On November 17, 2023, DayDayCook officially landed on the New York Stock Exchange. DDC", CMB International, The Benchmark Company, Maxim Group, Freedom Capital Markets, Guotai Junan International, Eddid and Tiger participated in the offering. The IPO was priced at 8The issue price of $5 and the issuance of 3.9 million shares of common stock raised $33.15 million.
Originating from Hong Kong, it promotes Asian food culture and goes global
"DayDayCook" is a "food-inspired" lifestyle brand founded by Norma Chu, a post-80s generation. The brand and its founder, Zhu Jiaying, are also from Hong Kong, rooted in Asia and facing the world. In the early years, it entered the market with short cooking content, and gradually grew into a comprehensive content platform in the field of cooking and pan-life, with the goal of conveying Asian culinary food culture to the world. Key products include self-heating (RTTH), quick cooking (RTC) and plant-based foods, while promoting healthier lifestyle choices for millennials and Genz customers. Zhu Jiaying, the founder of DayDayCook, graduated from the University of Washington with a bachelor's degree and was the head of research in the private banking division of The Hongkong and Shanghai Banking Corporation. Out of her love for food and life, Zhu Jiaying gave up her million-dollar annual salary investment banking job to build a DayDayCook brand, hoping to make more young people like cooking and enjoy a healthy and beautiful lifestyle.
Founded for 10+ years, through different cycles
DayDayCook has been established for more than 10 years, has experienced different cycles and has been innovating to create new business models, from ** advertising to content e-commerce, and boldly launched its own brand business in 2019. The history of the brand can be divided into three stages: the first stage is content e-commerce + online ** store inspection;The second phase is single-brand ready-to-eat meals;The third stage is to enter the overseas market with a multi-brand matrix. Started in 2012, DayDayCook initially shared its cooking and lifestyle on social media and e-commerce platforms, and gradually established itself as the No. 1 food and lifestyle internet platform in Hong Kong, creating more than 247,874 minutes of content. In 2014, DayDayCook opened DayDaycook** and entered Chinese mainland in 2015. With excellent food and high-quality content, and the update frequency of 120 150 pieces of content per month, Daily Cook is on YoukuTencent**Sina Weibo, Xiaohongshu, WeChat, Kuaishou and other platforms have developed strongly, and gradually grown into comprehensive cookingand pan-lifeThe domain content platform has a total of more than 24.5 million paying users on various ** and ** platforms, which is very popular among users.
Over the past 10 years, DayDayCook has developed into a new economy consumer company with multiple brands and channels from making recipes to devoting itself to the field of food and consumer goods. At the same time, DayDayCook has pioneered a movement to promote Asian culinary culture to the world, and has been encouraging and infecting tens of millions of users over the years to enjoy cooking as a high-quality lifestyle and part of Chinese culture.
Continue to implement a multi-brand strategy
At the level of brand strategy, in the face of the ever-refining food track, DayDayCook actively established a diversified brand matrix through mergers and acquisitions on the basis of maintaining the core value of the brand. For the company, by operating multiple brands, DayDayCook can further diversify the business risk of a single brand, and further broaden the sales channel and expand the consumer group. For consumers, it is to be able to quickly enjoy different flavors and textures of food cooked every day. At present, DayDayCook owns and operates three brands in the food and lifestyle vertical category in Chinese mainland, namely "DayDayCook", "Fisherman" and "Mengwei", and the consumption scenarios cover office, travel and home self-cooking. Among them, "Mengwei" focuses on self-heating and fast food foods such as self-heating hot pot, self-heating rice and fast food rice. "Fisherman" mainly produces and sells flavored aquatic products such as scallops and deep-sea fish, as well as ready-to-eat flavored surimi snacks. "DayDayCook" is the company's flagship brand, selling self-heating series (RTTH), fast cooking series (RTC) and plant-based meat series products, with a total of more than 100 SKUs.
Export food culture and expand overseas markets
At the level of overseas expansion strategy, DayDayCook is gradually entering major global markets and promoting brand innovation. The company is rapidly gaining control of the fast-growing Rapid Cooking (RTC) and ready-to-eat (RTE) industries worldwide, as its product mix and technology cater to the global consumer's preference for Asian food culture.
In July 2022, DayDayCook launched a well-known Asian goods shopping platform in North America, Yamibuycom and successfully entered the U.S. market.
In May 2023, the acquisition of another food brand, "Nona Lim", was completed, becoming the company's first acquisition in the United States. The brand specializes in Southeast Asian noodle products, with a network of U.S. retail channels, including popular wholefoods market, target, kroger, etc.
DayDayCook is also actively expanding into Southeast Asia, Europe and the Middle East, with the aim of quickly entering the region's growing RTC and RTE fast food market through the acquisition of more premium brands. It is worth noting that it is with the advantages of multiple brands that DayDayCook has the inherent advantages of the product portfolio and the synergy effect of sales channels, not only has a complete first-chain network, but also can provide products in the North American market with a very competitive ** even after deducting logistics costs, channels and labor costs.
Control costs, expand profits, and continue to enhance profitability
In 2022, under the uncertainty and challenges brought about by the epidemic, DayDayCook revenue will be 179.6 billion yuan. In terms of profitability, DayDayCook remains focused on expanding its profit margins by continuously enriching its product matrix and brand layoutDriven operating profit growth and achieved a significant increase in gross margin from 178% to 24. in FY20225%。
In 2023, investors can expect more positive revenues and earnings as the pandemic passes, and DayDayCook continues to scale its business and focus on driving margin expansion and optimizing its cost structure. With the gradual implementation of the strategic layout plan for overseas expansion, DayDayCook's global brand influence is expected to continue to increase, and overseas performance is expected to maintain rapid growth, and continue to improve total profit and profit margin.
For the future, DayDayCook said that it will continue to firmly implement the M&A strategy, with a clear brand positioning and a concise product portfolio as the directionR&D innovation, logistics efficiency, synergistic sales channels, cross-selling opportunities, and improved marketing capabilities at a lower cost.