At the end of April this year, Sister Xian wrote an article about MINISO, "Annual revenue 20 billion! What does "China's largest ten-yuan store" make money? ", the sentence at the end of the article is: "Maybe this year, Ye Guofu can really pick up a small hammer on the Nasdaq."
did not expect to be sucked, blindly proud.
Last night, MINISO listed on the New York Stock Exchange, and the founder Ye Guofu picked up the hammer as he wished.
From the rumors of IPO to the fall of the hammer, less than a month has passed since MINISO’s IPO was as vigorous as its store expansion. Screenshot of
from the public account Tech Planet article
Ye Guofu said at the scene: "The listing is just a corporate milestone. MINISO will continue to strengthen the brand moat of MINISO, lead retail innovation and consumer innovation, and become the world's leading retail model. "Z1z
is really a good prospect. The listeners are all agitated for the legendary story of MINISO's "counter-attack" and the beautiful grand plan depicted-but it did not suppress a loud and harsh voice: "MINISO The listing is to collect money!"
MINISO has indeed built "China's largest ten-yuan store" with its unique business logic and pre-judgment, but under the rapid development, it is difficult to conceal its many hidden worries.
copycats, plagiarism, and fake Japanese brands
famous brand “original sins” that people talk about are two: is a copycat, and the other is a fake Japanese brand, in no particular order.
It is said that MINISO was inspired by the founder, Ye Guofu, on a trip to Japan. At that time, he also ran a chain of "Two Yuan Stores" called "Oh Yeah" and sold them at extremely cheap prices. Some girls liked it. Starting from Shangxiajiu, Guangzhou, the small accessories and toys of Guangzhou gradually spread across the country with the help of franchisees.
Unfortunately, S.H.E endorsed it and achieved annual sales of 1.8 billion in 2012. Oh, I struggled for two years and failed to complete the IPO. On the contrary, it embarked on an irreversible decline.
did not wait for "coolness", Ye Guofu took the inspiration brought back from Japan and designer Miyake Jun also established MUJI.
Although it is reported that Jun Miyake also graduated from the Japan Institute of Fashion Technology and is an alumnus with many well-known designers, but no such person is found on the alumni list, but MINISO did indeed walk away because of his Schrödinger’s existence. Japanese style.
screenshots from the tiger sniffing video
MINISO is often complained about "logo looks like Uniqlo, the store looks like Muji, and the product line looks like Daiso ." Although it is a "pseudo-Japanese brand", its development route always hits the Chinese consumer market. Pain points.
Image source: Weibo @名创优品
did not say that copycats or plagiarism are right, but the sad reality that must be admitted is that puts down the face and fights price wars with copycats, it can indeed quickly cut a path.
still remember that not long after MINISO entered the consumer’s field of vision, some people who are concerned about the trend of fast-moving consumer goods and have copyright awareness posted on social platforms, denounced such a "fake foreign brand" cottage store, saying that its design and Almost all products are "tracked", calling on everyone to resist.
is a long time ago, and that Weibo Xianjie can’t be found anymore, but there were indeed many people on the homepage who were “reposting lightning protection” at that time. With the passage of time, has an absolute price advantage, and most people can hardly escape the famous famous The true fragrance law of the philosopher Jingze.
“It’s not that I don’t have copyright awareness, but it’s too cheap!”
Normally, brands caught in the “plagiarism” whirlpool will have a long-term impact on reputation, but MINISO almost never responds to these questions and abuses. Continue to expand its product line. Even if
is named by name and surname, it doesn’t matter. For example, it was sued by NOME for trademark infringement, the founder of furniture brand PIY pointed out product plagiarism, and was directly named "MINISO, do you dare to respond?" "The article accused that MINISO rarely "occupies public resources" to respond.
said that this is either arrogance or smart, but on the "no memory" Internet, this kind of cold treatment seems to be better than trying to prove yourself and argue face to face. Sister
once talked to someone about her favorite big-name male fragrance, and her friend Amway said: "You go to MINISO to check it out! It's almost the same taste!It's the same! A big bottle of twenty or thirty yuan! "Sister
went, smelled it, and admitted. Although MINISO’s perfumes are not distinguished from the front, middle and back, they can be faked at first glance—but all “big names” are consumers. I said it myself, MINISO did not promote it like this. Image source: Weibo @名创优品
What’s even better is that after making money by rubbing the ball and expanding its scale, MINISO started to do so. The original is co-branded. By the time consumers reacted, MINISO seemed to have "washed their hearts and minds" and was no longer that copycat shop.
Disney, Marvel, HelloKitty, Digimon... Now you are in the store The co-branded products seen here are all officially authorized and genuine. Marvel's Spider-Man water cup is 69 yuan each, and you can buy one get one free. You can't even buy a small doll at the Disney store at this price; other people's blind Boxes start at 59 yuan, 69 yuan and 79 yuan are not a few, MINISO’s 29 yuan, the workmanship is decent, how do you choose; the small one of LineFriends keychain costs a few hundred yuan, MINISO only needs the same style 19 yuan 9, which one do you buy?
MINISO’s blind box products, picture source: Weibo @名创优品
You see, MINISO does not have to "whitewash" at all, as long as it is slow after eating the bonus It’s good to change the product strategy slowly, and time will smooth out everything for him. The hidden worries of
's crazy expansion
Sister Xian talked about the franchise model of MINISO before, and said that the founder, Ye Guofu, may be the best person to join in China. One. From the perspective of model, MINISO’s franchise model is no different from franchising of other brands. Franchisees give the brand money, and the brand opens a standardized store for it and starts business.
insists Special, it may be that the initial fee of MINISO is particularly expensive.
