China Food

Mo Mo and Hu tou Bureau, is the next hi tea and Naixue?

the crazier the capital, the calmer the dessert.
This article comes from kaiboluocaijing (ID: kaiboluocaijing), author Su Qi and editor Jin Yuyu.
Food is one of the labels of Changsha. The eager online red brand in this online red city has even grown the ambition of contracting the appetite of young people.
Kwai Mo tiktok, the daily attendance of the recent fire, and the Tiger Head Bureau’s standard charcoal pie (the tiger head office) are still in the long queue of tea and Yue, and have begun to occupy the vibrato, the quick hands and the little red books. They have appeared in various posts and Strategies of “coming to Changsha to eat” and “Changsha new punch card”, and have planted grass in the hearts of many young people throughout the country.
Whether it is the new Chinese baking or the previous new tea, it seems to have found a set of reproducible “online popularity secrets” by virtue of Guochao vision and popular items, first planting grass and drainage on social media, and then expanding stores and enclosure by capital.
It’s not uncommon to become a big net red. Once it can be copied, it’s coveted. It is no wonder that there are views in the market that compare Hutou Bureau and Mo Mo to roasted Xi tea and Naixue tea. Today, Mo Mo’s single store is valued at 100 million (calculated by dividing the valuation by the number of stores), and the single store valuation leads Xi tea (the single store valuation is about 70 million yuan) and Naixue tea (the single store valuation is about 26.05 million yuan).
In fact, Mo Mo and Hutou bureau have less than 20 stores respectively. The former has just been established for one year, while the latter has been established for less than two years. Baking brands exist every year. Why are these two so popular this year?
The answer may not be directly related to the track itself. Compared with the old-fashioned pastry brands such as daoxiangcun and Guanshengyuan, the annual purchase tide is concentrated on several traditional festivals. The new patterns are generally limited to taste innovation. The new Chinese baking brand is “the business of young people”. One example is that although they are new Chinese baking, the popular products are snack cakes with “integration of China and the west”. At the same time, every marketing point of low sugar, purchase restriction and national fashion is trying to please young people.
According to the estimation of 30000 capital, the potential market space of the retail end of China’s baking industry is about 470 billion. At present, the retail volume of China’s baking food is about 230 billion, and there is at least twice the market increment space. Although in the 100 billion market, Mo Mo and Hutou bureau are currently in the stage of rapid expansion, with disputes such as long queue, poor sanitation and extensive store operation.
Mo Mo’s single store is valued at 100 million, and the offline catering business it represents is now favored by capital. However, some investors pointed out that “young people generally have no loyalty, and Chinese baking is just another track spawned by capital”. If the operation capacity can not keep up with the expansion speed of stores for a long time, the turn of young people and capital can be predicted.
“Wait until sad” vs “sweet to sad”
Mo Mo and Hutou are different from master Bao, Daoxiang village and other “predecessors”, and are more similar to the new tea. Like the tea Yan Yuese in Changsha, the core of Hutou Bureau and Mo Mo’s approach to young people lies in store design, service and taste.
First of all, the style of the two stores is very in line with the appetite of young people.
The store design of Momo and Hutou bureau adopts the popular “national tide” element with memory points. Among them, Mo Mo adopts red and blue with high saturation as the main color of the store, coupled with a large number of neon lights, and the logo is inspired by the shape of stone lion; The logo of the tiger head bureau is the tiger head shape, and the font design is retro. The “high film production rate” and “good-looking hair circle of friends” are very attractive for young people to enter the store for consumption.
the two stores are similar in style
Figure source / brand official microblog
New Chinese baking brands prefer to appear in shopping malls. Zhu Yue, partner of CIC insight consulting, believes that these brands aim at business districts and shopping centers with concentrated young passenger flow, forming differentiated competition with traditional Chinese dim sum brands, which are mostly sold in the form of supermarkets and scattered stalls on the street.
Attract young people to the store, and then “order guidance” according to the preferences of young people.
Compared with the traditional dim sum sold by box and weighed by Jin, both Mo Mo and Hutou bureau can sell by “one”, so as to meet the consumption psychology of young people to “buy more and try”. At the same time, selling by “individual” does not mean that the customer unit price is low. According to the average purchase price of users commented by the public, the customer unit price is expected to be about 20-45 yuan. In order to further improve the customer unit price, both choose to sell with beverage SKU, and the price of a single bottle of beverage is between 12-16 yuan.
The two brands are also “catering” to young people in product design.
The signboard of Mo Mo and Hutou bureau is new Chinese baking, but in fact, the menu design is more “Western cooking at the midpoint”, integrating Chinese snacks with Western pastries, abandoning the main categories of traditional pastries, such as pastry, cake, sugar and dough, and occupying the “user’s mind” with the less common Chinese dessert of “Mashu”. Momo’s signature product is fresh milk coffee and sweet potato; The most popular item in Hutou bureau is butter raisin Q sweet potato.
