Miniso

Approaching 7,500 stores across more than 110 countries by 2024, Miniso has built one of the fastest-growing global retail networks of the past decade. The Chinese variety-lifestyle retailer is dual-listed on the New York Stock Exchange (MNSO) and the Hong Kong Stock Exchange (9896), with founder Ye Guofu serving as Chairman and CEO and the controlling shareholder.

Founded in 2013 in Guangzhou, Miniso built its brand around a Japanese-influenced design aesthetic and accessible price points across home goods, beauty accessories, electronics accessories, plush toys, snacks, and stationery, positioned in the segment that includes Daiso, Flying Tiger Copenhagen, and the broader value-variety category. Group revenue reached RMB 16.99 billion (approximately $2.36 billion) in fiscal year 2024 (ended June 30, 2024), up 22.8% year-over-year, with the international business now representing approximately 38% of group sales. The Top Toy banner, the group’s collectibles and trendy-toys concept, operates as a separate growth pillar competing in the same Gen Z and young-adult market segment as Pop Mart. The company’s licensed-IP strategy spans long-running partnerships with Disney, Marvel, Hello Kitty, Snoopy, Mickey Mouse and Friends, and a growing roster of anime and gaming properties, with collaboration products often representing the highest-velocity SKUs in store. Miniso completed the controversial acquisition of a stake in Yonghui Superstores in September 2024, signaling a broader retail-platform ambition beyond pure variety retail.

Miniso operates approximately 4,000 stores in China and 3,400 stores internationally, with the strongest international markets including the United States, Indonesia, Mexico, India, Vietnam, the Philippines, Turkey, and the United Arab Emirates. The international expansion model combines directly operated flagship stores in major urban markets with franchise partnerships covering smaller cities and emerging markets. For mall operators, Miniso is a Class A and Class B+ specialty tenant typically taking 200 to 500 square meters in regional and super-regional centers, occupying a foot-traffic-driver position that benefits from family and Gen Z catchment. The brand’s high product turnover and licensing-driven collection refresh deliver dwell-time economics that landlords increasingly value as anchors of variety-and-gift retail clusters.