MINISO has built a home fashion store, what we see in the store is not just blind boxes

MINISO, a trendy "10 yuan store", has occupied the streets and alleys of your city and has become the most successful offline brand in recent years.

When a brand has a certain scale, it will begin to expand its territory. Now, MINISO, which has 4300+ stores worldwide, has this qualification. As the first new brand created by MINISO seven years after its establishment, TOP TOY focuses on the hottest consumer market in fashion, but they do not only sell blind boxes.

How about TOP TOY, MINISO’s first fashion store?

On December 18, the world's first flagship store of TOP TOY opened in Guangzhou Grandview Plaza. Since the editorial department of Aifaner is located in Guangzhou, we did not choose to follow other media to visit the store. This decision made us lose the leisure of the media's empty shop, but it made me see another scene.

This is the TOP TOY store at 13:10 on the opening day, and it sold 150,000 yuan in 3 hours.

The curtain opened and TOP TOY officially debuted. But this is also a hard-to-see situation on weekdays. The flow of people at the door and the crowd waiting in line are a bit shocking. We have all seen such a grand occasion at the mobile phone shop 10 years ago, the milk tea shop 5 years ago, and the sneaker shop 2 years ago.

This is a mature business model and cultural phenomenon worthy of discussion. And in the TOP TOY store, you may be able to find the secret of its popularity.

Gundam fans have a corridor, with 100-600 Gundam toys in the glass shields on both sides, turning this into a childhood "corridor of time".

Fans of cats and mice also have plenty of happiness. You can either order a "zombie cat" doll for 2,680 yuan here, or take away delicate and beautiful hand-made figures for tens of yuan.

Fans of Marvel and DC can gather together. Wonder Woman and Thanos can live in harmony on a table. After experiencing the fineness of the clown's full-length portrait through the glass, you can turn around and see the 1:1 production of Iron Man and the ready-to-go Spider-Man.

Looking at the sophistication of these "toys", you know that this is a limited-edition product that can sell for tens of thousands or even tens of thousands of dollars-in the eyes of some people, this is probably an art.

There are a series of blind boxes jointly developed by Disney and MINISO IP; there are more than 12W chameleon blind boxes sold under the cable; there are blind boxes full of Lin Shen's unknown. But outside the blind box, there are figures of Doraemon and One Piece, a statue that can be reproduced 1:1, and a doll model that burns money…

With more than 1200 SKUs and over 400 square meters of shops, TOP TOY is the biggest trendy store I have ever visited. The design style of the MINISO store is somewhat similar, but it is more artistic. Compared to the art exhibition halls and shops that you can occasionally see in the business district, it is more orderly.

In general, this is a "semi-art store." You might call it "the MINISO in the fashion world", but some of its products are obviously not as approachable as MINISO. You might think of it as a "tide supermarket", but the combination of store and exhibition obviously has cultural attributes that supermarkets don't.

Sun Yuanwen, the founder of TOP TOY, is even more ambitious. He hopes that future customers will have such a formula: Chaowan=TOP TOY.

Blind box is Pinduoduo's innovation, but the trendy play is more than that

In 2020, now that Bubble Mart has a market value of hundreds of billions, the voice of "IQ tax" is obviously reduced when the blind box is mentioned. Existence is reasonable, and people's impression of the trendy play represented by blind boxes has changed from "cheating money" to "things that young people like now."

Zeng Hang, the CEO of the military and military plane, said in the circle of friends: "This is another story that looks down-can't understand-can't keep up."

Many people have come into contact with Chaowan because of the popular blind box, but until today there may be many people who do not know "Blind Box ≠ Chaowan". Fu Zhong, the founder of TINYTOYS, a trendy brand of ERR Rabbit and DADA Boy, who has been co-branded for more than three years for a large company and started to do self-developed IP in August this year, said that the blind box is a kind of trendy game. , But this is a novel way to play.

