Miniso
Miniso is a global IP-driven lifestyle retailer operating 8,485 stores across 112 countries via a capital-light franchise/agency model, selling affordable design-led products across 11 categories with 180+ IP partnerships plus the TOP TOY designer toy subsidiary.
- Company typePublic
- Founded2013
- HeadquartersGuangzhou, China
- Headcount5,001–10,000
- GTM typeB2C
- OfferingServices
What Miniso does
Miniso is a global IP-driven lifestyle product retailer founded in 2013 by Guofu Ye in Guangzhou, China. The company sells affordable design-led products across 11 categories including home goods, electronics, accessories, cosmetics, toys, food, and fragrances, anchored by over 180 strategic IP partnerships with global brands such as Disney, Sanrio, Harry Potter, and Pokémon alongside proprietary character IPs (YOYO, Gift Bear and Friends, DUNDUN Chicken, PENPEN). Its retail platform spans 8,485 stores across 112 countries as of December 2025, with multiple experiential formats including the core MINISO brand, immersive MINISO LAND and MINISO FRIENDS stores, the high-end MINISO SPACE concept, and the TOP TOY designer toy subsidiary (334 stores, HKEX filing in progress).
The business model relies on a capital-light international expansion strategy, with nearly 80% of overseas stores operated under an agency model that localizes operations while limiting capital exposure. Domestic operations include over 800 '24H Super Stores' integrated with Meituan for 30-minute instant delivery, and a 29.4% strategic stake in Yonghui Superstores (acquired September 2024 for RMB 6.27 billion) extending the company into Chinese supermarket retail. Pricing positions products predominantly under $10 USD internationally with overseas pricing running over 20% above domestic, while domestic pricing emphasizes 'light luxury' affordability across volume-driven unit sales.
Financially, FY2025 revenue reached RMB 21.44 billion ($3.1B), up 26.2% year-over-year, with overseas markets contributing 39.4% of total revenue and growing 41.9% YoY. The company is publicly traded on NYSE (MNSO) and HKEX (9896), with founder Guofu Ye holding approximately 63.7% of issued shares. FY2025 net profit declined 48.5% to RMB 1.349 billion primarily due to RMB 814 million in losses tied to the Yonghui investment and elevated share-based compensation, despite strong top-line momentum driven by US market growth above 60%, 500% e-commerce revenue surge, and 94.8% YoY growth at TOP TOY.
Miniso firmographics
Firmographics- Name
- Miniso
- Legal name
- MINISO(GUANGZHOU) Co., Ltd
- Website
- https://miniso.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Miniso is a global IP-driven lifestyle retailer operating 8,485 stores across 112 countries via a capital-light franchise/agency model, selling affordable design-led products across 11 categories with 180+ IP partnerships plus the TOP TOY designer toy subsidiary.
- Ownership category
- akta.pro rank
Miniso industry classification
Industry- Product category
- Specialty Lifestyle Retail
- NAICS
- Hobby, Toy, and Game Retailers (459120)
- SIC
- Retail-Hobby, Toy & Game Shops (5945)
- akta.pro primary industry
- Daiso-Style Japanese/Asian Variety Stores (CRAEAGAE)
- akta.pro secondary industries
- Hobby Games & Miniatures Retail (Tabletop RPGs, Wargaming) (CRALAFAH), Dolls, Plush & Action Figures Retail (CRALAFAD), Miniatures & Figurines (Display/Collectible) (CRALAKAB)
Keywords
Where Miniso is headquartered
LocationHeadquarters
- HQ city
- Guangzhou
- HQ country
- China
- HQ region
- Asia
Offices3 records
Markets served
Miniso business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Supply Chain, Operations, Marketing or Sales, Personnel, Infrastructure
Revenue model
- Physical Retail Store Sales: Revenue from company-owned and franchised/agency retail stores selling lifestyle products across 11 categories including home goods, electronics, accessories, cosmetics, toys, and snacks. Q4 2025 revenue reached RMB 6.25 billion (up 32.7% YoY) with full-year 2025 revenue of RMB 21.44 billion (up 26.2% YoY).
