Chinese budget retailer Miniso bets big on collectible designer toys
In response to its growing focus on toys, Miniso plans to spin off its Top Toy brand and expand its e-commerce presence
Miniso was experimenting with product customisation to better align with the unique attributes of various e-commerce platforms in China, capital market director Christina Zhu Mengyun said during a recent interview at the company’s headquarters in Guangzhou, the capital of China’s eastern Guangdong province.
“For instance, on Douyin, where video content is highly effective, we might launch extra-large plush toys. These items have a higher unit price and are visually striking, making them particularly suitable for video-based marketing,” she said.
Founded in 2013 as a variety store offering affordable accessories and make-up products, Miniso shifted its mission last year to “become the world’s leading IP operation platform”, focusing on intellectual property-based toys and goods. Last year, its products featuring Chiikawa – a series of anime animal characters – became hugely popular.
With an online presence on major shopping platforms such as Alibaba Group Holding’s Tmall, Amazon.com and TikTok, e-commerce has become increasingly vital for Miniso. Online sales accounted for more than 6 per cent of the company’s revenue in the first half of the year, up from 5.2 per cent a year earlier.