All Hail the Snow King: Mixue’s Rise to the Top of the Fast-food Chain

Source: Chuahtc8 | Dreamtime.com

What’s the largest fast-food chain in the world? No, it’s not Starbucks or Subway or even the golden arches of McDonald’s. With over 45,000 locations worldwide, Mixue, the ice cream and beverage company, takes the crown as the largest chain by number of stores. Although most of its operations are based in China, Mixue has steadily expanded its international presence in the Asia-Pacific through strategic offerings and localised promotions. What’s the secret behind Mixue’s success in an era of digitalisation, uncertainty, and constant change? 

Founded in 1997 by Zhang Hongchao, Mixue Bingcheng (which loosely translates to Honey Snow Ice Palace) began as a humble shaved ice stall in Zhengzhou, a city in the Henan province of China. As the millennium marked a period of rapid urbanisation and modernisation nationwide, Mixue underwent a series of setbacks until it settled at a permanent location next to a university campus in 2003. A few years later, they would find their first breakthrough with their overwhelmingly successful 1-yuan soft-serve ice cream, thus reinforcing their commitment to providing high-quality yet affordable ice creams and beverages. 

The Recipe for Success

One of the biggest contributing factors in Mixue’s success story is its effective supply chain management and procurement network. In 2007, Mixue set up processing facilities in Zhengzhou for ice cream powder and waffle cones. In 2012, they expanded their factories to process core ingredients such as syrups and condiments for beverages, and soon after, started cultivating their own lemons for their best-selling lemonades. Furthermore, Mixue has also established an extensive distribution and logistics network that covers more than 300 cities in China and four countries overseas. This has allowed the business to cover both upstream and downstream operations as well as utilising its franchise model for rapid expansion across the country. High efficiency in supply and transport logistics mitigates the risk of disruptions and franchisees incur lower operational costs, while customers enjoy freshly-made beverages for greater value of money. It is estimated that over 97% of Mixue’s revenue is derived from sales of inventory and equipment to franchisees, and 60% of the ingredients provided to franchisees are produced in-house. 

Another factor in Mixue’s meteoric rise is its marketing strategy. In 2018, Mixue introduced its brand-new mascot - the Snow King or 雪王, a lovable snowman with a crown on his head, dressed in a red cape and holding an ice cream sceptre. Starring in the catchy, almost ear-worm-worthy “I Love You, You Love Me” theme song that plays in every store, the Snow King character has become synonymous with the Mixue brand and is well-loved by younger generations for its adorable persona - so much so that not one, but two animated series - The Legend of Snow King and Snow King and the Sands of Mystery were launched to public acclaim, with the former achieving a rating of 9.9/10 on BiliBili, a popular video streaming website in China. To date, the Snow King is Mixue’s sole ambassador, a stark contrast to other milk tea brands that cultivate partnerships and collaborations with celebrities and influencers. Indeed, there are many advantages with this tactic - there’s no need to worry about problematic celebrity behaviour which could tarnish the brand’s reputation, and it provides many opportunities for other business ventures and sources of revenue, particularly in media and entertainment.

In early 2025, Mixue completed an initial public offering (IPO) on the Hong Kong Stock Exchange, raising approximately $444 million and reported a net profit of $479 million in the first three quarters of 2024 - an increase of 42.3% year over year. Mixue’s prospects seem to be positive, but curbing logistical issues and having appropriate quality controls as well as expanding its customer base will be crucial to solidifying long-term international presence and maintaining its status as a market leader.

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