How Did Trendy Toys Surge 480% Overseas, and What Makes Their Strategy Different?

Since launching its globalization strategy in 2017, 52TOYS has entered key markets such as Southeast Asia, Japan and South Korea, and North America, with rapid growth in overseas markets. According to its prospectus, from 2022 to 2024, its revenue increased from 460 million yuan to 630 million yuan, while overseas revenue jumped from 35 million yuan to 147 million yuan, with a compound annual growth rate of over 100%. By the end of 2024, 52TOYS had 16 overseas authorized stores and was fully present on major e-commerce platforms such as Amazon, Shopee, and TikTok.

52TOYS' outstanding performance in the overseas market is closely related to its strong IP operation and localization capabilities.

Leveraging global trends to create market-competitive products is a major advantage of 52TOYS in its design and development process. In June 2025, DreamWorks' film "How to Train Your Dragon 2" was released worldwide. During the film's release period, 52TOYS launched limited edition collaborative products featuring its own trendy IPs NOOK and NINNIC in partnership with the movie, selling nearly 3,500 units on the first day.

52TOYS utilizes flexible supply chain management to maintain an efficient and scalable operational structure. By collaborating with specialized third-party factories, it establishes an integrated production network to ensure robust capacity. It also has a dedicated supply chain management team to guarantee a smooth transition from product design to manufacturing. Throughout the production process, strict quality control measures are implemented to ensure excellent product quality.

In terms of warehousing and logistics, 52TOYS has established a hybrid model combining overseas warehouses with Amazon FBA. This model has proven highly effective, achieving a high next-day delivery coverage rate in Japan and the United States, significantly enhancing logistics efficiency and providing consumers with a better shopping experience.

A rich SKU matrix meets the selection needs of overseas users. 52TOYS has nearly 2,800 SKUs, with more than 500 new SKUs launched annually. This speed of product launches enables 52TOYS to quickly respond to market trends and release products around IPs that are adapted to different scenarios, allowing IPs to permeate multiple aspects of consumers’ lives. This “IP + multi-category” collaborative model not only extends the lifecycle and monetization potential of individual IPs, but also builds a product network that covers a wide range of consumer groups, laying a solid foundation for rapid expansion in overseas markets.

The combination of licensed and original IP aligns with the mindset of overseas users. Leveraging the global reach of classic licensed IPs, 52TOYS has rapidly increased its brand awareness in major overseas markets. Meanwhile, its own trendy, sci-fi, and cultural IPs enable it to emphasize unique cultural narratives and visual styles, maintaining a differentiated advantage in terms of product personality and market positioning.

In terms of authorized IP operations, 52TOYS selects classic IPs with global influence such as Crayon Shin-chan, Tom and Jerry, Lotso, Alien, and How to Train Your Dragon, leveraging their existing large fan bases to reduce market education costs. At the same time, it's not simply about replicating the IP images, but rather combining them with their own product matrix advantages to match each authorized IP with the most suitable presentation form. For example, developing static dolls and other products for Lotso to meet public consumption needs; launching wind-up toys for Crayon Shin-chan and Tom and Jerry to highlight the dynamic fun of the characters; and introducing transforming toys and action figures for Alien, fully integrating the character traits of the IP with the advantages of the product category to satisfy diverse consumer needs. This "precise matching" operation logic not only amplifies the commercial value of the authorized IPs but also strengthens consumers' emotional connection to the IPs through diversified products.

From the perspective of proprietary IP, 52TOYS accurately grasps the cultural preferences and consumer psychology of different markets, creating original images with differentiated competitiveness. Under 52TOYS, there are 35 proprietary IPs, including Beast Box, Fat Panda Cub, Sleep, and others. Among them, the "Beast Box" series stands out and distinguishes itself from other trendy toys, especially favored by veteran toy enthusiasts in mature overseas markets like Japan and the United States. According to the prospectus, there are 288 SKUs of Beast Box available, with a cumulative GMV reaching 190 million RMB. The "Mythical Creatures Series" delves into the essence of traditional Chinese culture, incorporating mythological creatures such as Azure Dragon, Qilin, White Tiger, and Black Tortoise into toy designs. With its unique recognition of Eastern culture, it has carved out a niche in overseas markets, satisfying global consumers' curiosity about diverse cultures. These proprietary IPs are not only products but also cultural symbols that convey the brand's philosophy, forming unique memory points.

