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Mixue: How to make billions selling a dream and lemonade
The chain’s growth is fuelled by an army of franchisees and changing dynamics in China’s labour market.
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Faced with weak job prospects, many Chinese might find Mixue’s business proposition palatable, says the writer.
ST PHOTO: TARYN NG
Shuli Ren
One can become a billionaire selling ice cream, lemonade and fruit smoothies – all for less than US$1 (S$1.33). Mr Zhang Hongchao and Mr Zhang Hongfu, two brothers who founded China’s largest freshly made drinks chain, are making a fortune by taking advantage of China’s fast-shifting labour dynamics.
Mixue Group’s blockbuster HK$3.5 billion (S$598 million) public listing is a marvel for a difficult food and beverage industry where even the likes of Starbucks and McDonald’s are revamping their operations. With its share price surging, the Zhang brothers are now richer than Starbucks’ founder Howard Schultz.
