Miniso

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.

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

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

• Lifestyle retail products
• IP collaboration merchandise
• Designer collectible toys
• Blind box collectibles
• Affordable household goods

Headquarters

HQ city

Guangzhou

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Marketing or Sales, Personnel, Infrastructure

Revenue model

1. 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).
2. 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.
3. 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.
4. 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

Go-to-market motion4 records

Distribution channels6 records

Marketing channels6 records

Core 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

Named customers2 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Disney Consumer Products IndiacoreChannel Partner/ Reseller/ Distributor · 25 June 2026Disney 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.
• PuremindminorChannel Partner/ Reseller/ Distributor · 5 June 2026Puremind 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 EnterprisesminorChannel Partner/ Reseller/ Distributor · 29 May 2026Alan 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 / DisneyminorGTM or Marketing Partner · 14 May 2026Disney 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)coreImplementation/ SI/ Consulting Partner · 22 April 2026NEST 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 InternationalminorChannel Partner/ Reseller/ Distributor · 12 January 2026Tokyo-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 MasterminorStrategic or Co-development Partner · 6 October 2025Spin 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 or Co-development Partner · 26 August 2025Strategic 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.
• MeituancoreChannel Partner/ Reseller/ Distributor · 19 March 2025Partnership 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 ConsultingminorStrategic or Co-development Partner · 1 January 2025Kmind 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 SuperstorescoreStrategic or Co-development Partner · 23 September 2024Miniso 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

Direct 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

• Xx.com/minisoofficial
• Instagraminstagram.com/minisounitedstates
• TikToktiktok.com/@sammandjordan/video/7340093896203980075

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds5 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Miniso