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. 

Find out more about Mixue, its unique business model, the factors behind its rapid growth, and more in our newest report “Who is Mixue – World’s 4th largest F&B chain, decoded”. Get your copy here.

Thanks for reading The Low Down (TLD), the blog by the team at Momentum Works. Got a different perspective or have a burning opinion to share? Let us know at [email protected].