MinisoFranchise Cost, Revenue & Review 2026
Data from FDD filing
FranchiseVerdict summary · 2026
A Miniso franchise requires a total initial investment of $256K – $485K, including a $30K franchise fee and an ongoing 4.5% royalty[2]. The 2025 FDD does not disclose unit-level revenue (no Item 19). Verdict grade: B. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $256K – $485K
- 26th pct Retail
- Avg gross sales
- N/A
- 21st pct Retail
- Royalty
- 4.5%
- 6th pct Retail
- Units
- 275
- 36th pct Retail
- SBA default
- N/A
Quick verdict · Retail · color = vs category peers
Green = >15% above Retail avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
The system grew 44% year-over-year. Fast growth means demand, but can strain support.
Bottom line
- Total investment $256K – $485K including a $30K franchise fee, 4.5% ongoing royalty.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict B (Above Average) with a risk score of 60/100.
- System growing at 62.5% CAGR over 3 years with 275 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Miniso Depot Franchisor LLC
- Parent company
- USA Miniso Depot, Inc.
- Ultimate parent
- Miniso Hong Kong Limited
- 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
- $236K
- vs $260K prior year
Affiliated brands
- Miniso Depot Management Service
- Miniso Depot CA
Other brands the franchisor or its parent operates (Item 1).
Overview
About
Miniso franchisees operate retail variety stores selling low-cost consumer goods (accessories, home décor, stationery, electronics) in high-traffic locations. Operators manage day-to-day inventory, staff, POS operations, and local marketing while sourcing products through the franchisor's supply chain under two revenue-sharing models.
- CEO
- Thomas E. Bartlebaugh II
- Headquarters
- CA
- Founded
- 2018
- FDD year
- 2025
- States available
- 8
FDD Item 7 · 2025 filing · 16 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Franchise Fee | $30K | $30K | |
| Merchandise Deposit (Model A - Consignment only) | $200K | $250K | |
| Initial inventory purchase (Model B - Purchased Inventory only)not refundable | $125K | $250K | |
| Security depositnot refundable | $20K | $20K | |
| Fees for traveling to review proposed site locationsnot refundable | $300 | $3K | |
| Training Expenses - Operationsnot refundable | $1K | $10K | |
| Material & Equipment Fee (computers included)not refundable | $40K | $60K | |
| Renovations and leasehold improvements to build out franchise storenot refundable | — | — | |
| Grand Opening feenot refundable | $4K | $15K | |
| Payroll - 3 Monthsnot refundable | $25K | $67K | |
| Consignment payments for Products sold - 3 Months (Model A only)not refundable | — | — | |
| Local Marketing - 3 Monthsnot refundable | $1K | $10K | |
| Rent & Utilities - 3 Monthsnot refundable | — | — | |
| Insurancenot refundable | — | — | |
| Business Licenses & City Permitsnot refundable | — | — | |
| Additional Funds - 3 Monthsnot refundable | $10K | $20K | |
| Total initial investment | $456K | $735K |
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
- Better than avg vs category
- Liquid capital req'd
- $10K – $20K
- Better than avg vs category
- Franchise fee
- $30K – $30K
- Better than avg vs category
- Royalty
- 4.5%
- Revenue Split / Inventory Purchase · 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 | 4.5% 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 |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Retail averages
How Miniso Compares
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
- 0.0%
- Company-owned
- 262
- Corporate units in the system
- % franchised
- 5%
- vs corporate-owned
- Multi-unit owners
- 31.6%
- Net growth (yr3)
- +44.4%
- Net unit change last year
- 3-yr CAGR
- +62.5%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 4
- Closed (3yr)
- 120
- Terminated (3yr)
- 21
- Non-renewed (3yr)
- 2,023
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 74
- Franchisor bought back
- Ceased ops
- 43.6%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 17 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.
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.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Miniso presents HIGH RISK due to extreme royalty structures that severely limit profitability, undisclosed unit economics, going concern status, and unprotected territories—creating a model that prioritizes franchisor revenue extraction over franchisee success.
Litigation (Item 3)
No litigation is required to be disclosed
Largest disclosed settlement: $250,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Kwan & Co. CPA, Inc.
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 60 / 100 rating
- 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
- 03HIGHGoing concern status indicates potential financial distress at franchisor level
- 04MINORUnprotected territory creates direct competition between franchisees and risk of cannibalization
- 05MINOR3-year term is unusually short and provides minimal runway for recouping $255-485k investment
- 06MINOR44.4% YoY unit growth may indicate unsustainable expansion or accounting for closures inadequately
- 07MINORHigh franchise fee ($30k) combined with capital requirements suggests aggressive growth model over franchisee profitability
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 3 years |
|---|---|
| Renewal term | 3 years |
| Allowed renewalsℹ | 1 |
| 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 |
| Jury trial waiver | Yes |
| Governing law | California |
| 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
- southern California or designated Miniso store
- Ongoing training
- Required
- Franchisor financing
- 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
26 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Miniso · FDD (2025) PDF
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 does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
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 8 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 B-grade franchise with a risk score of 60 out of 100, based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. 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.