Core Viewpoint - The article discusses the contrasting performances of two major players in the trendy toy industry, Pop Mart and Miniso, highlighting the challenges Miniso faces due to its reliance on a "Japanese" branding strategy that is increasingly viewed negatively by consumers [2][4][14]. Group 1: Company Performance - Pop Mart has achieved a revenue scale exceeding 10 billion, with over 7,600 stores globally and a market capitalization surpassing 400 billion HKD, reflecting a stock price increase of over ten times in two years [2]. - Miniso also boasts a revenue scale exceeding 10 billion and a market capitalization of 60 billion HKD, with a greater number of global stores compared to Pop Mart [4]. - Despite Miniso's success, its market performance and operational efficiency lag significantly behind Pop Mart, raising concerns among investors [6][14]. Group 2: Branding and Market Perception - Miniso's initial branding strategy heavily emphasized its "Japanese" identity, which was instrumental in its rapid expansion from 2015 to 2019, but this strategy has become a liability as consumer preferences shift [7][8]. - Recent controversies, such as mislabeling products and cultural insensitivity, have severely damaged Miniso's brand image, leading to a decline in consumer trust [9][10][11]. - The rise of domestic brands and a growing sense of national pride among consumers have resulted in a significant decline in interest in "Japanese-style" products, with searches for "Japanese style" dropping by 43% [10][12]. Group 3: Strategic Recommendations - To close the gap with Pop Mart, Miniso must focus on building its own IP ecosystem and optimizing supply chain management while also shedding its "Japanese" branding to redefine its market position [15].
日系标签——名创优品最大的桎梏