Launched in 2017 in India, the brand became a runaway success in its very first operational year in the country. In fact, the Japanese lifestyle brand has popularised the idea of low-cost lifestyle products like nobody else
Japanese lifestyle brand Miniso has been ranked in the latest Franchise 100 list 2020, published by The Franchising World magazine. The Franchise 100 list recognizes the Top-100 fastest growing franchise brands and is considered as the most esteemed honor for franchise businesses in India. The list puts forth the best franchise opportunities for 2020 after analyzing the leading franchisors on the basis of franchise ecosystem size and growth, financial strength and growth, and support offered to franchise partners.
Besides, being listed among the Top-100 brands, Miniso has also been ranked among the Top-5 brands with highest franchise outlet growth over the last three years (2017-19) as well as Top-5 brands which recorded highest employee growth (2017-19).
Over the last few years, Miniso captured the market of low-cost lifestyle products in a way that would make for an excellent business case study. Launched in 2013 in China, it was only in 2017 that the global lifestyle brand entered the Indian market. In just over two years, Miniso achieved its major milestone of rolling out over 130 outlets pan-India of which more than 106 are franchise outlets, and even recorded a turnover of Rs 180 crore in the first year of its operation.
Its growth rate has been rather exponential in India, where the company grew its outlets at a whopping over 550% from 20 stores in 2017 to 130 in 2019. According to Miniso, India is one among the top three fastest growing markets. “India will soon become the second biggest purchase country for us,” shares, Tyrone Li, India Head, Miniso.
In fact, the company scored impressively across the parameters to be upgraded to the ‘Emerging’ players category in the Franchise 100 list 2020 from the ‘Debutant’ brands category in the previous list.
Meanwhile, for Miniso in India, its low-pricing products that come in superior quality have been the biggest USP of the brand, with price tags that are hard to ignore. From fashion accessories to stationery, kitchenware and even electronics, there’s nothing much that’s not available on the racks of a Miniso store in the price range of Rs 190-790. In fact, compared to Miniso’s global stores in the USA or even Brazil, the brand has strategically priced its products at low cost in order to do more volumes. Now, the company plans to increase the store count to over 240 by December 2020. It will be targeting Tier III and IV cities for fast expansion. As of now, most of its stores are concentrated in Tier I and II cities.
The Franchising World, India’s no.1 franchising magazine, identifies the TOP-100 franchise brands and celebrates their achievements every year in its anniversary issue. The issue highlights the established and emerging Indian and global brands that are increasing their positioning in India along with the new-age brands that are lucrative and profitable, expanding fast and can act as a reference guide for budding entrepreneurs and investors across India.
Franchise 100 is the one-stop destination to know everything about the franchise industry and the leading brands, which investors and prospective franchisees can consider to start their entrepreneurship journey.