It can also be seen from the menu that the common categories of Western pastries in the Mo menu, such as super cheese crispy, crispy puff, macarone, etc., work on low sugar and other materials. The proportion of Chinese snacks in Hutou bureau is higher, such as crispy moss meat floss Xiaobei (the same category as master Bao), tiger skin roll, etc., which are vigorous in the rejuvenation of taste, such as durian pie.
The best-selling menu models of the two brands are mostly the combination of Chinese and Western points
Source / public comments
According to interface news, 75% of baking store consumers are young people aged 20-35. These consumers have a strong sense of local cultural identity and do not rely on Chinese traditional baked snacks in taste.
“The new Chinese baking brand integrates the ingredients of Chinese snacks with some Western baking methods, breaks consumers’ cognition of the taste of traditional Chinese snacks, and tries to jump out of the stereotype of Chinese cakes to attract consumers.” Zhu Yue said to open pineapple finance.
In the interview, the founders of both brands mentioned the reason why they chose cassava as the trump product – chewing, which is the only attribute of leisure snacks. The two also carried out a “miniaturization” transformation of cassava into “one by one”. In other words, the two brands have essentially turned Chinese pastries into a snack, expanded the eating scene, more suitable for shopping and drama, and more attractive to young people. Moreover, Mashu does not support code scanning and ordering, and the purchase is limited to two copies per person. It can only be purchased in line on site, and the side further guides young users into the store.
However, as a food brand, whether consumers pay or not depends on consumers’ mouths.
Both Mo Mo and Hutou Bureau focus on low-fat and low sugar, roast and sell now, so as to fit the concept of healthy diet pursued by many young people. But in fact, comments such as “sweet, sweet to sad”, “too salty and greasy” and “cold all stick together” frequently appear in user comments of the two companies.
Insiders said that stores and services are only a way to attract young people, but what really determines the vitality of a bakery is its category and taste.
taste party dislikes vs capital pursuit?
The result of approaching young people is that the two new Chinese baking brands are “hot”.
“But in a few months, the May day business district in Changsha has been full of mo. If you want to say how delicious it is, you don’t think it’s the same. There’s no difference in taste. When foreign tourists have a big Mo paper bag, it means she won. ” A local diner said in public comments.
In fact, the two cutting-edge brands are being tested by batch after batch of people who punch in and queue up. There have been some problems in store operation and management, and the unique punch in and queue up of online Red stores have accelerated the exposure of these problems.
These two brands have commented on thousands of stores on the public comment app, and the comments related to “long queue” can account for more than 70%. Many users who went to the opening activities said that they “broke their heart for queuing”.
Perhaps it is the queuing phenomenon that amplifies the confusion of store management, such as staggered orders, missing or wrong loading of takeout and on-site queuing“ The clerk had to pick up the takeout list while ordering. He urged the takeout at the scene. He had no reception ability but had to make takeout. It was very chaotic. ” Some users commented. In addition, many foreign tourists commented that they had lined up for a long time to buy it. When they came home, they found that the clerk had missed or wrongly loaded it.
Both brand stores have long queues
Source / public comments
Due to the influence of weather and packaging, the “delicate” characteristics of food materials are also amplified, affecting the eating taste. Open pineapple finance and economics to read the user comments of public comments. It is found that the two ace products, cassava, need to be eaten while hot, but this star product can only be purchased in line, can not scan the code and order. The queue time is long, and a whole bag of packaging is added to make the food “lump to one piece” and “the taste becomes hard”. A similar situation has also occurred for single puff products. Some netizens said that if puffs directly packed in bags are not eaten immediately, there will be the problem of “invagination and extravasation, flat skin and poor appearance”.
Users make complaints about product packaging
Source / public comments
Of course, the most concerned is environmental sanitation“ After baking the dessert, I put it outside. I saw flies on the butter raiser with my own eyes “,” the food cabinet was mopping the floor with open, and it was suspected that the mop would sweep the food to the lowest level “,” the test table was not sub packed, and everyone reached out for it. It was really hygienic? ” And other evaluations also show users’ concerns.
This has something to do with the fact that both brands are in the expansion period. In public reports, Mo Mo and Hutou bureau are bright capital favorites.
Mo Mo dim sum Bureau has completed four rounds of financing since its establishment in June last year. The investors include Qingliu capital, Yuanjing capital, early day capital, today capital, etc. After the round B financing in June this year, the market spread that its valuation reached 1.5-2 billion yuan. In addition, latepost disclosed that it had obtained the fifth round of financing, Tencent entered the board, and the post investment valuation rose to 5 billion yuan. Although the news was quickly denied by the brand side, the valuation of Mo Mo, which has 20 stores, reached 100 million even at the valuation of 2 billion yuan.
Financing process of Momo dim sum Bureau
Photo / sky eye check
The valuation of a single store of 100 million is unimaginable. According to the official website of Xi tea, there are 839 stores, with a single store valuation of about 70 million yuan based on the latest valuation of 60 billion yuan; Naixue’s tea opened 556 stores in early June, with a market value of 14.486 billion yuan and a single store valuation of about 26.05 million yuan. Mo Mo, which has the shortest establishment time and the least stores, has the highest single store valuation.
