With more than 45,300 stores according to the latest data, the Mixue Milk Tea Chain and Mixue Cream surpasses McDonald’s and Starbucks into the largest F&B chain in the world.
According to the data of Momentum Works – an analyzer of Singapore -based market trend, Mixue submitted a Bach Fox to apply for the first listing to the Hong Kong Stock Exchange on January 1. In the document, the company revealed the total number of stores reached 45.302, as of the end of September 2024.
After only one year, Mixue from the 4th place rises to the world’s largest F&B chain. Source: Momentum Works
This figure surpassed the McDonald’s fast food chain (about 43,000 stores) and Starbucks coffee chain (about 40,199 points for sale). Within a year, Mixue jumped from 4th place to become the largest F&B chain globally.
The number of stores grew strongly but sales calculated according to the total value of goods (GMV) still ranked 4th in the newly-made Beverages (Freshly-Made Beverages). Mixue sales in the past year are estimated at US $ 6.5 billion, behind Starbucks, Inspire Brands and Tim Hortons.
According to the Momentum Works’ released report, Mixue has contributed more than 70% of the above 6,100 stores that Chinese F&B chains have opened in Southeast Asia. This unit assesses the business model and the core values of Mixue are very different from many brands from the same industry from the billion -dollar country.
Before that, Reuters Reporting Mixue Group – the company behind the popular milk tea and ice cream chain of the same name – will start the application for the first public offering (IPO) at the end of February. Their heads raised $ 1 billion but because the company did not need so much resources, the Board of Directors had adjusted to about 500 million USD.
According to IPO records, Mixue’s net profit was 3.5 billion yuan (nearly 479 million USD) in 9 months of 2024, up 42.3% over the same period. The company plans to use the mobilization amount to expand the production facility and increase the many types of drinks in the menu.
Mixue has announced every day the whole system sells about 5.8 billion glasses of water. Outstanding products include lemon juice, cream, milk tea and fruit tea costing about 20,000-30,000 VND per cup of Vietnam. The company said it could be kept at a low price thanks to the entire supply chain autonomy. They are in charge of raw material production to logistics, research and product development, quality control. Most of the company’s revenue comes from the sale of kitchen equipment and food materials to franchise parties.
Mixue milk tea cups cost around VND 25,000. Image: Mixue
The founder of Mixue is Zhang Hongchao (Truong Hong Sieu) – an entrepreneur born in 1977 and has built this brand since the age of 21. Later, the company was attended by her younger brother Zhang Hongfu (Truong Hong Phu). Forbes It is estimated that Mixue is worth about US $ 2.9 billion based on business results in late September 2024. Earlier in the capital call at the end of January 2021, this chain was valued at US $ 3.3 billion. As a result, both of the Zhang brothers became a billionaire.
In Vietnam, Mixue joined the market in 2018. At first, they focused mainly in Hanoi and the northern provinces, then gradually attend the nation in many provinces and cities across the country. According to IPO records, Vietnam is the second largest foreign market of the chain with 1,304 stores as of the end of September 2024, only behind Indonesia. With the above figure, Mixue is also the largest F&B chain in Vietnam.
According to VietData data, this brand has nearly VND 1,260 billion in Vietnam’s revenue in 2023, increasing by 2.6 times compared to the previous year. This string also has profit after tax gap with 204 billion dong, up 3 times after a year.
IPOS – The platform provides management solutions for more than 100,000 restaurants and cafe businesses – said that Mixue is a factor that helps shape the Vietnamese milk tea market in recent years. This brand plays a big role in expanding the popular beverage segment for the milk tea industry, and a strong franchise strategy nationwide.