The global IP co-branded collection store earns 13.8 billion yuan annually, and the behind-the-scenes boss is listed among Guangzhou's top ten richest people.
Author | Shi Liu Editor | Yue Jian
With one hand grabbing IP and the other aggressively opening stores, MINISO is killing it.
On the 2024 Hurun Global Rich List, MINISO founder Ye Guofu's wealth has reached 34 billion yuan, making him the fastest-growing young entrepreneur on the Hurun China Rich List. Along with SHEIN founder Xu Yangtian and others, he was named one of Guangzhou's top ten wealthiest individuals.
The latest financial report shows that MINISO's revenue in the fourth quarter of 2023 reached 3.84 billion yuan, a year-on-year increase of 54%, setting a new historical high for single-quarter revenue. The gross profit margin reached a record high of 43.1%. For the full year of 2023, revenue exceeded 13.8 billion yuan, a year-on-year increase of nearly 40%, with adjusted net profit of approximately 2.36 billion yuan, up nearly 110% year-on-year.
In terms of global stores, as of the end of 2023, the total number of stores worldwide reached 6,413, with 2,487 stores overseas. It is expected that in 2024, MINISO will maintain a net increase of 350-450 stores in China and 550-650 stores overseas, surging through economic cycles.
But for Ye Guofu, this is far from the end. His new goal is to add 900-1,100 stores annually from 2024 to 2028, with IP product sales accounting for over 50% by 2028.
Ten years ago, when Ye Guofu started his business in an underground garage in Guangzhou, no one could have imagined that MINISO would become a globally renowned super brand a decade later, earning this self-made entrepreneur a place on the Hurun Rich List. With the global expansion of IP-themed stores, Ye Guofu is getting "richer," leaving industry insiders and investors curious: How has MINISO transitioned from the king of cost-effectiveness to a pioneer in interest-driven consumption, navigating cycles, championing IP strategy, and reshaping brand value?
Super Stores Empower Super Brands and Performance Growth
Since its brand strategy upgrade, MINISO has been creating "super store" models in high-traffic, high-consumption commercial districts, establishing consumer recognition of a global "super brand" through scene and experience innovation.
It is reported that MINISO's large-store strategy focuses on revitalizing old stores, expanding small stores, and relocating poorly performing stores to better locations, continuously deploying high-potential "super stores" in well-known commercial districts at home and abroad.
Compared to regular stores, super stores have higher average customer spending, greater foot traffic, better single-store sales, faster inventory turnover, and shorter investment payback periods. Super stores enhance consumers' perception of the "super brand." Ye Guofu, Chairman and CEO of MINISO Group, once said: "Only super flagship stores can establish a strong brand impression in consumers' minds. Big stores create big performance."
In China, MINISO's flagship store in Guangzhou's Beijing Road commercial district achieved sales of over 5 million yuan, setting a new record for single-store monthly sales in China. The Shanghai flagship store, located in the core Huaihai Road commercial district, features a facade designed around the Disney classic IP Strawberry Bear and offers over 3,000 trendy lifestyle products. Its opening day sales reached 225,000 yuan, followed by 270,000 yuan the next day, setting new highs for single-store opening performance in China.
The success of super stores is also evident overseas. MINISO became the first Chinese brand to land in New York's Times Square, with its Times Square store achieving sales of over 550,000 yuan on its opening day and nearly 10 million yuan in its first month, setting a new global record for single-store monthly revenue. Additionally, the Sanrio IP-themed store near Jakarta, Indonesia, set a new record for opening-day sales in Southeast Asia, with first-month sales exceeding 6 million yuan.
To date, MINISO has expanded to North America, Europe, the Middle East, Southeast Asia, Latin America, and other regions, with stores in major global commercial hubs, including next to Paris's Galeries Lafayette, London's Westfield shopping center, and Qatar's Place Vendome mall.
Financially, MINISO's revenue growth is not solely driven by store count but also by improved store performance. Data shows that in the fourth quarter, MINISO's single-store revenue increased by 39.2% year-on-year, far exceeding store count growth. This indicates that MINISO's revenue growth is driven by both store expansion and increased single-store sales.
These results validate the success of MINISO's brand strategy upgrade, demonstrating resilient endogenous growth with no ceiling in sight.
