On October 19, Top Toy—a trendy toy brand under Miniso—opened its first store in Thailand. Located in Bangkok’s bustling The Mall Lifestore Bangkapi, the store launch marks Miniso’s next big move: taking its popular toy brand into Southeast Asia’s growing retail scene.
Just across town, a themed “Bao-ao, Good Night” pop-up store opened in Mega Bangna, another Bangkok shopping destination. Meanwhile, in Malaysia, Top Toy is preparing to open its first location, further advancing Miniso’s toy ambitions across the region.
Southeast Asia has emerged as a hot market for China’s trendy toy brands. Following Pop Mart’s success in cultivating interest, Top Toy made its Jakarta debut at Miniso’s flagship location in late August. Founder Sun Yuanwen shared that the company’s sights are set on 5–6 new international locations this year alone, signaling an ambitious expansion push.
“After Pop Mart educated the market, Top Toy’s move into Southeast Asia was almost inevitable,” one toy industry veteran told 36Kr, hinting that Top Toy’s success may still hinge on building a stronger lineup of original IP characters.
Founded in 2020, Top Toy quickly positioned itself as Miniso’s answer to the trendy toy phenomenon sweeping China and beyond. The brand offers blind boxes, figurines, doll models, building kits, and more, with stores designed as global destinations for trendy toy collections. Top Toy opened its Shanghai flagship store in April 2021, introducing three original IP characters—“Twinkle,” “Tammy,” and “Yoyo.” Yet, early reception to these IPs has been lukewarm.
Top Toy’s current approach leans heavily on licensed partnerships with internationally recognized IPs to create unique toy designs. Recent trends indicate that Top Toy’s Tmall store ranked in the top 20 for blind box sales this year with popular series like “GG Bond,” Bandai’s “BN Figure Q,” and Disney’s “Stitch Weird Diary.” Noticeably absent, however, were the brand’s own original IPs, underscoring the challenge of competing with well-established characters.
For Miniso, however, Top Toy remains a central pillar of its growth strategy. The company’s 2023 financial report noted plans to build Top Toy’s brand recognition domestically and internationally, expanding in China’s major cities and exploring lower-tier urban markets.
It has been a fast-paced year for Top Toy. As of June, the brand has opened 195 stores, nearly doubling its presence over the past two years. First-half revenue reached approximately RMB 429 million (USD 60.1 million), a 37.9% year-on-year increase, with product SKUs climbing to 9,800.
Yet, as Top Toy’s stores and product lines multiply, one indicator—a slightly lower average transaction value—stands out. This year’s average of RMB 111.2 (USD 15.6) is down from last year’s RMB 124.7 (USD 17.5), suggesting that while more customers are visiting, they’re spending a bit less each time.
With momentum on its side, Top Toy is betting that Southeast Asia’s appetite for trendy toys will keep growing—and that Miniso’s strategy of blending localized stores with regional pop-ups will put Top Toy on the map.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This article was written by Xie Yunzi for 36Kr.