Mixue Group: From Shaved Ice to World’s Largest Beverage Chain

Mixue Group, a Chinese bubble tea company, has surpassed McDonald's and Starbucks in store count to become the world’s largest food and beverage chain. The brand's rapid rise follows a successful Hong Kong listing that raised $444 million, with its stock price jumping over 40%.

Mixue: World’s largest beverage chain, expanding globally with rapid growth.

Impressive Growth

As of 2024, Mixue operates 41,584 stores in China and 4,895 worldwide. Revenue grew 22% to $3.4 billion, and profits surged 40% to $613 million. This growth is largely driven by sales of goods, equipment, and franchise services.

Success in Lower-Income Cities

Founded in 1997 as a shaved ice shop, Mixue quickly gained popularity in lower-income Chinese cities. Nearly 60% of its stores are in “third-tier” cities, where affordable drinks and snacks have a strong demand.

Franchise Model and Revenue Focus

Mixue uses a franchise model but earns most of its revenue from supplying materials, equipment, and packaging, rather than franchise fees.

Expansion Plans

Looking ahead, Mixue plans to strengthen its supply chain in China and expand further into Southeast Asia, aiming to replicate its success on a global scale.