Mixue surpasses Starbucks as world’s largest F&B chain by store count

According to Momentum Works' “Chinese F&B in Southeast Asia 2025” report released in early January, Mixue filed for a new initial public offering (IPO) prospectus to the Hong Kong Stock Exchange on January 1. In the document, it revealed its total store count as 45,302 as of September 30, 2024.

At the same time, McDonald’s and Starbucks had about 43,000 and 40,199 stores respectively. Within a year, Mixue had jumped from fourth place to become the largest, globally.

In comparison, Luckin Coffee has 21,343 stores as of September 30, 2024.

While aggressively growing in store count, in terms of terminal sales, Mixue is still ranked number four in the freshly made beverages category, behind Starbucks, Inspire Brands, and Tim Hortons. Starbucks leads with a market cap of $55.5 billion, followed by Inspire Brands at $14.9 billion, and Tim Hortons at $7.5 billion.

Among the 45,302 stores, Mixue has 40,000 stores across China, according to its regulatory filings.

The remaining stores are located across 11 countries outside China. Indonesia and Vietnam still lead the overseas store count, with 2,667 and 1,304 respectively.

Mixue alone contributed more than 70 per cent of the 6,100+ stores Chinese F&B chains that have opened in Southeast Asia. However, Mixue’s business model and value proposition are unique compared to many other Chinese F&B brands.

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