MNSO Liu Xiaobin: Pop Mart is a very valuable competitor, and the United States will be the most important expansion market

Pop Mart (09992.HK) subsidiary Labubu sweeps the globe, while Miniso (09896.HK)(MNSO.US) has also launched its own IP character "Wakuku" plush toy, sold in the same format of blind boxes and vending machines. Miniso's Chief Marketing Officer Robin Liu stated in an interview that Pop Mart is a very valuable competitor, describing that everyone is "working together to create a bigger pie."

In an interview with the Financial Times, Robin Liu mentioned that Miniso used to be a discount department store, but its IP design has become one of its features, and he noted that its expansion will be "quite aggressive," with the United States remaining the most important expansion market. He emphasized that the company has increased its procurement volume in the U.S., estimating that currently about 40% of the company's products in the U.S. are sourced from American companies.

Robin Liu also revealed that due to tariffs, product prices will rise, ranging from $10 to $20, but he indicated that even with the price increase, it will still be within an affordable range