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Founded in 2013 by Miyake Junya, a Japanese designer and Ye Guofu, a Chinese businessman, MINISO is a lifestyle retailer reputed for its superior quality products. These include household items as well as cosmetics, among many others, which are available at affordable prices. In a short span of time, MINISO expanded its footprint in more than 95 countries across the world with more than 4587 outlets catering to a global populace. Some of these stores are present in the UAE, UK, Australia, USA, Mexico, Spain, and India. The uniqueness of this brand lies in its appealing array of products which are manufactured in very interesting and catchy designs. The entire range of products bears more than a streak of creativity without compromising quality. The dedicated number of clients keeps growing because of the prices. You can find an incredible variety of cuddly soft toys, storage boxes, perfumes, beauty essentials, mobile phone accessories as well ,as colourful and quality stationery. The brand’s range of face wash and body soaps is alluring and irresistible to one and all.
Did you know? In 2020, MINISO opened its 140th store in India with an offering of more than 250 brands?
Understanding Everything About MINISO
The MINISO brand was inspired by the 100-Yen stores, which are extremely popular on the streets of Japan. The brand employs some of the best designers in the world who create trendy designs which are sleek and saleable. Initial research of the Indian market geared the brand to cater to the lifestyle of young adults. Interestingly, all its products are vegan and environmentally friendly, qualities which contribute to its increasing success across India. This brick-and-mortar store has given e-commerce a run for its money because of its competitive and quality products. In 2019, MINISO received an award for the world’s most trusted designer lifestyle brand at the German iF Design awards. A winner of numerous other awards, the brand continues to fulfil its commitment to providing products with original designs. This deep-rooted focus made the brand set up the MINISO Design Academy (MDA), where it hires the services of some of the most outstanding designers from countries like Spain, Denmark, Norway, South Korea, and Finland to create innovative products on par with international standards. This uniqueness of the brand has made many individuals decide to start a MINISO franchise in their respective cities.
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What Are the Requirements for Setting Up a MINISO Franchise?
Given below are the various requirements to start a MINISO franchise:
Space requirement:
- You should have a minimum space of 900-1100 square feet.
- The premises must be in one of the primary commercial areas of the city or inside a shopping complex.
Personal qualifications:
- You should have prior experience in the management of a successful business venture.
- You should have good management skills.
- You should be a people person and an efficient team leader.
- You should have a credible business background.
Store assistants/employees:
- You will need to employ at least 2-3 store employees.
- The employees should be familiar with basic computer operations.
- The employees should be well-trained in social etiquette.
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What Is the Investment Required to Set Up a MINISO Franchise?
The minimum investment amount required to establish a MINISO franchise is ₹70 lakhs. Let’s look at some of the investments:
- Security deposit - ₹3 lakhs. This is a deposit pertaining to the branding activities and is paid when you sign the Letter of intent. This amount is refunded after the contract ends.
- Franchise cost - ₹1.5 lakhs. This is paid when you sign the franchise agreement and includes the requisite amount for the GST registration as well.
- Staff training costs - ₹18,000. After you sign the franchise agreement, you make this payment. This is an annual payment.
- Interiors - ₹8-9 lakhs. You have to make an advance payment towards the entire cost. This is made at the time of signing the franchise agreement. The remaining amount is paid before the completion of the interiors. The costs pertaining to store lights, fixtures, stationery like registers for making payment details, and other necessities.
- A fit-out deposit – You must pay this when signing the franchise agreement. It serves as a security against any damages caused by way of your own renovation in the store. The entire amount is returned after the completion of the interiors and approval of MINISO.
- A fit-out fee - ₹5 lakhs. This pertains to the infrastructure and equipment as well as the accompanying branding for your franchise.
- Costs towards initial inventory – This depends on the scale of your business and an approximation of the sales you are likely to make. It is often defined as one-third the amount of the estimated sales.
- Employee salaries – You have to consider the initial monthly remuneration of at least 3-4 staff members.
Documents Required to Set Up a MINISO Franchise
- Franchise lease agreement.
- GST registration number.
- Bank account.
- Bank statements for the last six months.
- Income Tax Returns for the last three years.
- ID proof - Aadhar and PAN card.
- Residential proof – Property agreement, electricity bill, ration card, passport.
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How to Apply for a MINISO Franchise in India?
You can apply for a MINISO franchise online by following the given steps.
- Visit the official website of MINISO India, i.e., https://www.minisoindia.com.
- Click on the ‘Contact us’ tab.
- You will get 3 options, namely, Franchise, Landlord, and Customer complaint.
- Click on the ‘Franchise’ tab.
- You will see an option of writing to them via email, i.e., franchise.india@miniso.com, as well as telephone number, i.e., 91-8586968006.
- You can key in all your details in the spaces provided, including the Math Captcha.
- Review all the details before submitting the form.
- You will receive a call from the brand’s concerned authority.
- The person will meet you in person, review your premises, the location as well as all other vital details.
- If the person approves, they will apprise you of the same in a second meeting or via phone.
- They will then take the franchise process forward and explain all the finer aspects of the business to you.
- You can then start the process of setting up your franchise with all requisite support from the brand.
Benefits of Starting a MINISO Franchise
- The brand is globally acclaimed for its quality and economically-priced products.
- It is well established in south-east Asia, Gulf, Australia, the United Kingdom, America, Mexico, and Spain.
- MINISO provides wide-ranging products renowned for their exceptional designs.
- The corporate goals include becoming the most favoured retailer in the world and consistently manufacturing a range of natural products for all its clients across the world.
- MINISO has a more than 106 stores in 43 cities across India.
- Every new franchisee is provided with an operational manual. This is to educate the staff about the brand’s operations and how to abide by the regulations laid down by the brand.
- In-store training is provided to the staff of every new franchise. The training pertains to product knowledge and customer service.
- MINISO ensures that every franchise has a guide whose domain expertise lies in resolving all issues the franchise may have to encounter at the initial stages of the business.
- India has the largest population of young adults. This is the exact target audience of MINISO, and your business is sure to succeed.
- The brand is well-known and globally renowned. You save on marketing expenses.
- MINISO has huge expansion plans, which include setting up many large warehouses. It plans to associate its dealers with all its local contacts to price its goods in a competitive manner. This is sure to boost the sales across its franchisees, who are going to experience a good margin profit.
MINISO Franchise Profit Margin
The profit you make as a MINISO franchisor is totally dependent on:
- The location of your franchise.
- The costs involved in the commercial premises – owned or rented.
- Volume of sales.
- The various employee costs.
- Breakages and damages.
- Expenses related to other contingencies.
Conclusion:
The retail sector in India contributes 10% of the country’s gross domestic product (GDP). The lifestyle profile of MINISO has established the brand as a leader in the retail industry. The brand’s vision of simplicity bundles with superior quality and innovation has made it a favourite among many young adults around the world. MINISO is focused on providing its customers with the ultimate experience in affordable, lifestyle products. Its mammoth variety of products has made shopping an exciting experience, once again in brick-and-mortar stores. MINISO is known for its global associations with international brands like Marvel, Coca-Cola, Pink Panther, Marvel, Sesame Street, Beijing’s Palace Museum as well as We Bare Bears to introduce stunning crossover products. These have contributed immensely to the thriving business of MINISO.
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