Ye Guofu
Disrupted retail with brand licensing and SPA model, making extreme value-for-money a lifestyle for global youth
Ye Guofu is an important explorer of China's new retail, founding MINISO in 2013. Using a brand licensing model in partnership with Japanese designer Miyake Junya, he built a global brand of extreme value-for-money household and creative goods. His SPA model integrates three advantages: direct supply chain procurement, efficient store management, and brand premium. MINISO listed on the NYSE in 2020. In 2022, he acquired shares in Yonghui Supermarket, continuing to expand his footprint in China's retail market. MINISO now has over 5,000 stores in more than 100 countries, becoming a benchmark case for Chinese consumer brands going global.
Methodologies
- Extreme Value-for-Money Product Development Method - Through three mechanisms—direct supply chain procurement, streamlined SKUs, and rapid inventory turnover—compress prices to 1/3 to 1/5 of competitors while ensuring consumer-perceived quality.
- IP Collaboration Brand Premium Strategy - Through licensing collaborations with well-known IPs that have established emotional connections with consumers, layer emotional premiums on extreme value-for-money products to expand the user base and accelerate purchase decision speed.
Key decisions and timeline
- 1977 Born in Rural Shaoyang, Hunan - Self-made entrepreneurs often have stronger cost consciousness and supply chain awareness—this is the fundamental source of understanding the extreme value-for-money model
- 2009 Founded Aiyaya Accessories Chain, Accumulating Fast Fashion Retail Experience - Entrepreneurs' success is often built on previous failures and small successes; Aiyaya laid the operational foundation for MINISO
- 2013 Founded MINISO in Guangzhou, Partnering with Japanese Designer Miyake Junya - Successful brand positioning lies in finding the perfect intersection of consumers' functional needs (value for money) and emotional needs (design aesthetics)
Beliefs and mental models
- Belief 1 - In an era of increasingly rational consumers, spending less money to buy equal or better quality products is a business logic that works across all economic cycles. Extreme value-for-money is not a low-end positioning, but compressing costs to the limit through supply chain optimization while guaranteeing design aesthetics and quality perception.
- Belief 2 - The SPA model integrates design, production, and sales within a single enterprise, eliminating profit leakage from intermediate links while achieving faster product iteration and more precise inventory management—an efficient retail paradigm proven by Uniqlo and ZARA.
- Belief 3 - A truly globally replicable retail brand must highly standardize product development, store design, supply chain management, and operating procedures so that the cost and quality of opening stores in any country remain consistent, enabling rapid replication without eroding brand value.
- Model 1
- Model 2
- Model 3