While it may appeal to a certain niche (i.e. those who just can’t get enough minimalism in their lives), I’m fairly certain it would turn off most shoppers. This isn’t helped by the fact that it is actually for a generic store brand.
I’d love to see more package design aimed at the “aesthetically literate” (i.e. those who don’t need bright, tacky colors), but I don’t think this is step in the right direction.
That said, I love the design out of context. From a purely visceral standpoint, I’d say it’s gorgeous.