China’s Mixue Ice Cream and Tea has surpassed global giants like McDonald’s and Starbucks to claim the title of the world’s largest food-and-beverage chain. With a valuation of $10 billion (Rs 8,73,440 crore) and over 45,000 stores worldwide, Mixue has emerged as a dominant force in the fast-food industry.
Founded in 1997 by Zhang Hongchao in Henan Province, Mixue started as a humble shaved ice seller. Today, it’s known for its iconic red-branded stores, often located near mobile repair shops or dumpling outlets.
Mixue’s menu features signature ice cream cones, various flavors of bubble tea, and a special lemonade, making it a favorite for budget-conscious consumers. Notably, the company has become China’s largest buyer of lemons, according to a Wall Street report.
The secret to Mixue’s success lies in its affordability. With most items priced under $1 (around Rs 87), Mixue has attracted a massive customer base, especially amid China’s economic slowdown. The chain’s rapid expansion has also been led by its low franchise fees, enabling small investors to join the brand.
Mixue’s stores have doubled in just three years, now planning to extend beyond China to regions across Asia and Australia.
Mixue is now preparing to raise $510 million through an IPO on the Hong Kong Stock Exchange, which will bring its valuation to a staggering $10 billion. This move is expected to accelerate the company’s growth further as it aims to strengthen its position as a global powerhouse in the food-and-beverage industry.
The brand’s mascot, Snow King, has become synonymous with Mixue. Resembling a mix of Frosty the Snowman and the Michelin Man, Snow King is a beloved figure among customers. Adding to the charm, Mixue stores play a catchy jingle based on the tune of “Oh! Susanna,” which keeps customers coming back for more.
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