I have communicated with investors before and also said one of my views. When the market is in a stalemate, sometimes it is necessary to play as a vanguard commando to lead the troops to break through. Before that, it was Pinduoduo. Fighting is a way of playing. When everyone felt that the e-commerce industry pattern was like that, Pinduoduo brought products from Taobao years ago and used Pinduoduo to kill them.

Now the blind box gameplay is the same, it just opened the market in one way. After opening up the market, completing user education and market cultivation, its task is basically completed. Our team has always been doing peripherals and fashion games. Now many customers are asking if we can help them make blind boxes for their product IP. Everyone wants to make blind boxes, you see, how successful the market is leading.

Once when everyone talked about the trendy play, the first thing they thought of was the "big baby", but today the first thing they thought of was the blind box. But as the founder of the trendy play brand that just launched the blind box, Fu Zhong feels that the blind box may not always be so popular. What keeps him invested is his confidence in Chaowan: "Blind boxes may pass and disappear, but Chaowan will not disappear. Chaowan is built on IP emotions, and it has content vitality. "

When content becomes the core, monopoly becomes more difficult. Even when Bubble Mart is in full swing, it has never gained the same market share as Internet giants.

According to the Frost & Sullivan Report, in 2019, in terms of retail value, the top five market operators accounted for 8.5%, 7.7%, 3.3%, 1.7% and 1.6% of China's Chaowan retail market share respectively.

When Bubble Mart can only win less than 10% of the market, more people should realize that blind boxes are very popular, but Chaowan is not only blind boxes. Sun Yuanwen also believes that blind boxes are an explicit demand, with high profit margins and high popularity , but this also means that "it has at least reached the middle of the dividend."

Therefore, the collection store TOP TOY is not only blind boxes, but also seven categories of art trend play, daily man figure, beautiful man figure, doll model, assembled model, and building blocks. Some of them are TOP TOY. The R&D team and the buyer team are not concerned. "Underwater Iceberg Demand".

QQ and MINISO are working on the market for young and trendy players

In 2019, China's GDP growth rate was 6.11%. In the same year, the growth rate of the trendy play market was 47.86%. Sun Yuanwen, the founder of TOP TOY, said at the press conference that when a market's growth rate exceeds the GDP growth rate by more than twice, it is undoubtedly a blue ocean industry.

However, the growth rate is not the only reason that makes the major brands itch. More important than the growth rate is the young people market represented by the trendy play.

60% of the users are post-90s, MINISO, as a successful company that "connects young people", naturally understands the benefits of being closer to young people. Therefore, TOP TOY, a trendy play brand, appears to them as a "moat".

QQ also regards Chaowan as a moat. Dai Yongyu, general manager of Tencent’s ISUX user experience design department, said in an interview with Ai Faner: “Our users tend to be younger, so we need to make it more relevant to trends.”

Doing the trendy play that young people like is one of the means to rejuvenate QQ. Before you may have noticed it, the QQ Penguin IP authorization system that you are familiar with has nearly 100 partners, more than 500 SKUs, and GMV has reached 800 million. Compared with MINISO’s new brand, TOP TOY, the product richness of QQ Chaowan is close to 50% of this Chaowan collection store.

This is just a microcosm of QQ's approach to young people through Chaowan. Although GMV has 800 million, it is still not the goal of QQ to make money with the IP of QQ Penguin. "Through designing or creating stories to make the entire IP image fuller and more three-dimensional, and then see that these IP images have more connections and symbiosis with our entire platform, creating more opportunities for contact with young people."

When a market has extremely high growth and the main consumer groups are mostly young people, this market has infinite appeal.

When Fu Zhong, the founder of TINYTOYS, mentioned Bubble Mart's market value of 100 billion yuan, he thought that Bubble Mart's current valuation is simply outrageous. But according to the development trend of Chaowan in 5-8 years, he also thinks that the industry leader has a market value of 100 billion yuan, which is simply outrageously cheap.

Everything is betting on the future, betting on the high growth of tide play.

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Ai Faner | Original link · View comments · Sina Weibo