How Miniso Turned Cuteness Into a Competitive Moat
Owning IP slashes fees, boosts pricing power, and builds loyalty that competitors can’t easily copy, tapping into a global licensing market on the rise.
Miniso is moving from renting famous characters to creating its own. This shift is more than a design tweak. It is a bet that cute, ownable characters can power growth, at home and abroad.
The company set up an in-house IP incubation hub and signed nine artists. It is a clear signal that Miniso wants to keep more of the value it creates, not pay it away in royalties.
But why should a CEO care about this? Owning IP cuts licensing fees, builds pricing power, and creates loyalty you cannot copy. The global licensing market is large and still growing. Per-person IP spend in China is far behind the US, which points to headroom. In short, the math supports the move.
Owning the cute: the pivot and the market math
Miniso has said it will ramp up original IP development, shifting its mix beyond earlier collaborations with Disney, Sanrio, and Warner Bros. It also announced new artist partnerships and Miniso Land expansion, building a steady creative pipeline.
The market is there. The licensing industry reached US$369.6 billion in 2024. It is projected to hit US$470.6 billion by 2030, growing at 4.3% a year. Entertainment and character licensing delivered US$149.8 billion and grew 5%, showing steady consumer demand for stories and icons.
China’s runway looks especially long. Per capita IP spend in China is about one fifty-fifth of the US. In 2024, licensed product retail sales rose to RMB 155.09 billion (~US$21.5 billion) and royalties reached RMB 5.99 billion (~US$832 million). The market now has a larger base of active licensors and IPs. Mainland Chinese IPs now account for 36.4% of licenses. US IPs hold 28.4% and Japanese IPs 11.5%. The shift reflects rising local creative strength. These indicators are detailed in a recent industry preview.
Proof in the aisles: Super IP + Super Stores is paying off
The Shanghai Miniso Land flagship is the model to watch. In August 2025, it booked RMB 16 million (~US$2.2 million) in sales. IP products drove 83% of revenue, with a 70-80% IP mix on the shelves. This is a clear sign that interest-led shopping can beat traditional assortments, as reported in Miniso’s original IP retail strategy update.
The experiential format scales. Miniso Land has grown to 15 locations across major Chinese cities. The Shanghai flagship introduced over 160 IPs in its first year, including 15 major debuts. It topped RMB 100 million (~US$13.9 million) in sales within nine months, underscoring the strength of its Super Store rollout. The retail theater matters. Cute characters become rooms you can enter, walls you can photograph, and posts you can share. That is cost-effective media.
This is also smart marketing. In Asia, cute is a useful business tool because it lowers the barrier to attention and makes products feel giftable. Miniso’s proprietary characters give it a distinct look and a repeatable story, without borrowing familiarity from someone else.
Speed as a moat: from sketch to shelf in months
Miniso’s new character YOYO shows the pace shift. The “Tilted Head Collection” sold out quickly online and in stores after its June 2025 debut. A global rollout is planned within one year, as covered in a strategy note for investors. Gift Bear and Friends, launched in October 2023, has crossed RMB 200 million (~US$27.8 million) in sales. These wins reflect Miniso’s full-chain capability, from design to sourcing to multi-country distribution.
The company continues to work with 150+ global IPs while building several in-house properties. This portfolio approach reduces single-character risk and fuels frequent refreshes across lifestyle, beauty, and home categories, not just collectibles. That wider basket means more purchase occasions and steadier demand.
Cross-border growth adds reach. Miniso now operates more than 200 traditional flagship stores globally, including its 200th US store by September 2024. It plans 90+ IP partnerships in 2025 across lifestyle, collectibles, and beauty. It also adapts to local needs, like rolling out waterproof and long-wear makeup in Southeast Asia to match the climate and behavior.
Why cute sells now, and what leaders should do
Gen Z and kidults are driving this wave. In China, people ages 19-35 account for 70.1% of IP buyers. Many make at least one emotional purchase a month. That shows how feeling-led buying has become normal in daily life, as seen in local consumer tracking. In Korea, 69% of consumers say characters affect their purchases. The average spend is ₩66,169 (~US$50) per transaction and six and a half purchases a year, illustrating how characters lift basket size and frequency in everyday retail, including convenience store tie-ins.
Pop Mart is the benchmark for hype. Its Labubu line generated about RMB 3.04 billion (~US$420 million) in 2024, up 726.6% year over year, nearly one-fourth of the company’s income. In the first half of 2025, revenue tripled. Profits surged nearly 400%, and 40% of sales came from overseas, as summarized in recent financial coverage. The lesson is clear. Character IP can scale very fast. The risk is concentration in one hit. Miniso’s diversified portfolio and broader category play are designed to smooth that curve.
IP collaboration has become a standard growth tool for Asian brands, with wins across fast-moving categories from snacks to beauty, as detailed in market analyses of China’s IP playbook. For business leaders exploring an IP-led strategy, consider this quick checklist:
- Own at least a few core characters to reduce fees and build unique brand assets.
- Design stores and packaging for photos first, shopping second. Free media follows.
- Build a fast, creative pipeline through artist deals to keep the lineup fresh.
- Localize everything. Climate, rituals, and pop culture vary by city, not just country.
- Spread risk. Balance proprietary IP with select licensed hits and avoid single-star traps.
Miniso’s cute-first approach is not just for kicks. It is a practical play to turn feelings into repeat sales, supported by a store format that converts attention into revenue.
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