TOP TOY: The Path to a 18.2 Billion Reve Diagram

失败与踩坑

• Product homogenization during the 2021-2…
• The first Hong Kong IPO filing in Septem…
• Channel overlap with the parent brand MI…
• Proprietary IP brand awareness remains s…

关键成功要素

• Leveraging MINISO's supply chain
• Avoided the heavy investment of propriet…
• Management team comes from MINISO's fron…
• Timely addressed the proprietary IP gap …
• Used global flagship stores and a 1

经验教训

• Starting under a 'big tree' is fast
• The ceiling for pure collection stores i…
• Validating demand with licensed IP hits …
• IPO timing is influenced by both market …
• Following Pop Mart's path is a dead end

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