52TOYS demonstrates strong operational capabilities in specific markets, being able to develop and implement localized expansion strategies to enter key overseas markets. By deeply collaborating with local distributors, it has entered Japan, a global hub for IP toy culture. In 2024, 52TOYS' GMV in Japan tripled year-on-year. Additionally, 52TOYS partnered with local distributors to open its first licensed brand store in Bangkok, Thailand, a Southeast Asian hub and vibrant creative culture center. 52TOYS quickly replicated this model and opened multiple new stores. Official data shows that in 2024, 52TOYS' GMV in Thailand quadrupled year-on-year.

Miniso's latest financial report shows that it has more than 7,000 stores worldwide, including over 2,700 stores in overseas markets. In 2024, its overseas revenue exceeded 4.5 billion RMB, accounting for more than 40% of the group's total revenue. Among them, TOPTOY, its trendy toy subsidiary, has also contributed significantly to the group's growth in overseas markets. In its performance report, Miniso pointed out that TOPTOY's revenue in 2024 reached 984 million RMB, a year-on-year increase of 44.71%. Using Southeast Asia as a strategic breakthrough point and leveraging deep insights into overseas markets, it successfully entered high-end shopping malls in countries such as Thailand, Indonesia, and Malaysia, receiving enthusiastic support from local consumers and achieving sales far exceeding expectations. TOPTOY’s rapid establishment and performance breakthrough in the Southeast Asian market are the result of multiple successful factors working in synergy.

The "Chinese Street View" series of building blocks exemplifies TOPTOY's exquisite craftsmanship, with particle precision strictly controlled within ±0.02mm, reaching the leading level in the building block category. In the Malaysia limited edition product, locally characteristic "Nyonya tiles" printed pieces were added, precisely catering to the cultural and emotional needs of local Chinese consumers, with Chinese consumers accounting for as much as 47% of this product.

The efficient collaboration of the supply chain ensures the stability of supply in overseas markets. Relying on MINISO's global supply chain system, TOPTOY has achieved a flexible model of "domestic design + localized production in Southeast Asia." In Indonesia, the production line established in cooperation with local toy OEMs has shortened the cycle from product design to shelf placement to 30 days, reducing the time by 50% compared to the full import model. Meanwhile, core IP products are delivered through MINISO's existing cross-border logistics network, reducing logistics costs by 25% and increasing inventory turnover rate to 1.5 times the industry average. This supply chain advantage gives TOPTOY more flexibility in responding to seasonal consumer fluctuations in the Southeast Asian market.

The deep empowerment of group resources is the core strength of TOPTOY's overseas expansion. MINISO's extensive network of over 7,000 stores worldwide, especially more than 2,700 overseas stores, provides a natural "springboard" for TOPTOY's international ventures. In high-end shopping malls in Bangkok, Thailand, TOPTOY's first store complements the business format of MINISO stores, sharing the mall's customer flow resources and membership system. In Indonesia, TOPTOY initially entered MINISO's Jakarta flagship store as a "store-in-store," leveraging MINISO's brand recognition built over five years in the area. Within just three months, it achieved initial reach of its target customer base, and the first day sales of the subsequently opened independent store broke local opening day records for similar trendy toy stores. This "initial reliance followed by independence" expansion model significantly reduces TOPTOY's store opening costs and risks in overseas markets.

The precise localization strategy has hit the consumption pain points of the Southeast Asian market. Southeast Asian Gen Z consumers pursue both the design and collectible value of trendy toys and have a high sensitivity to price. TOPTOY, targeting this characteristic, has created a differentiated pricing ladder: blind box products co-branded with international IPs such as Disney and Sanrio maintain mid-range pricing, with single-unit prices ranging from 39 to 99 RMB, aligning with general consumer affordability. Meanwhile, high-end products like limited edition mech figurines target core collector groups, maintaining premium pricing through limited releases. In Thailand, their "Siamese Cat Blind Box" series, which combines local iconic animal imagery with trendy toy design, sold 50,000 units in the first month of launch, becoming a hot topic on social media. In Malaysia, the building block set infused with elements of the Petronas Towers sold out within two weeks of launch, necessitating multiple urgent restocks.