- IP Licensing and Merchandise: Revenue from strategic IP partnerships with over 180 global IPs including Disney, Harry Potter, Sanrio, Marvel, and Star Wars. Company also developing proprietary IPs like YOYO, DUNDUN Chicken, and PENPEN Penguin for differentiated product offerings.
- TOP TOY Designer Toy Store: Revenue from TOP TOY brand, a designer toy store concept for children and young adults. TOP TOY achieved 94.8% YoY revenue growth in fiscal 2025 to approximately RMB 1.916 billion. The subsidiary has filed for Hong Kong Stock Exchange listing.
- Investment in Yonghui Superstores: Miniso acquired 29.4% stake in Yonghui Superstores for approximately RMB 6.27 billion in September 2024. Despite operational challenges with Yonghui, this represents a strategic investment in retail diversification.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Mass-market affordable lifestyle products targeting Gen Z, Gen Alpha, and Millennial families |
| Unit Pricing | Pay-as-you-go | Premium IP collectibles and limited-edition collaborations |
Go-to-market motion4 records
Distribution channels6 records
Marketing channels6 records
Miniso product offering
Product offeringCore offering
MINISO is a global lifestyle product retailer selling affordable, design-led household goods, electronics, accessories, cosmetics, toys, snacks, and IP-licensed collectibles across 11 product categories through more than 8,000 physical stores and e-commerce channels in over 100 countries. The company combines proprietary character IPs (YOYO, Gift Bear, DUNDUN Chicken) with licensed collaborations from Disney, Sanrio, Harry Potter, and other global brands, and operates experiential store formats such as MINISO LAND and MINISO FRIENDS.
Product overview
MINISO is a global lifestyle retail brand and IP operation platform offering design-led consumer products across 11 categories (home goods, electronics, textiles, accessories, cosmetics, toys, food, fragrances, and more) spanning over 8,000 core SKUs. The core MINISO retail brand operates alongside sub-brand TOP TOY (designer toys, 334+ stores, HKEX filing), experiential store formats (MINISO LAND, MINISO FRIENDS, MINISO SPACE, MINISO GO), and proprietary IP characters (YOYO, Gift Bear and Friends, DUNDUN Chicken, PENPEN Penguin). Products feature licensed collaborations with 150+ global IPs (Disney, Sanrio, Harry Potter, Pokémon, etc.) and in-house developed characters. MINISO sells through physical stores in 112+ countries, e-commerce platforms, and Meituan delivery partnerships.
Differentiator
Problem solved
Functional benefit
Brands
- TOP TOY: Designer toy brand specializing in trendy collectible toys, blind boxes, and IP-driven products targeting children and young adults. Launched in December 2020 with stores across 80+ cities in China.
Products and services
- MINISO (Core Retail Brand) Global lifestyle retail brand offering affordable, design-led products across 11 categories (home goods, electronics, textiles, accessories, cosmetics, toys, food, fragrances) featuring licensed IP collaborations and proprietary characters, sold through 8,000+ stores and e-commerce in 112+ countries.
- TOP TOY Designer toy brand under MINISO offering collectible toys and blind boxes, with self-developed products accounting for over 55% of revenue. Operates 334+ stores across 80+ Chinese cities and has filed for Hong Kong Stock Exchange listing.
- MINISO LAND Experiential retail format featuring scenario-based IP collection stores with immersive zones and interactive experiences. Rolled out in China and expanded internationally (Bangkok, Madrid, Sydney, etc.).
- MINISO FRIENDS Top-tier immersive IP playground store format featuring 12 interactive IP-themed zones with thousands of SKUs; debuted in Singapore and Vietnam with subsequent openings in Australia and elsewhere.
