorous supplier audits and quality protocols, forwarding complaints for monthly analysis and recalling defective items as needed, as outlined in its SEC filings. Third-party validations include an ESG rating of AA in 2024 and 2025, positioning the company as an industry leader in and , which encompasses product and ethical sourcing beyond mere environmental metrics. While left-leaning outlets have occasionally heightened alarms, causal analysis indicates these products' design for high-volume, low-cost consumption benefits low-income demographics by democratizing access to variety goods, with defect rates not deviating markedly from peers in fast-retail segments.

Sustainability and Corporate Responsibility

ESG Initiatives and Reporting

MINISO publishes annual ESG reports detailing its environmental, social, and governance practices, with the 2024 report released on April 29, 2025, covering initiatives aligned with and . The report emphasizes integration of ESG factors into business management, identifying 22 material topics across environment, society, and governance categories, guided by principles of materiality, quantification, balance, and consistency. In 2024, MINISO received an AA rating from ESG, designating it a sector leader and reflecting three consecutive years of rating improvements, primarily driven by enhanced governance practices. Environmental efforts in the report include for , with ongoing supplier access audits, supervision, and inspections to ensure product quality and compliance. Packaging waste reduction features prominently, achieving a 90% rate across stores in through implemented policies. The company tracks metrics via operational optimizations, such as green packaging and resource-efficient logistics, which lower emissions while supporting cost-effective performance. Product-level initiatives involve the "MINISO ECO" label for items meeting plastic-free and biodegradable standards, including introductions of eco-friendly materials like Tritan plastic in 26 stock-keeping units of cups and other certified sustainable . Social components encompass public welfare partnerships, with reported investments in diverse charitable activities tied to and employee welfare enhancements. These metrics, self-disclosed in annual filings, demonstrate quantifiable progress in areas like waste diversion and material sourcing, aligned with incentives for long-term in retail operations.

Effectiveness and Scrutiny

MINISO's ESG initiatives have received positive external validation through ratings agencies, with the company achieving an AA rating from in 2024, designating it a "leader" in the diversified retail sector and reflecting three consecutive years of rating improvements. This upgrade, alongside an rating from , positioned MINISO first among peers in retail sustainability assessments, potentially enhancing its appeal to ESG-focused investors amid growing emphasis on sustainable practices in global supply chains. Consumer-oriented programs, such as promotions of low-carbon and recyclable products, align with reported gains, as evidenced by sustained store and repeat purchases in competitive markets. Critics, however, question the substantive depth of these efforts, particularly given the opacity in MINISO's operations, where detailed supplier audits and labor condition disclosures remain limited despite claims of compliance with Chinese regulations. In , where female employees comprise 65% of the and over 55% of managerial roles, adherence to local labor laws is affirmed in reports, but systemic challenges in transparency and enforcement raise doubts about genuine versus performative commitments, especially as ESG disclosures coincide with business expansion priorities. Some analyses suggest these initiatives may prioritize over transformative change, potentially masking profit-driven motives in a model reliant on high-volume, low-cost production rather than verifiable causal shifts toward . Empirically, MINISO has maintained operational growth without incurring major ESG-related scandals or regulatory penalties as of 2025, indicating at least functional responsibility in a retail landscape prone to scrutiny over waste and sourcing. The absence of documented greenwashing cases, combined with no significant incidents reported, supports a pragmatic view of its practices as adequate for industry standards, though ongoing monitoring of disclosures is warranted to distinguish rhetoric from impact.

Recognition and Impact

Awards and Industry Accolades

MINISO has garnered recognition for its retail innovation, particularly in store design and IP-driven experiences. In June 2025, at the Retail Asia Awards, the company received Brand Store of the Year - for its flagship launches and Toys & Games Retailer of the Year - , reflecting strong performance in specialized product categories. Earlier, in 2024, MINISO won Store Design of the Year (Small) awards for locations in and at the same event, emphasizing efficient spatial innovations in compact formats. The Asia's Premium Retail Awards in 2025 awarded MINISO four honors, including categories for store and retailer excellence, citing advancements in retail space design, , and immersive environments that integrate intellectual properties. These accolades align with MINISO's post-IPO expansion, where franchise scalability enabled over 6,000 global stores by 2025, prioritizing low-capital entry over owned operations. MINISO's IP strategy shifts drew specific praise, as evidenced by the Licensor at the Second Licensing Expo for its collaboration, marking effective monetization of licensed content. The MINISO LAND flagship, a 2,000-square-meter IP-centric store generating $14 million in annual sales, earned Platinum at the MUSE Design 2025—the highest tier—for pioneering immersive retail blending 150+ global IPs. It also secured Gold in the A' for similar innovations in . Industry analyses, such as Euromonitor data cited in 2019, positioned MINISO as China's fastest-growing retailer over the prior five years, a trajectory sustained through franchise-led yielding verifiable store count doublings post-2020 IPO. These honors collectively underscore empirical gains in rankings via rapid, IP-enhanced scaling rather than traditional retail models.

