Retail Express
MINISO launches sub-brand TOPTOY
2021-02-24
Source: MINISO
Ye Guofu, the founder and CEO of MINISO, a lifestyle product retailer, unveiled the company's 2021 business strategy.
SEE ALSO : MINISO opens 100th physical store in November
The company has launched its “X strategy”, committed to diversifying its business and becoming a world-leading new retail platform capable of incubating more sub-brands. On 18th December, 2020, MINISO launched its sub-brand “TOPTOY”, a toy store for children and young adults, opening 9 stores in 5 Chinese cities over the last 6 weeks. TOPTOY intends to become the leader in the country’s booming toy market.
Source: MINISO
The parent brand, MINISO, has also announced that “Art Toy” will be its strategic product category of focus during 2021 and even beyond. Given now China is at a different stage of its post-COVID 19 recovery, MINISO has set a clear goal of its expansion in the domestic market, aiming to open more stores, mostly in tier 3 cities and even rural areas.
For the overseas market, despite the continued uncertainty of the pandemic, MINISO will continuously expand, especially in countries with populations of at least 50 million – India, Indonesia, the U.S., Colombia, Mexico, Egypt, and Spain. As a key learning from 2020, MINISO is boosting its online presence on top of its proven success in brick-and-mortar channels. “COVID-19 is a catalyst that has accelerated our digital transformation and embrace of online channels. We will keep broadening our online sales channels,” said Robin Liu, Chief Marketing Officer of MINISO.
SEE ALSO : MINISO opens first store in Paris
As a result of its accelerated digitalization, MINISO will open unmanned stores in China, with products also soon available on all online channels including its self-owned online stores, WeChat mini-programs and flagship stores on major e-commerce platforms. Similarly, MINISO will further strengthen its e-commerce channels in key overseas markets.