- MINISO SPACE
Quantifiable outcome
- Q4 2025 revenue grew 32.7% YoY to RMB 6.25 billion, with full-year 2025 revenue up 26.2% to RMB 21.44 billion
- +5 more outcomes
Companies that use Miniso
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles1 record
Miniso technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Miniso partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and minor.
- Disney Consumer Products IndiacoreDisney Consumer Products India launched Toy Story 5 merchandise through collaborations with brand partners including MINISO, Max Fashion, Myntra's House of Brands, LEGO, and others. Merchandise celebrates 'toy meets tech' theme with Woody, Buzz Lightyear, Jessie characters.
- PuremindminorPuremind launched Jujutsu Kaisen product line across MINISO stores in the US in late 2025, selling out within a week and prompting rapid expansion to additional retailers including Hot Topic, BoxLunch, and Kinokuniya. Represents anime-licensed collectibles distribution partnership.
- Alan Scott EnterprisesminorAlan Scott Enterprises operates MINISO franchise in India, driving retail segment performance with quarterly sales of Rs 710.04 lakhs. Company also developing Omnis AI, Bluverge agri-drone services, and Metastar Media initiatives.
- Formula 1 / DisneyminorDisney and Formula 1 announced continuation of 'Fuel the Magic' collaboration into 2026 season with merchandise collections, fan experiences, and collaborations with partners including UNIQLO, MINISO, and Gentle Monster.
- NEST (Facilities Management)coreNEST partnered with MINISO USA to serve as facilities management partner for more than 300 MINISO stores across the United States. NEST manages HVAC, electrical, plumbing, lighting, and general maintenance services along with vendor management, service coordination, and analytics.
- Spiralcute InternationalminorTokyo-based character licensing company representing Chiikawa, Mofusand, and Koupen Chan, partnered with UNIQLO, Starbucks, KFC, and McDonald's alongside MINISO for global collaborations generating millions in retail sales.
- Toca Boca / Spin MasterminorSpin Master's Toca Boca partnered with MINISO to launch exclusive collection of lifestyle products inspired by Toca Boca World digital game, scheduled for May 2026. Products include plush toys, collectibles, tech accessories, and stationery available in more than 200 MINISO stores across the US.
- COSMAXminorStrategic partnership with COSMAX announced August 2025 to launch joint lab focused on advanced skincare technologies and innovation, enhancing Miniso's beauty and skincare product development capabilities.
- MeituancorePartnership with Meituan for instant delivery through more than 800 '24H Super Stores' enabling 30-minute delivery of Miniso products in China. Meituan has surpassed 30,000 warehouse locations across China with 54% YoY order growth.
- Kmind ConsultingminorKmind Consulting became Miniso's global strategic advisor in 2025, presenting the YOYO trendy toy as a case study at Harvard College China Forum. YOYO became one of the fastest proprietary toys to surpass 100 million in sales.
- Yonghui SuperstorescoreMiniso acquired 29.4% stake in Yonghui Superstores for approximately RMB 6.27 billion to become the largest single shareholder. Strategic investment aimed at retail diversification. Despite operational challenges with Yonghui reporting losses, the partnership represents Miniso's expansion into supermarket operations.
Scale indicators15 records
Recent moves9 records
Expansion highlights6 records
Miniso competitors and assessment
Company assessmentDirect peers
- Pop Mart: Chinese designer toy company specializing in IP-licensed collectibles, blind boxes, and proprietary characters (e.g., Labubu). Directly competes with MINISO/TOP TOY in the IP-driven collectible toy category globally, with overlapping Gen Z/Millennial customer base.
- Daiso: Japanese variety store offering affordable household goods, cosmetics, and lifestyle products across 5,000+ stores globally. Closest direct comparable to MINISO's core lifestyle retail model of $5-and-under design-led merchandise.
- MUJI (Ryohin Keikaku): Japanese lifestyle retailer offering minimalist, design-led home goods, apparel, and food at accessible prices. Comparable in product aesthetic and target demographic, with overlapping home goods and personal care categories.
