MINISO – WILL ‘MAKE FOR THE MINIMALIST’ PRINCIPLE WORK IN INDIA?

Abstract

Minimalism??....what exactly does the term connote?

“The key to our success is that we have established a unique business model.  With our remarkable product design, affordability and excellent shopping experience, we have created a New Retail”- said Miniso Co-founder Ye Goufu in an exclusive interview with CKGSB (Cheung Kong Graduate School of Business Knowledge, China's first faculty-governed independent business school), China-focused leadership and business analysis.  He further explained how the 100-year-old stores of Japan were still going strong.  His choice of Miniso, as the new retail format was crystallized when he could find that the physical stores and the e commerce business peacefully coexisting in America and the European countries.  He also elucidated the concept of minimalism as the condition where the consumers felt saturated with the sophisticated lifestyle products and longed to replace them with the simple-designed ones, to add flavour and beauty to their lives.  The perfect combination of design, price, accessibility and the consumer’s shift towards minimalism made the industry  yearn for more such retail stores.