Tencent-backed Chinese budget retailer Miniso launches Toptoy, a store chain for toys

Tencent-backed Chinese budget retailer Miniso launches Toptoy, a store chain for toys

Miniso Group Holding Ltd., the newly New York-listed Chinese budget retailer, is making its first foray into the $86 billion global toy market as it tries to take on heavyweights like Toys “R” Us Inc. on its home turf and beyond.

Known for selling low-cost items ranging from household goods to electronic gadgets with a clean aesthetic, Miniso will open the first store of its new chain “Toptoy” this month in Guangzhou, Founder and Chief Executive Officer Ye Guofu told Bloomberg in an exclusive interview in November.

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