Image Source: Visual China

BEIJING, April 1 (TMTPOST) — Chinese low-cost retailer MINISO Group Holding Limited has filed for public listing on the Stock Exchange of Hong Kong, with Bank of America, Haitong International and UBS being the sponsors.

MINISO Group is a fast-growing China-based retailer that mainly provides low-cost home necessities to consumers. Established in 2013, the company has incubated two brands——MINISO and TOP TOY.

A report from business consulting firm Frost & Sullivan shows that the company achieved an GMV (Gross Merchandise Value) of 18 billion yuan (US$2.8 billion) through its retailing brand MINISO, which makes it the biggest home necessity retailer in the world.

Rolled out in December 2020, TOP TOY is a new brand from the company specializing in toys and trendy merchandise. As of December 31, 2021, TOP TOY had a total number of 89 brick and mortar outlets in China. The brand’s GMV reached 374 million yuan in 2021. TOP TOY is one of the top three players in the toy and trendy merchandize market in terms of GMV.

MINISO Group Holding Limited has built MINISO brand a global retailing brand. The company has established a large network of shops across the globe. According to the report from Frost & Sullivan, there are over 5,000 MINISO shops, around 3,100 of which are located in mainland China. As of December 31, 2021, the company had entered around 100 countries and regions.

MINISO Group had been rolling out 550 SKUs (stock keeping unit) on average each month, according to the earnings report ending June 30, 2021. MINISO’s products cover 11 categories, such as home necessities, electronics, toys, skincare and cosmetics, snacks and stationaries, etc.

MINISO has also been criticized as a "copycat" for sharing an aesthetic similarity to Japanese variety stores such as Uniqlo, Muji and Daiso, as well as for being a Chinese retailer that markets itself as Japanese.