Miniso Franchise Cost, Revenue & Review 2026
- Investment
- $256K – $485K
- Disclosed sales
- not disclosed
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Miniso is a retail franchise selling affordable lifestyle products, accessories, home goods, stationery, toys, and gadgets, with a minimalist design. Franchisees run stores in high-traffic centers managing merchandising and the franchisor's supply chain.
FranchiseVerdict summary · 2026
A Miniso franchise requires a total initial investment of $256K – $485K, including a $30K franchise fee and an ongoing 45.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: 2025 filing · Data extracted: · Last cited check: · Staleness risk: medium - a newer filing may exist
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✗ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored4 of 5 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $256K – $485K
- 29th pct Retail
- Avg gross sales
- N/A
- Royalty
- 45.0% (?)
- Likely extraction error
- Units
- 275
- 38th pct Retail
- SBA charge-off
- N/A
Quick verdict · Retail · color = vs category peers
Green = favorable by >10% vs Retail median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $256K – $485K including a $30K franchise fee, 45.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict A (Strongest tier), verdict score 75/100 (higher is better).
- GROWTHPositive: net +4 franchised outlets in the latest year (4 opened, 0 closed) (Item 20).
- DATAThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Miniso Depot Franchisor LLC
- Parent company
- USA Miniso Depot, Inc.
- FDD Item 1, page 6 of the 2025 FDD
- Ultimate parent
- Miniso Hong Kong Limited
- FDD Item 1, page 6 of the 2025 FDD
- CEO title
- Chief Executive Officer
- Thomas E. Bartlebaugh II
- Incorporated in
- CA
- HQ
- 1050 Lakes Dr., Suite 260, West Covina, CA 91790
- Auditor
- Kwan & Co. CPA, Inc.
- Audited financials
- Franchisor revenue
- $260K
- vs $236K prior year
Affiliated brands
- Miniso Depot Management Service
- Miniso Depot CA
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Thomas E. Bartlebaugh II
- Headquarters
- CA
- Founded
- 2018
- FDD year
- 2025
- States available
- 8
Can you afford it, and what does the money buy?
Entry cost runs 10% above the typical retail franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown16 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Franchise Fee(2) | $30K | $30K | |
| Merchandise Deposit (Model A (Consignment) only)(3) | — | — | |
| Initial inventory purchase (Model B (Purchased Inventory) only)(4) | $125K | $250K | |
| Security deposit | $20K | $20K | |
| Fees for traveling to review proposed site locations(5) | $300 | $3K | |
| Training Expenses - Operations(6) | $1K | $10K | |
| Material & Equipment Fee (computers included)(7) | $40K | $60K | |
| Renovations and leasehold improvements to build out franchise store(8) | — | — | |
| Grand Opening fee(9) | $4K | $15K | |
| Payroll – 3 Months(10) | $25K | $67K | |
| Consignment payments for Products sold – 3 Months, Model A only(11) | — | — | |
| Local Marketing – 3 Months(12) | $1K | $10K | |
| Rent & Utilities – 3 Months(13) | — | — | |
| Insurance(14) | — | — | |
| Business Licenses & City Permits(15) | — | — | |
| Additional Funds(16) – 3 Months | $10K | $20K | |
| Total initial investment | $256K | $485K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $256K – $485K
- Top 40% of category vs category
- Liquid capital req'd
- $10K – $20K
- Top 40% of category vs category
- Franchise fee
- $30K – $30K
- Top 40% of category vs category
- Royalty
- 45.0%
- typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 47.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 45.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Training fee | $500 |
| Transfer fee | $10K |
| Renewal fee | $15K |
| Total fee load | 47.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Miniso makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Miniso unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 47.0% — above the Retail median of 8.0%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System roughly stable (0.0% 3-year CAGR) with 275 units.
Multi-unit rate
32% of franchisees own multiple units, a moderate multi-unit rate.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Retail medians
How Miniso Compares
Category median of published Retail brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 275
- Opened
- 4
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- N/A
- Company-owned
- 262
- Corporate units in the system
- % franchised
- 5%
- vs corporate-owned
- Multi-unit owners
- 31.6%
- Net growth (3-yr)
- +19.1%
- Net unit change over 3 years
- 3-yr CAGR
- +0.0%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Ceased ops
- 43.6%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 6 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Where the owners are · Item 20 owner list
8 current owners across 6 states.
- FL 2
- TX 2
- CA 1
- IL 1
- MI 1
- MS 1
Counts only, from the list the franchisor prints in Item 20; 1 entries carry no state. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation is required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Kwan & Co. CPA, Inc.
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
MINISO DEPOT FRANCHISOR LLC (the franchisor entity Item 21 relies on), audited financial statements as of and for the year ended December 31, 2024, in whole US dollars. Total revenue of $259,959 comprises Franchise fee $103,333, Royalty income $153,626, and Other income $3,000. Single-year statements only; no prior-year comparative presented. Balance sheet reconciles: total liabilities $478,443 + members' equity $765,862 = total assets $1,244,305.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 75 / 100 verdict
- 01MINORExtreme royalty rates (45-65% Model A, 50-65% Model B) leave minimal margin for net profitability
- 02MINORNo average revenue or net income disclosure prevents ROI validation and suggests weak unit economics
- 03MINORUnprotected territory creates direct competition between franchisees and risk of cannibalization
- 04MINOR3-year term is unusually short and provides minimal runway for recouping $255-485k investment
- 05MINOR44.4% YoY unit growth may indicate unsustainable expansion or accounting for closures inadequately
- 06MINORHigh franchise fee ($30k) combined with capital requirements suggests aggressive growth model over franchisee profitability
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 47.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 3 years |
|---|---|
| Renewal term | 3 years |
| Allowed renewalsℹ | 1 |
| Territory type | No territory protection |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 1 |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Arbitration location | Los Angeles, California |
| Jury trial waiver | Yes |
| Governing law | CA |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation is required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 12 hrs
- On-the-job training
- 136 hrs
- Training location
- Franchisor's Southern California offices or a Miniso store location
- Ongoing training
- Optional
- Time to open
- 6 mo
- From signing to launch
- Site selection
- Franchisee selects, franchisor must approve
- Franchisor financing
- Not offered
- Item 10
- POS system
- Miniso retail point of sale (POS) system
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Miniso retail point of sale (POS) system
Item 20 · call current owners
Franchisee Contacts
9 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Miniso franchise?
The total investment to open a Miniso franchise ranges from $256K – $485K, with an initial franchise fee of $30K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Miniso franchise owners earn?
Miniso makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Miniso?
Miniso is franchised by Miniso Depot Franchisor LLC. Its parent company is USA Miniso Depot, Inc.. The ultimate parent named in the FDD is Miniso Hong Kong Limited. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Miniso FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Miniso FDD and qualifies whose outlets they describe.
What is Miniso's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Miniso (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Miniso franchise locations are there?
As of their most recent FDD filing, Miniso has 275 total units in the United States, including 13 franchised units and 262 company-owned units. 4 new units were opened in the latest reporting year.
Is Miniso a good franchise to buy?
FranchiseVerdict rates Miniso as a A-grade franchise with a verdict score of 75 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.