While TOPTOY’s own branding highlights blind boxes, building blocks, and figurines, corporate filings from MINISO indicate a significantly broader product portfolio.

Creation and early growth

TOPTOY emerged during a period of rapid growth in China’s pop-toy and designer-toy culture. MINISO formally launched the brand on December 18, 2020, initially positioning it as a toy store concept for both children and young adults. Within approximately six weeks of launch, the brand had opened nine stores across five Chinese cities.1

Rather than competing directly with traditional toy retailers, MINISO identified an opportunity to build a specialized retail platform centered on emerging consumer trends, including blind boxes, collectible figures, anime merchandise, character IP, building blocks, limited editions, and artist collaborations.

Expansion in China

Between 2021 and 2023, TOPTOY expanded its physical store network throughout mainland China while diversifying its product assortment. A key strategic differentiator was that the brand was not limited to blind boxes; MINISO described TOPTOY as pioneering the “pop-toy collection store” concept with a wider price range and variety than many competitors.2

By June 2023, the brand offered approximately 7,000 SKUs across eight major categories: blind boxes, toy bricks, model figures, model kits, collectible dolls, Ichiban Kuji, sculptures, and other popular toys. In 2023, TOPTOY also opened a location in Shanghai Disneytown, which the company stated was the first collectible-toy brand store within that precinct.

Internationalization

TOPTOY commenced its international expansion in 2024, marking a shift from a domestic retail concept to a global collectible-toy brand. The brand subsequently established a presence in Japan, Thailand, Malaysia, Indonesia, and the United States. According to the official TOPTOY website, the current overseas footprint includes 14 stores in Japan, 15 in Malaysia, 14 in Indonesia, 6 in Thailand, and 1 in the United States.3

Recent store growth

The brand has continued to expand its physical network aggressively. According to MINISO Group’s SEC filing, as of December 31, 2025, TOPTOY operated 334 stores worldwide, comprising 304 locations in mainland China and 30 overseas. Of these, 35 mainland stores and 15 overseas stores were directly operated, with the remainder managed through retail partners or other operating models.1 This represents a significant increase from the 195 stores recorded in June 2024.

TOPTOY is a distinct brand incubated by MINISO Group rather than a sub-brand or alternative name for MINISO itself. It was launched as part of the parent company’s strategy to develop multiple consumer brands targeting specific market segments.2

The two brands serve different functions:

• MINISO: Broad lifestyle retail covering household goods, accessories, cosmetics, stationery, snacks, electronics, and general toys.
• TOPTOY: Specialized retail focused exclusively on collectibles and trendy pop-culture products.

Corporate filings indicate that TOPTOY differs from the MINISO brand in several key metrics, including a broader age demographic, a more balanced gender split, a wider price range, a higher average order value, a stronger emphasis on trendy products, and greater investment in proprietary IP cultivation.2

TOPTOY’s merchandise range extends well beyond the stereotypical blind-box retailer format.

Blind boxes

Blind boxes remain one of the brand’s most recognizable categories. Customers purchase sealed packages without knowing the specific design inside, with series typically containing multiple standard designs and occasional rare “secret” figures. This format combines the experience of toy purchasing with collecting, where uncertainty serves as part of the entertainment value.

Building blocks

The brand offers construction and building-block products ranging from simple character-themed sets to elaborate collectible builds. This category allows TOPTOY to reach consumers who may not identify as blind-box collectors.

Figurines and statues

This major category includes character figures, designer art toys, collectible statues, stylized sculptures, and licensed character merchandise. These items often command higher price points than conventional toys and target serious collectors.

Model kits

Model kits bridge traditional hobbyist markets and contemporary pop culture, allowing consumers to assemble, customize, and display finished models.

Collectible dolls

TOPTOY carries fashion dolls, character dolls, and plush-based IP products to appeal to collectors interested in doll culture.

Ichiban Kuji

The brand includes Ichiban Kuji, a Japanese lottery-style collectible merchandise format associated with licensed franchises. This category helps connect the retail market with established Japanese pop-culture collecting traditions.

Intellectual property is central to TOPTOY’s business model. Rather than relying solely on proprietary designs, the company utilizes a three-layer IP ecosystem:

1. Proprietary IP: Characters and concepts developed internally by TOPTOY.
2. Licensed IP: Characters and franchises licensed from external rights holders.
3. Third-party / Collaborative IP: Products developed in partnership with external brands, artists, and creative entities.

This structure allows individual stores to simultaneously offer original TOPTOY characters alongside Japanese anime franchises, Hollywood superhero properties, and independent artist designer figures.

Major licensed IP

TOPTOY collaborates with over 52 major IP licensors globally. Partnerships include internationally recognized properties such as Marvel, Disney, DC, Sanrio, and Queen Studios, as well as various Japanese, Korean, European, and American IP owners. These recognizable franchises serve as an entry point for consumers, bridging fan culture with collectible retail.

