Tencent-backed variety store chain MINISO Group Holdings Ltd., China’s cheaper alternative to Japanese retail brand Muji, filed an IPO prospectus to the U.S. Securities and Exchange Commission on Thursday.
Founded in 2013, the Guangzhou-based company sells products with a strong Japanese design influence ranging from cosmetics and textiles to toys and snacks. Just how much inspiration Miniso has drawn from established Japanese brands has seen it labelled a “copycat,” and the planned U.S. listing could earn comparisons to Chinese e-commerce site Pinduoduo, which faced criticism for selling knock-off goods as it prepared to go public on the Nasdaq in mid-2018. Pinduoduo now has a market cap more than twice the size of Baidu Inc.
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