Why Miniso Is The Best Lifestyle Themed Accessories Franchise In India 2024
Written By: Shruti Agrawal
Within the retail industry, Miniso has become a powerful and captivating force, even if consumer-focused innovation frequently takes precedence over brand diversity. Miniso Lifestyle and Themed Accessories is a well-known business that has gained popularity worldwide thanks to its affordable, premium products and minimalist design aesthetics. The brand has maintained worldwide standards.
With a philosophy centered around "simplicity, nature, and good quality," Miniso lifestyle and themed accessories franchise has carved out a niche that resonates with consumers seeking practical yet aesthetically pleasing items for their everyday lives.
Miniso lifestyle and themed accessories franchise has carefully curated retail experience that has contributed to the brand's success, with consumers finding delight in exploring the diverse range of products the brand offers.
Here we aim to delve into the intricacies of Miniso lifestyle and themed accessories franchise as a brand, tracing its remarkable journey from a single store in Guangzhou, China, to a global retail phenomenon with thousands of locations spanning across the world.
We will obtain a thorough grasp of what makes Miniso lifestyle and themed accessory franchises appealing and significant enough to attract investment from entrepreneurs by investigating its creative business model and range of products.
About Miniso Lifestyle And Themed Accessories Franchise
Established in 2013 by Chinese entrepreneur Ye Guofu and Japanese designer Miyake Junya, Miniso has quickly grown from a modest start-up to a global retail phenomenon, changing our perception of and experience with reasonably priced goods. In 2013, Ye Guofu, a Chinese entrepreneur, was inspired to create MINISO while on vacation in Japan with his family.
One of Miniso's most significant markets, India is one that the brand entered in August 2027 and is well-positioned to grow in 2024. India's top-selling categories include home goods, plush toys, and fragrances; women's body care and perfume products do well there as well. Miniso is dedicated to introducing customised goods that satisfy regional customers' demands.
Offering premium products and services was Miniso's initial objective in order to enable the younger generation to enjoy life. With Miniso's entry in the market, a whole new way to maintain a living has been established. It offers clients unique, high-quality products rather than deliberately emphasising personality or so-called fashion.
Miniso Lifestyle And Themed Accessories Franchise Model
With around 60 new locations opening in 2022 and an anticipated 220 outlets overall, Miniso is well-represented in India.
The following information regarding the franchise model can be of interest to anyone looking to launch a Miniso lifestyle and themed accessories franchise in India:
- Both the Miniso lifestyle and themed accessories franchise investment store model and the Miniso Agent investment store model demand a total one-time investment of INR 70 lakhs to INR 90 lakhs.
- The franchise cost is INR 1.5 lakhs, which includes the requisite amount for the GST registration.
- The franchise process includes selecting a site, setting up the store, educating the staff, and offering ongoing support with marketing and inventory replacement.
- An entire space of between 900 and 1100 square feet is needed to operate a Miniso lifestyle and themed accessory franchise.
- It takes both leadership and entrepreneurial skills for a franchise owner to run a franchise store.
- When assisting customers by directing them towards the items they require, employees should be well-versed in the merchandise.
- The staff members must know how to respond politely to inquiries from customers.
- Miniso franchisees don't need to work harder to draw in clients. The store is well renowned for providing its patrons with the greatest possible shopping experience, featuring tastefully designed interiors, easily accessible lanes, and constantly refilled products that makes every visit to the store more enjoyable.
Steps To Set-Up Miniso Lifestyle And Themed Accessories Franchise
One who is interested in setting up a Miniso franchise in India has to go through certain steps, i.e.,
- Verify the prerequisites: In India, a minimum of 900–1100 square feet must be available for a Miniso franchise, either inside a shopping centre or one of the city's main commercial districts. Good management abilities and previous experience overseeing a profitable commercial endeavour are also prerequisites.
- Examine your investment: To open a Miniso franchise, you must invest a minimum of INR 70 lakhs. In addition, you will have to pay INR 1.5 lakhs for the franchise and INR 3 lakhs as a security deposit.
- Contact the franchising team: For questions about franchising in India, you may reach out to brand via phone or email. You can also enlist the assistance of franchise consultants.