Original IP

To reduce reliance on licensed franchises, TOPTOY has developed its own characters, including Nommi, Maymei, MEE MEE, and FOFO. Proprietary IP provides the company with greater control over design, storytelling, merchandising, and long-term brand value. MINISO reported that sales contribution from TOPTOY’s self-developed products reached approximately 37% in 2024, up from 34% in 2023, with plans to increase this proportion further.

TOPTOY deliberately targets a broader demographic than traditional toy stores. Key customer segments include:

• Children: Traditional toy consumers.
• Teenagers: Consumers interested in anime, gaming, characters, and social collecting.
• Young adults: A primary demographic for blind boxes and designer toys.
• Collectors: Individuals purchasing figures and merchandise for long-term collections.
• Pop-culture fans: Enthusiasts of Disney, Marvel, Sanrio, anime, manga, and entertainment IP.
• Gift buyers: Shoppers seeking visually distinctive gifts.

The brand positions itself around creativity, collecting, and joy rather than age-specific toy categories.

Physical retail spaces are designed around the aesthetics of pop culture, collectibles, and discovery rather than traditional toy shop layouts. Stores feature extensive displays of characters, figures, and themed products, making the browsing experience part of the entertainment. This hybrid approach—combining elements of a toy shop, collectible store, IP merchandise outlet, and lifestyle retailer—enables TOPTOY to operate in shopping malls and high-traffic commercial areas.

TOPTOY operates an integrated platform covering multiple aspects of the pop-toy industry chain:

• Retail: Physical store network.
• Product development: Internal development and collaboration with designers and manufacturers.
• IP licensing: Licensing of famous characters and entertainment properties.
• Original IP development: Creation and commercialization of proprietary characters.
• Artist collaboration: Partnerships with independent designers and artists.
• Supply chain: Utilization of MINISO Group’s sourcing, supply-chain, and retail infrastructure.

Since its 2020 launch, TOPTOY has expanded significantly in both store count and product variety.

The December 2025 figure includes 304 mainland-China stores and 30 overseas locations.1 Product assortment has grown concurrently, with MINISO reporting approximately 11,100 TOPTOY SKUs across major categories as of December 31, 2024.

TOPTOY differs from conventional toy retailers in several fundamental ways:

This distinction reflects the broader transformation of toys from children’s playthings into lifestyle and cultural collectibles.

TOPTOY operates in a competitive international collectible-toy market alongside players such as POP MART, 52TOYS, traditional toy companies, Japanese character-goods retailers, specialty anime retailers, independent designer-toy brands, and online marketplaces.

While often compared to POP MART, the two businesses employ different strategies. POP MART is historically associated with artist-driven designer IP and blind boxes, whereas TOPTOY emphasizes a broader multi-category pop-toy retail platform encompassing building blocks, model kits, dolls, figures, and other collectibles. MINISO explicitly highlights this category breadth as a key point of differentiation.

Distinctive pillars

TOPTOY’s identity rests on five core pillars:

1. IP: Famous entertainment franchises provide immediate consumer recognition.
2. Collecting: Products are frequently designed as series rather than isolated items.
3. Design: Visual appearance and character design are central to the value proposition.
4. Retail experience: Stores encourage browsing and discovery.
5. Supply-chain scale: Integration of MINISO’s large-scale capabilities with the high-value collectible market.

International expansion began in 2024, reaching 30 overseas stores by the end of 2025. Current operations span China, Japan, Thailand, Malaysia, Indonesia, and the United States. This globalization strategy leverages the fact that many licensed IPs sold by TOPTOY already possess established global fan bases, reducing the need for consumers to be familiar with Chinese toy culture specifically.

TOPTOY identifies Sun Yuanwen as its founder. His stated motivation was to create a global home for designer toys where creativity, culture, and community intersect, rather than a conventional toy company. This philosophy informs the brand’s current positioning: “More than toys — a world of creativity and joy.” The company emphasizes that play and collecting are ageless pursuits, framing purchases as expressions of personal interest and collection-building rather than merely toys for children.

At the corporate level, TOPTOY represents MINISO Group’s evolution toward IP-driven emotional consumption and fandom-based retail. While MINISO was originally built on affordable lifestyle products, TOPTOY facilitates entry into interest-driven consumption where purchases are motivated by affinity rather than utility.

In summary, TOPTOY functions as MINISO Group’s dedicated collectible-toy platform. Having evolved from a specialized pop-toy concept into a comprehensive ecosystem combining licensed and original IP, artist collaborations, and international retail, it aims to serve as a one-stop platform for the entire trendy toy category.

1. MINISO Group Holding Limited_December 31, 2024
2. สำนักงาน ก.ล.ต.
3. The Official TOPTOY® Shop | Sanrio®,Disney®,Blind Box Shop, Toys,