Mixue Reorganizes Operations with Significant Store Closures in Vietnam

Mixue Group, the global F&B chain, has closed 89 overseas stores, including in Vietnam, according to its latest financial report. The company stated that these closures "significantly improved store operational quality, supporting more sustainable, long-term growth." Specific numbers for each market were not disclosed. In the first half of 2024, Mixue reported a 2.3% increase in revenues to 15.2 billion yuan (US$2.26 billion). However, net profits fell to 2.32 billion yuan due to rising costs of sales and selling and distribution expenses. As of June 30, 2024, Mixue operated 63,987 outlets worldwide, with 59,609 in mainland China. Vietnam and Indonesia are its two largest overseas markets. A prospectus filed for its Hong Kong IPO in early 2025 indicated 1,304 stores in Vietnam as of September 2024. Mixue entered Vietnam in 2018, initially focusing on Hanoi and northern provinces before expanding nationwide. Its key products include lemonade, ice cream, milk tea, and fruit tea. The company has been shifting its focus from small outlets to modern, larger-format stores in prime locations. In its report, Mixue announced plans to continue expanding in Southeast Asia, enter new markets in Central Asia and the Americas, and deepen localized operations in overseas markets.