- Apply for the franchise:Applying for a Miniso franchise online can be done by going to Miniso India's official website and selecting the 'Contact us' button. Through the official website, you can also get in touch with the Miniso zonal offices, who will help you with the application procedure.
- Complete the requirements: Documents like last three years' income tax returns, identification proof (PAN and Aadhar cards), and proof of residence (property agreement, power bill, ration card, passport) are required.
- Set up the store: The franchise procedure entails setting up the store, training the employees, choosing the location, and providing continuing assistance with promotions and product restocking.
- Start the franchise: You can start your Miniso franchise in India after fulfilling all the prerequisites.
Market Trends of Lifestyle And Themed Accessories Franchise
From USD 91.23 billion in 2021 to USD 99.23 billion in 2022, the fast fashion sector is projected to increase at a CAGR (compound annual growth rate) of 8.8 percent. The market is anticipated to reach USD 133.43 billion by 2026, growing at a compound yearly growth rate of 7.7%.
Up until 2025, the Indian fashion market is projected to grow annually at a compound annual rate of 11–12%, reaching a valuation of USD 115–125 billion. India's online fashion retail business is expanding at a very quick pace as well; estimates place a potential gain of US USD 22.97 billion between 2021 and 2026.
The fast fashion sector is characterised by its ability to swiftly translate runway trends into widely accessible retail products. Because of its widespread adoption and growing consumer demand, the industry is predicted to grow greatly in the next few years.
Benefits of Starting A Miniso Lifestyle And Themed Accessories Franchise
- With more than 4,200 locations throughout more than 100 countries and regions, over 1 billion visits yearly, and 300 million client transactions, Miniso is a well-known brand. This indicates that the brand is well-known and has a solid reputation, both of which can assist draw clients to your franchise.
- Miniso is a reasonably priced franchise opportunity because it currently has low fees and royalties.
- Miniso provides franchise owners and shop managers with a one-day obligatory orientation training programme in addition to continuous support for promotions and inventory replenishment.
- On a reputable branding platform, Miniso provides over 25,000 stock keeping units and 1,400 subcategories. This suggests that a wide range of products are available, which could help attract a diverse customer base.
- Customers between the ages of 18 and 35 who want an economical, luxurious, but practical lifestyle are the target market for Miniso. This particular group is predominant in India, which may draw in a sizable clientele.
- With 10% of India's GDP coming from the retail industry, it is one of the fastest-growing industries in the world. This indicates that there is a rising demand for Miniso-style retail franchises.
In conclusion, the Miniso brand has grown to be a significant and potent force in the global retail industry. Built on the tenets of quality, affordability, and simplicity, it has completely changed the landscape of contemporary shopping, dispelling the myth that high-end products have to be pricey in order to be appealing.
The Miniso brand has an impact that extends beyond its selection of products. It has sparked innovation and competition in the retail industry, pushing other businesses to reconsider how they handle customer experience, design, and pricing. Customers everywhere have benefited in the end because of this trickle-down effect, which has encouraged the sector to become more approachable and customer-focused.
Miniso has demonstrated that a company may have a big impact on the retail industry if it has a clear vision and an unshakable dedication to providing value. It will be interesting to watch how Miniso continues to change the retail landscape and give customers an accessible, pleasurable, and visually appealing buying experience as it grows and changes.
Find out the main factors that led to Miniso becoming a worldwide retail sensation! Find your options with FranchiseBAZAR right now if you want to get into the franchising industry. Come along on a journey to launch your retail business and imitate Miniso's success. Investigate our franchise opportunities right now to take the first step towards becoming the owner of a prosperous company!
Disclaimer: The brands mentioned in this blog are the recommendations provided by the author. FranchiseBAZAR does not claim to work with these brands / represent them / or are associated with them in any manner. Investors and prospective franchisees are to do their own due diligence before investing in any franchise business at their own risk and discretion. FranchiseBAZAR or its Directors disclaim any liability or risks arising out of any transactions that may take place due to the information provided in this blog.
Written By: Divisha Pandey
Written By: Divisha Pandey
Written By: Divisha Pandey
Written By: Nitika Jindal