Surpassing McDonald's and Starbucks, Mixue Becomes the World's Largest F&B Chain

According to Momentum Works, a market trend analysis firm, Mixue filed for an IPO on the Hong Kong Stock Exchange, revealing over 45,300 stores by September 2024. In just one year, Mixue rose from fourth place to become the largest global F&B chain, surpassing McDonald's and Starbucks. Despite significant store growth, its gross merchandise value ranks fourth among freshly-made beverage chains, behind Starbucks, Inspire Brands, and Tim Hortons. Mixue's success is attributed to its affordable pricing strategy for products like fruit tea and ice cream, along with control over its entire supply chain, from raw materials to logistics. The company's founder, Zhang Hongchao, built the brand from the age of 21, and Forbes estimates Mixue's value at around 2.9 billion USD. In Vietnam, Mixue's second-largest market, the chain boasts over 1,300 stores and experienced significant revenue growth in 2023.