The Once Modest Ice Cream Chain Mixue Now Surpasses McDonald’s & Starbucks as World’s Biggest F&B Chain
From a modest venture to a global empire with a cape-wearing, ice cream staff-holding snowman at the throne.
RADII
By John Lim
Fe 26, 2025 | 372 words | ★★
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In a remarkable ascent within the global food and beverage industry, China’s Mixue, from a modest venture in Henan, has emerged as the largest F&B chain worldwide by store count, surpassing industry giants McDonald’s and Starbucks, according to recent data. As of September 2024, Mixue operates an impressive 45,302 outlets globally, outpacing McDonald’s 43,000 and Starbucks’ 40,199 locations.
Founded in 1997 by Zhang Hongchao, Mixue began as a humble brand offering freshly shaved ice desserts and boba tea drinks. Still, the business took off only nine years later when Zhang developed a proprietary ice cream cone recipe. Now, the company has expanded its footprint to 45,000 stores in China’s mainland and in 11 other countries, primarily through franchising.
Notably, Indonesia and Vietnam lead in overseas presence. Mixue’s rapid expansion can be attributed to several key factors. Affordable pricing continues to be a unique selling point of the business, with most items typically priced at around $1 USD. The product offering is also diverse ranging from fruit and boba tea drinks to seasonal beverages such as matcha. This competitive pricing strategy, coupled with an expansive menu, makes it accessible to a broad, mass-market customer base.
Additionally, the brand’s extensive franchising model has facilitated its widespread presence, ensuring that Mixue outlets are conveniently located for consumers, further bolstering brand visibility and customer convenience.
Looking ahead, Mixue has grand ambitions to solidify its market position through strategic financial manoeuvres, one of which is the gargantuan effort of raising $3.45 billion HKD (about $443.66 million USD) in an initial public offering (IPO) in Hong Kong. Initially, Mixue aimed to raise $1 billion according to Reuters, but scaled back the offering due to a lack of urgent cash needs. The proceeds from the IPO are earmarked for expanding production facilities and diversifying their beverage offerings, positioning the company for sustained growth in the competitive F&B sector.
Mixue’s trajectory from a single shaved ice stall to the world’s largest F&B chain underscores its effective business model and strategic market positioning. It’s also a clear sign that Chinese beverage companies are looking to scale up their businesses in the face of shifting consumer habits. For fellow homegrown coffee chain Luckin Coffee, that means expanding its footprint in Southeast Asia.
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