- Flying Tiger Copenhagen: Danish variety retailer selling affordable design-led lifestyle products, gadgets, and toys. Directly competes with MINISO in European and North American markets; recently entered Canada (45th market) as direct challenger to MINISO's low-price lifestyle positioning.
- Five Below: US value retailer offering trend-driven merchandise mostly under $5, with strong toy, collectible, and lifestyle assortment. Comparable US-market position with overlap on IP-driven products, plush toys, and Gen Z-targeted merchandise.
Broad incumbents
- Dollar Tree / Dollarama: Large North American multi-category value retailer with broad household, toy, and lifestyle assortment at fixed low price points. Incumbent player in the same value-retail category MINISO operates, with broader geographic and category footprint.
- Bandai Namco: Global Japanese toy and entertainment company producing IP-driven toys, collectibles, and licensed character products. Incumbent in the IP-toy value chain that MINISO participates in as retailer; potential licensor/competitor depending on IP arrangements.
Regional players
- Miniso India (Alan Scott Enterprises franchise): Indian franchise operator running MINISO retail with reported quarterly sales of Rs 710.04 lakhs. Regional peer showing comparable unit economics for the franchise/agency model in a specific geography.
Emerging players
- Jazwares: Toy company producing licensed IP collectibles and plush toys featuring major entertainment brands. Comparable in IP-licensed product development and toy distribution, though more focused on traditional toy retail channels.
Others
- TOP TOY International Group: MINISO's designer toy subsidiary, but independently capitalised at HKD 10B after Temasek round and refiling for HKEX IPO. Included as ecosystem participant to highlight internal portfolio company that may operate as standalone competitor post-IPO.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Miniso social profiles
Digital presenceMiniso compliance and trust
Trust signalCompliance6 records
Miniso financial estimates
Financial estimateRevenue estimate
Valuation estimate
Miniso leadership team
Management profileNumber of profiles
Profiles2 records
Miniso subsidiaries and ownership
Company hierarchySubsidiaries2 records
Miniso funding detail
Funding detailFunding overview
Funding rounds5 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Miniso M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Miniso
What does Miniso do?
MINISO is a global lifestyle product retailer selling affordable, design-led household goods, electronics, accessories, cosmetics, toys, snacks, and IP-licensed collectibles across 11 product categories through more than 8,000 physical stores and e-commerce channels in over 100 countries. The company combines proprietary character IPs (YOYO, Gift Bear, DUNDUN Chicken) with licensed collaborations from Disney, Sanrio, Harry Potter, and other global brands, and operates experiential store formats such as MINISO LAND and MINISO FRIENDS.
Is Miniso a public or private company?
Miniso is a public company. It is classified as public and is currently operating.
When was Miniso founded?
Miniso was founded in 2013. It employs 5,001 to 10,000 people.
Where is Miniso based?
Miniso is headquartered in Guangzhou, China, in the Asia region.
How does Miniso make money?
Four revenue lines are on record. Physical Retail Store Sales are the primary driver. The others are IP Licensing and Merchandise, TOP TOY Designer Toy Store and investment in Yonghui Superstores.
Who are Miniso's main competitors?
Direct peers on record are Pop Mart, Daiso, MUJI (Ryohin Keikaku), Flying Tiger Copenhagen and Five Below. Broad incumbents are Dollar Tree / Dollarama and Bandai Namco. Miniso India (Alan Scott Enterprises franchise) is listed as a regional player. Jazwares is listed as an emerging player. TOP TOY International Group is listed as an others.
Does Miniso have an API?
No public API is recorded for Miniso.
What industry is Miniso in?
Miniso's product category is Specialty Lifestyle Retail. Its primary akta.pro industry code is CRAEAGAE, Daiso-Style Japanese/Asian Variety Stores, with a secondary code of CRALAFAH, Hobby Games & Miniatures Retail (Tabletop RPGs, Wargaming). Its NAICS code is 459120 and its SIC code is 5945.