Who is Mixue?

Over the last two years, Mixue Group, China’s biggest freshly-made drinks company, has emerged as the 4th largest in the world – with 36,000 stores by the end of 2023. 

By the current speed of expansion, they might overtake Starbucks and Subway any time to be the 2nd largest in the world, just behind McDonald’s. Amongst the 36,000 stores, close to 4,000 are in Southeast Asia. 

Unlike other F&B chains whose revenue models are F&B sales or franchise fees, Mixue operates a so-called “interest-aligned franchise model” where its main revenue is sales of ingredients and equipment to franchisees. 

In this report, we highlight some key insights from its recent IPO prospectus as well as Momentum Works’s own analysis – which we think are very relevant for stakeholders in F&B and new retail industries, as well as investors and business innovators.

Table of contents:

1. Who is Mixue
2. Mixue’s business model
3. Mixue’s global expansion