Miniso's Ye Guofu on Pop Mart: Follow LABUBU's example and leverage top artists for promotion

Ask AI · Miniso chooses a Jennie collaboration — what strategic considerations are behind it?

Jimu Reporter: Wang Fan Jimu Editor: Bi Luming

On the afternoon of March 31, Miniso (HK09896, share price 30.76 yuan, market cap 37.28B yuan) held its 2025 performance earnings call. The company’s founder and CEO, Ye Guofu, discussed rival Bubble Mart and said: “Everyone knows that one IP of our rival (referring to LABUBU) is driven worldwide sales through Lisa (member of the Korean girl group BLACKPINK). So collaborating with global top-tier artists will magnify the promotional effect of our own IP going forward and bring enormous value.”

A reporter from The Economic Daily noticed that Miniso has also begun to emulate the above promotional approach. Coincidentally, the company chose to partner with Jennie from the same team as Lisa. On March 20, Miniso’s “Jennie Ruby” joint-branded pop-up store opened at Shanghai’s Hongqiao Hanguang Plaza. On its opening day, sales performance exceeded 2.2 million yuan.

“Previously, we did collaborations with image IP and content IP. But the collaboration with Jennie is a new way—it has pioneered a collaboration with global top-tier artists. We expect that in the first quarter of this year, domestic same-store sales will grow by high single digits. In 2026, it will set a good start, and there will be more artists collaborating with us going forward.”

The Economic Daily