If you want to join MINISO, you must first prepare a store of no less than 200 square meters, and the location must not be too bad, otherwise you won’t be able to return it; Then prepare 830,000 yuan , of which 80,000 yuan is the one-year license fee and 750,000 yuan is the product deposit; you also need to prepare the pre-paid decoration costs, the guarantee is 2,800 yuan/square, and after opening the store Water and electricity, transportation, storage, employee salaries, etc.
Of course, so much money in exchange for less worry , the headquarters will help you uniformly train employees, help you do the decoration, and prepare the products for you. Even help you with store management, you only need to pay for these in advance, and you can lie down and get the turnover.
Look at the expansion speed of MINISO over the years, and listen to Ye Guofu’s "Hundreds of Nations, Hundreds of Billions" There are indeed many people who are eager to move about the Wandian plan, even if they know that the risks of this franchise policy are almost always borne by the franchisees.
What's more, MINISO will tell you that the 750,000 deposit is in the franchise period. It can be returned after full. Image source of
: Weibo @名创优品
It doesn’t matter if you don’t have money. MINISO has a brother, the P2P platform divides Libao.
wants to join but has no money, can borrow from Fenlibao! Anyway, most of the money you borrow from Fenlibao will be given to MINISO in the form of franchise fees, with interest on the left hand and the right hand.
However, MINISO denies the question of "self-financing" , and it is quite reasonable to say that, after all, the borrower is a franchisee rather than MINISO, "Whether it is from the equity structure or business connection, MINISO has no connection with it, and MINISO has never used any online loan platform to conduct so-called financing activities.".
Fenlibao has solved the difficulty of attracting investment for MINISO. The outside world is not aware. We only saw that on the eve of MINISO’s listing, Fenlibao had settled all loan projects and officially shut down the platform server , Withdrew from the stage of history, hiding his merit and fame.
More than 75% of MINISO's stores are franchised. If nothing else, the Wandian project will mainly be completed by franchisees. As for the business status of those franchised stores, it is not a matter for the headquarters to consider. After all, the main risk lies with franchisees.
Product quality and "dimensionality reduction blow"
Ye Guofu summed up MINISO’s operating secrets asThe extreme price-performance ratio of makes sense. When you visit MINISO, you can indeed feel the joy that the price is lower than the psychological price. The so-called "three highs and three lows" of
MINISO means that has high appearance, high quality, high efficiency and low cost, low gross profit and low price. buys all kinds of useful or useless small things in the bright, neat and high-end decoration storefronts that are not cheap (thanks to Uniqlo and MUJI), and they don't burden the wallet. Who doesn't like it?
Image source: Weibo @名创优品
can be priced to 1/3 of other brands, because MINISO is doing a typical M2B short-circuit economy, directly connecting manufacturers and stores, and delivering things In front of consumers , lower manufacturing costs, erase supply chain costs (and some intellectual property costs), and it is naturally cheaper in the hands of customers.
However, MINISO’s “low price and high quality” advertised by MINISO is open to question, because the number of times his products have been blacklisted is too much.
On the eve of the IPO, a nail polish of MINISO was reported to have more than 1,400 times carcinogenic substances. The brand responded that "these substandard products were randomly inspected last year, and the responsibility lies with the supplier". There was no further information and no delay in listing. But to be honest, this kind of undisguised shirk of responsibility cannot convince anyone. Screenshot of
from the black cat complaint platform
Prior to this, MINISO has been notified of unqualified sunscreens, excessive arsenic in eye shadow pens, heavy metal antimony in blusher exceeding the standard value by 10 times, and the perfume Sohi substance does not meet the regulations. Even bowls can be detected as unqualified for melamine migration. Did
recall compensation afterwards? Sister Xian really doesn’t know. As for the "high quality"...
, there is another interesting thing. Founder Ye Guofu often shows his disapproval of Ma Yun, such as In the program, he said "Ma Yun used e-commerce to fool people and frighten offline bosses", saying that Ma Yun was "a lot of power and destructive power", and he was bombarded too many times unilaterally, and he was also called a "Ye Da Pao." number.
When Ma Yun and Wang Jianlin were engaged in the 100 million gambling game, "Guangzhou Afu" excitedly wrapped up the front page of the newspaper to shout for "Beijing Lao Wang".
Of course, this kind of words and deeds not only shows Ye Guofu's attitude towards physical retail and e-commerce, but also a marketing component. As long as I am not embarrassed, it is others who are embarrassed. What is interesting about
is that MINISO, which "does not like" e-commerce, is now embracing e-commerce, and will soon encounter Taobao's "1 yuan store". Finally I was able to fight face-to-face with the "Hangzhou Lao Ma", I wonder if Ah Fu is considered a long-cherished wish.
In the article mentioned at the beginning, Sister Xian talked about MINISO's "barbaric" business model but achieved initial success. This time, I mainly talked about the negative and hidden concerns of MINISO.
Image source: Weibo @名创优品
Although it is said that the mouse that can be caught is a good cat, but in some cases, the cat can not only pursue the result of catching the mouse, but also consider how to catch and where to catch. How can we sustainably grasp these issues. The launch of
MINISO is indeed a milestone. It has verified the feasibility of some business logic that is not so "very bright and positive", and has embarked on a development path that is not so "high."
heroes don’t ask where they come from, but it depends on the way home. The problem of
is not to be treated coldly or to disappear by pretending to be invisible. If you want to become a truly influential national brand and become a "global leading retail model", you cannot use the listing as a life-saving straw or a decisive factor. You need to truly belong to yourself The core competitiveness of the company needs to bear its own responsibilities.
It's a good time to take shortcuts, but you can't always take shortcuts as a broad road. If you want to "live" well, you must return to the "right path" after all.
