MINISO Expands Paradise-Style Stores and Original IP as YOYO Hits Record Q1 Sales

Chongqing - At a MINISO LAND store in Chongqing’s Guanyinqiao commercial district last week, a Thai family paused by an oversized Stitch installation as the daughter asked her mother for a photo. Some items, she said, were unavailable in Thailand but could be found in Chongqing, bringing back memories of her childhood.

YOYO, Nommi, and others boost in-house IP growth

The scene points to a shift in how Chinese retail brands are trying to expand overseas: not only by opening more stores, but by building larger, entertainment-driven retail spaces centered on intellectual property, or IP. For MINISO, that strategy now includes both global licensed characters and its own original IP, YOYO.

According to company management at an earnings meeting, YOYO products generated 165 million yuan (about 24 million U.S. dollars), in sales in the first quarter of 2026. The figure came less than half a year after YOYO's official launch in the second half of 2025.

Management said average monthly sales were about 50 million yuan. Founder and CEO Ye Guofu said that, based on the current trend, YOYO's domestic sales could reach 600 million yuan in 2026, and that, with overseas sales included, the IP could enter the "billion-yuan club."

YOYO is part of MINISO's broader move from relying mainly on external IP collaborations toward incubating its own characters. The company's own IP portfolio also includes Nommi, Carrot Street and Angry Aimee. Nommi recorded more than 200 million yuan in sales in 2025. 

MINISO says it has built a dual system of "international top IP plus self-developed IP" and has worked with more than 180 globally known IPs. It has also launched an "IP Genius Youth Program" to recruit creative talent globally, with a stated goal of helping 100 Chinese original IPs reach international markets over the next decade.

Jiefangbei and Guanyinqiao mark a large-format push

The company is pairing its IP strategy with a new store format. MINISO plans to add a net 510 to 550 stores worldwide in 2026, including about 120 in China, with overseas outlets taking a larger share. Most new locations will be large-format or “paradise-style” stores, while weaker small stores will be closed or upgraded.

As of April 7, MINISO had opened 65 such stores globally, including MINISO SPACE, MINISO FRIENDS, MINISO LAND, and SUPER MINISO. Their average area is about 1,200 square meters, six times that of a regular store, with 8,000 to 10,000 SKUs and about 90% IP products. The company said average sales at these stores are more than 900% higher than regular stores.

MINISO LAND’s Chongqing stores show the model in action. The brand opened its first two local outlets last October in Jiefangbei and Guanyinqiao, both major shopping districts. The Jiefangbei store spans over 1,600 square meters, while the 1,400-square-meter Guanyinqiao outlet features a “space park” theme.

Both stores feature Hello Kitty, Stitch, Zootopia, Chiikawa, Harry Potter, and other global IPs. IP products account for more than 80% of goods at each store, with more than 6,100 SKUs.

A nearby TOP TOY store in Guanyinqiao offered another look at MINISO’s broader retail ecosystem. 

“We are different from MINISO. We are all blind boxes,” a store employee told the reporter. The shop also carried Stitch plush products, though with a different product mix. TOP TOY, MINISO’s collectible toy brand, had 334 stores by the end of 2025, compared with 8,151 MINISO stores worldwide.

MINISO's international profile has been reinforced by celebrity and social media attention. 

Indonesian influencer Nadia said she visits MINISO stores in Jakarta almost daily—sometimes “30 times a month.” In November 2025, American socialite and entrepreneur Paris Hilton reportedly spent around $4,000 at a Los Angeles store on IP plush toys and daily essentials. Jared Bush, director of Zootopia, was also spotted shopping at a MINISO store during the film’s Beijing premiere.

The company is also using international entertainment collaborations. In March, a "Jennie Ruby" pop-up store with BLACKPINK member Jennie opened in Shanghai and recorded more than 2.2 million yuan in first-day sales, described in the materials as one of MINISO's best-performing pop-up projects. The company is also pursuing collaborations with major global sports events, including the World Cup.

MINISO’s IP challenge: high-margin products abroad

Financially, MINISO reported 2025 revenue of 21.44 billion yuan, up 26.2% year-on-year. Gross profit rose 26.3% to 9.65 billion yuan, with a gross margin of 45.0%. Adjusted net profit was 2.898 billion yuan, up 6.5%. But annual profit fell 54.1% to 1.209 billion yuan, mainly because of an 813 million yuan investment loss related to Yonghui Superstores. Ye said investors should take a long-term view of Yonghui, adding that MINISO remains his core business.

By the end of 2025, MINISO had 8,485 stores globally, after a net increase of 705 stores during the year. Overseas revenue rose 29.3% to 8.629 billion yuan, accounting for 44.2% of revenue. North America GMV increased 65.8% to 3.55 billion yuan, while Europe GMV rose 53% to 1.928 billion yuan.

Industry analysts said that the challenge is whether YOYO and other original IPs can keep producing high-frequency, high-margin products for global consumers. The company is also managing higher expenses from overseas direct operations and the drag from its Yonghui investment. 

But MINISO's current strategy is clear: use original Chinese IP, global character partnerships, and large destination stores to turn shopping into a branded experience that can travel across markets.