Key facts
- Miniso plans to open 100 stores in the U.S. in 2024.
- The retailer is leveraging proprietary intellectual property to fuel its growth strategy.
- Miniso's marketing chief, Robin Liu, believes strong recognizability and uniqueness are essential for popular characters.
- Liu pointed to specific features of characters like Labubu and Molly as examples of distinctiveness.
- He also highlighted the role of frequent new releases and market scarcity in maintaining an IP's appeal.
Chinese discount lifestyle retailer Miniso is set to open 100 stores across the U.S. this year, with a strategic focus on proprietary intellectual property to drive its next phase of international growth. The company believes that creating unique and recognizable characters is key to replicating the success of popular IPs like Pop Mart's Labubu.
Miniso's Chief Marketing Officer, Robin Liu, explained that for a character to achieve commercial success and gain a large fanbase, it must possess strong recognizability and avoid a generic appearance. He cited specific distinctive features of popular characters, such as Molly's pout, Labubu's nine teeth, and Cry Baby's large tears, as crucial elements for their appeal. Liu also noted that while the typical lifespan for such IPs can be short, ranging from three to five months, frequent launches of new collections and maintaining scarcity in the secondary market can help extend their relevance.
Miniso's own intellectual property includes characters like YoYo, a small figure with a tilted head, and it also engages in IP collaborations with brands such as Sanrio, Disney, and Chiikawa. The company sees these proprietary characters as a significant driver for increased interest in collectibles.