Early Life
Ye Guofu was born in November 1977, in Shiyan, Hubei, China. He graduated from Zhongnan University of Economics and Law with a diploma in economic management in 2000. After graduation, he moved to Guangzhou and began his entrepreneurial journey.
Rise to Success
Ye Guofu founded MINISO in 2013, formerly known as Mingchuangyoupin. The company started its operations in Guangzhou. In 2015, MINISO expanded internationally with its first store in Singapore. MINISO's growth accelerated, and the company went public on the NYSE in October 2020 and on the HKEX in June 2022. Ye's vision for MINISO was to offer high-quality, affordable products. The company has over 7,000 stores worldwide, including designer toy brand – TOPTOY stores, across Asia, Europe, Oceania, Africa, North America, and South America.
Key Business Strategies
MINISO's success is attributed to its business model focused on "three lows" – low cost, low profit margin, and low price – and "three highs" – high quality, high design, and high turnover. This strategy allows MINISO to offer trendy products at accessible prices. MINISO also uses a franchise-heavy model, which has facilitated its rapid global expansion. The company has also emphasized IP collaborations and has removed Japanese branding elements.
Philanthropy
In early 2020, Ye Guofu donated protective supplies worth 3 million yuan to his hometown Shiyan City in Hubei Province during the COVID-19 pandemic.