Market Influence and Competitive Position

MINISO has disrupted the global variety and dollar store sector by rapidly expanding to over 7,900 stores worldwide as of June 30, 2025, offering trendy lifestyle goods at prices typically under $10, which provides tangible value to consumers facing inflationary pressures in underserved markets. This scale enables bulk procurement and efficient supply chains, driving down costs and enabling competitive pricing that contrasts with traditional retailers' higher margins, thereby enhancing accessibility to affordable, aesthetically appealing products without compromising on perceived quality. In terms of competitive positioning, as of 2025-2026 MINISO's top competitors in the affordable lifestyle and variety retail sector include Daiso, Mumuso, Muji, and in specific markets like the US, Dollar Tree and Five Below. MINISO differentiates through IP collaborations, trendy designs, and aggressive global expansion, outperforming peers like with superior growth metrics, including guidance for revenue (CAGR) exceeding 20% from 2024 to 2028, fueled by annual net store additions of 900 to 1,100. Unlike , which has adjusted base prices upward to $1.25 amid cost pressures, MINISO maintains its low-price strategy while incorporating collaborations for differentiation, attracting younger demographics and spurring imitators in the low-cost retail space. This model has influenced rivals such as , highlighting MINISO's causal impact on shifting industry norms toward faster product turnover and global . MINISO's market influence ultimately elevates consumer welfare by prioritizing over protectionist barriers, delivering empirical benefits like reduced household expenditures on everyday items during economic uncertainty, as evidenced by its penetration into diverse regions with localized adaptations that sustain elasticity. This approach counters narratives favoring incumbent dominance, underscoring how open fosters in pricing and variety, benefiting end-users through real-world affordability gains rather than abstracted equity concerns.

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  105. https://lawyerenews.com/legal_detail/design-is-more-than-just-utility-it-must-appeal-to-the-eye-bombay-high-court-grants-interim-injunction-against-miniso-for-design-piracy-of-travel-blues-neck-pillow
  106. https://rnaip.com/miniso-restrained-by-the-bombay-high-court-in-the-neck-pillow-design-row/
  107. https://www-web.itiger.com/news/1103633947
  108. https://news.futunn.com/en/flash/19246125/kk-group-sues-miniso-for-unfair-competition-case-to-go
  109. https://www.novagraaf.com/en/insights/euipo-cancels-miniso-trademark-due-copyright-registration-china
  110. https://www.vice.com/en/article/miniso-apologized-pretending-japanese-nationalism/
  111. https://ssrana.in/articles/function-v-flair-minisos-mimicry-meets-judicial-blockade/
  112. https://www.reuters.com/business/retail-consumer/chinese-retailer-miniso-ditch-japanese-styling-after-backlash-2022-08-19/
  113. https://www.marketing-interactive.com/miniso-apologise-for-presenting-as-japanese-designer-brand
  114. https://equalocean.com/briefing/20201028230004080
  115. https://www.consumer.vic.gov.au/latest-news/public-warning-notice-miniso-winky-australia-pty-ltd-trading-as-miniso
  116. https://oag.ca.gov/system/files/prop65/complaints/2020-01190C6523.pdf
  117. https://ir-sc.miniso.com/2025-03-21-MINISO-Group-Announces-December-Quarter-and-Full-Year-of-2024-Unaudited-Financial-Results
  118. https://www.prnewswire.com/news-releases/miniso-releases-2024-esg-report-highlighting-its-position-as-an-industry-leader-302442303.html
  119. https://www.stocktitan.net/news/MNSO/miniso-releases-2024-esg-report-highlighting-its-position-as-an-zv8ge74p1osc.html
  120. https://miniso.com/brand/news_163.html
  121. https://www.miniso.com/social/esggovernance.html
  122. https://www.miniso.com/social/society.html
  123. https://www.gurufocus.com/news/2814433/miniso-releases-2024-esg-report-highlighting-its-position-as-an-industry-leader-mnso-stock-news?mobile=true
  124. https://www.miniso.com/social/environment.html
  125. https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0416/2024041600673_c.pdf
  126. https://finance.yahoo.com/news/miniso-releases-2024-esg-report-063400793.html
  127. https://retailasia.com/co-written-partner/event-news/miniso-takes-home-two-accolades-retail-asia-awards-2025
  128. https://miniso.com/brand/news_68.html
  129. https://www.globaltimes.cn/page/202507/1337628.shtml
  130. https://miniso.com/brand/news_132.html
  131. https://www.prnewswire.com/news-releases/miniso-land-shanghai-wins-platinum-at-muse-design-awards-2025-302570557.html
  132. https://fox4kc.com/business/press-releases/ein-presswire/854204584/miniso-land-by-xiang-li-wins-gold-in-a-interior-design-awards
  133. https://thestrategystory.com/blog/miniso-swot-analysis/
  134. https://www.owler.com/company/miniso
  135. https://therobinreport.com/the-new-asian-invasion-how-miniso-and-daiso-are-reinventing-the-dollar-store-concept/
  136. https://seekingalpha.com/article/4749534-miniso-seems-poised-for-further-upside
  137. https://asia.nikkei.com/business/retail/new-japanese-under-5-shop-aims-higher-than-u.s.-dollar-stores
  138. https://www.modernretail.co/operations/japanese-inspired-discount-stores-miniso-and-daiso-are-eyeing-the-u-s-market/
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