The Tiger Head Bureau, which was established one year earlier than Mo Mo, announced a round a financing of US $50 million one month after Mo financing: GGV Jiyuan capital and tiger global fund jointly led the investment, and Sequoia China, IDG and angel investor song huanping followed the investment. This is another round of financing after less than half a year.
Financing process of Hutou Bureau
Photo / sky eye check
Zhu Yue told kaipineapple finance that by opening up new cities and seizing the high potential energy points of new cities and seizing the minds of consumers, it has become the key competitive point of Hutou Bureau and Mo mo.
At present, Hutou Bureau has opened 8 stores in two cities, including 2 in Guangzhou and 6 in Changsha; Mo Mo opened 20 stores in Changsha (3 of them showed suspension of business), and 9 showed “to be opened”, most of which were concentrated in May day square, the core business district of Changsha.
After the financing, the founders of the two companies revealed that they wanted to open the road of national expansion. Hutou bureau may open a store in Shanghai. However, with the rapid opening of stores, store operations will be under greater pressure. Under such high operating pressure, according to media reports, Hutou bureau announced that the floor efficiency of mature stores reached 20000 yuan, the monthly revenue once reached 1.27 million yuan, and the single store revenue of Mo Mo was about 1 million yuan / month.
In this regard, some investors said, “the flat effect of 20000 is too ‘good-looking’.” He said that such a single store model can only be achieved in a few months of one or two stores at most. From its actual operation, the floor efficiency geometry needs to be further verified.
The offline baking business belongs to the catering track and is based on the channel scale and operation“ The details from site selection to the whole operation are very important. In the case of opening a shop quickly, if the polishing is not good, many problems may occur. ” Zhou Wenjing, partner of Chunni capital, also holds the same view.
The national chain head has not yet appeared,
New baking players need more patience
The young Mo Mo and Hutou Bureau, on their own, demonstrated a sexy new offline catering track to the capital market, raising the valuation of the whole new Chinese baking track.
After the capital could not grab and invest in Mo Mo and Hutou, they turned their attention to other regional Chinese baking brands. Luxi in Nanjing, Zhan Ji in Hefei, Centennial Tongyi in Suzhou, master Bao in Beijing, etc. these brands that had never been in contact with VC also began to consider opening financing.
According to media reports, Luxi River, which was born in Nanjing in 2013, has opened its first round of financing, with a valuation of 5 billion yuan or higher. After the round a financing in 2017, master Bao also began to re contact investors in the first half of this year.
Circle of friends about financing rumors released by master Bao’s staff
However, like Mo Mo and Hutou Bureau, so far, the new baking industry is still dominated by regional small chains, with a scattered pattern, and there is no national chain head brand yet.
“The reason why there is no head brand is that although the new Chinese baking track has developed for many years, like all other catering and retail industries, it is an ordinary operation industry without any industry dividend.” Zhou Wenjing said that in the long run, in the baking industry where all kinds of new products are pouring out and products are highly reproducible, there is not necessarily only the national tide style of Mo Mo and Hutou Bureau.
Therefore, how to jump out of the main position and expand to other cities in the country has become a major difficulty in the development of the whole new baking track.
Zhu Yue added that although some new Chinese baking brands have standardized and centralized the production process, semi-finished products still need to be reprocessed in the store. In order to ensure product quality and control transportation radius, these Chinese baking brands need to build supply chains and store processing areas, which will bring greater financial pressure to store expansion.
Another difficulty is how to maintain high standard operation and increase user stickiness while expanding rapidly.
Zhu Yue believes that many brands attach too much importance to commerciality in disorderly expansion and lose the relationship between brands and users. To develop in this track for a long time, the new baking brand needs to strengthen the control of product and store quality and the cultivation of user stickiness (re purchase) while expanding and upgrading. Molly and Hutou Bureau’s user comments may be a reminder.
Perhaps it is because both Mo Mo and Hutou bureau have added tea SKUs to their menus. It is not uncommon to compare them to tea loving and Naixue in the new tea industry. Is the compound business model of “baking + beverage” worthy of reference for the whole Chinese baking industry?
In fact, the “baking + beverage” model is not easy to do. Zhu danpeng, an analyst of China’s food industry, said, “the early 85 ° C and later Naixue tea are all baking + beverage models, which have been at a loss for a long time. Such a business model has high requirements for supply chain, store operation, product quality, service system and customer stickiness. “
Social media grass planting, explosive product drainage and high-density seize the business district. The playing method of new tea is being copied one by one on the new Chinese baking. Although this playing method has a rapid rise, it is not easy to continue to innovate and attract young people. Zhou Wenjing said that the cutting-edge Internet catering brands such as Huang Taiji, Xi Shaoye and diaoye, which were popular a few years ago, have become “tears of the times”.
“Young people generally have no taste and loyalty. Chinese baking is just another track spawned by capital, but young people can make the brand take the lead and capital turn around. They can only take their time.” She said.
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