Global IP Collaborations: MINISO as a Hit-Making Machine
With the success of its super store strategy at home and abroad, MINISO encourages agents to secure large stores in prime commercial locations. This strategy requires IP collaborations, strong product innovation capabilities, and a responsive supply chain to convert foot traffic into sales.
In Ye Guofu's view, "What is business? Business is endless creativity. When your creativity ends, your business ends." The driving force behind MINISO's enduring success is its focus on product innovation and design.
To date, MINISO has collaborated with over 100 global IPs, including Disney, Sanrio, Pokémon, Jurassic World, and Barbie, while also incubating original IPs like PENPEN and China Panda. Through IP collaborations and original IP hits, MINISO has broken through the ceiling of product innovation and market expansion. In terms of IP diversity, category coverage, and product richness, MINISO has demonstrated significant advantages.
A prime example is Barbie. With the resurgence of the Barbie movie, this IP, which defined Generation Z's childhood, has regained vitality. MINISO seized this pink storm, launching over 120 Barbie IP collaborations simultaneously in China and the U.S. Products in four major U.S. stores sold out quickly, with a 70% sell-out rate within two weeks.
Similarly, when the Loopy IP went viral last year, MINISO released collaborative plush toys, accessories, and backpacks as soon as the memes gained traction, with products selling out on launch day. Recently, MINISO partnered with the "new top-tier cute mascot" Chiikawa, offering plush dolls, lifestyle products, and accessories, attracting long lines of fans.
The impact of IP strategy is long-lasting. With diverse products and rich IP collaborations, MINISO is becoming a true "collaborative hit-making machine." Leveraging the loyal fan bases of IPs, its content and products continuously spark user engagement and organic sharing, transforming MINISO from a retail company into a content-driven interest consumption company.
Next Stop: A Global Super Brand
China's 出海 (going global) forces once shone brightly, but their fates diverged over time. As a microcosm of Chinese brands rising globally, MINISO has expanded to 111 countries and regions, with over 6,400 stores worldwide, including in core commercial districts of New York, Los Angeles, Paris, London, Dubai, Sydney, Istanbul, and other major cities.
In 2024, MINISO embarked on a new decade, further clarifying its three core strategies: "product innovation, cost-effectiveness, and globalization." Positioning itself as a "global IP collaboration 集合店 (collection store)," MINISO aims to become the world's leading IP design retail group.
Overseas performance has become a stable growth engine for MINISO, boosting confidence in its "super brand" ambitions. Financial reports show that in the fourth quarter, overseas revenue reached nearly 1.5 billion yuan, up 51% year-on-year, with direct market revenue accounting for over 50% of overseas income for the first time. Meanwhile, overseas GMV (gross merchandise volume) grew 38% year-on-year, with North America up approximately 110%, Europe nearly 70%, Latin America nearly 40%, and Asia (excluding China) 21%.
In Ye Guofu's view, to succeed in the 潮流 (trend) business, brands must understand local 消费习惯 (consumption habits) and cultural characteristics. This requires not only 敏锐 (sharp) market trend 嗅觉 (senses) but also 后端 (back-end) supply chain capabilities to support rapid product 迭代 (iteration). To date, MINISO has partnered with over 1,400 global suppliers, about 24% of which are overseas, covering categories like Korean cosmetics, Vietnamese toys, Indian textiles, European skincare, and North American toys and snacks. As global supply chain 布局 (layout) deepens, MINISO is accelerating overseas 仓库 (warehouse) setup, multi-channel logistics, and local supplier collaborations.
Recent revenue growth reflects MINISO's ability to leverage supply chain scale effects for cost advantages, ensuring IP products remain cost-effective while maintaining premium pricing for healthy 毛利率 (gross margins). This has strengthened MINISO's 抗周期性 (cyclical resilience), transforming it from a garage startup a decade ago into a global 潮流消费 (trend consumption) leader.
Ultimately, retail is an industry of constant change. The only constant in the market is change itself. By 坚持 (adhering to) globalization and building 两大 (two major) 壁垒 (barriers)—"China's 极致 (ultimate) supply chain and global super IPs"—MINISO is capturing global consumers'心智 (minds), offering a unique and dynamic blueprint for Chinese brands going global.
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