Early Life
Ye Guofu was born in November 1977, in Shiyan, Hubei, China. Growing up in a poor family, he was unable to finish his high school education due to tuition debt. Ye moved to Guangdong Province at age 21, where he began his career. Prior to establishing himself as a businessman, Ye had a dream of becoming a singer, but his dream was cut short when a choir teacher criticized his voice.
Rise to Success
Ye's entrepreneurial journey started with a small cosmetics shop in Foshan's Baihua Mall, where he used a "free makeup" strategy. This venture led to the opening of three more stores within a year. In 2013, Ye founded MINISO, drawing inspiration from Japanese discount retailers. The first MINISO store opened in Guangzhou. By 2015, he expanded MINISO internationally, opening a store in Singapore. MINISO went public on the NYSE in October 2020 and on the HKEX in June 2022. In 2024, Ye Guofu was recognized as "2024 Forbes China's Best CEO".
Key Business Strategies
MINISO's strategy focuses on offering aesthetically pleasing, fun, and practical products, with the "Joy Philosophy" as its business principle. Ye employed a franchise-heavy model for expansion, leading to the opening of thousands of stores across the globe. MINISO's expansion strategy led to over 7,000 stores worldwide. The company has also focused on IP collaborations and supply chain efficiency to maintain its competitive edge.
Philanthropy
During the COVID-19 pandemic, Ye donated protective supplies and daily necessities worth 3 million yuan to his hometown in Hubei Province.