Bao was born in Jiangxi, and his ancestral home was in Zhejiang. In the 1960s, his father immigrated from Qiandao Lake in Hangzhou, Zhejiang Province to Zixi County, Jiangxi Province, where Bao was born. 1974. In the late 1980s, Zixi set off a bread business boom. More than 40,000 people in small counties all over the country make bread. Bao's parents also caught up with the trend and learned to make bread. Soon after, they borrowed money to open a bakery in Anhui.
From then on, Bao ran after him. In his mind, mother often works until dawn. This is his first impression of baking.
From 65438 to 0995, Bao went to Henan to study. Because of the influence of his family, he opened a bakery in Zhengzhou, and later did the business of baking raw materials. However, going it alone for the first time didn't surprise him, even lost a lot of money and got into debt. Stubborn, he went to Xinyang and continued to do bread business until he paid off all his debts in 2004.
In 2004, Mr. and Mrs. Bao came to Beijing and opened a "Baozi Bakery" in dingfuzhuang North Street next to China Communication University, selling bread and western pastry. This is a very traditional mom-and-pop shop model, a 20-30-square stall, and a small scroll showing bulk cakes. At that time, although there were not many chain bakeries, the categories they sold were very similar. No one expected that Master Bao, who was a smash hit in the future, would come out from here.
In the second year of Baozai's founding, Baokai developed a new product-Beckham cake, which was immediately popular once it was launched. It was also in that year that Bao Caisheng renamed the steamed stuffed bun "Master Bao", considering that the steamed stuffed bun would always get old.
Because it is close to the school, Master Bao's business is not bad, but Bao is always anxious: if there is no characteristic, he will definitely fall into homogenization competition in the future. The popularity of minced meat Beckham made him find a breakthrough. At that time, the sales of this product accounted for half of Master Bao's shop. Bao felt: "If the bakery opens again, there will be brands such as Holiland and Delicious in Beijing. We might as well create special snacks around the cake. "
In 2008, Mr. and Mrs. Bao opened a new store near the Yonghe Palace in the Second Ring Road of Beijing, and hung up the signboard of "Bao Shifu's cake", so the meat floss Beckham continued to become popular. In the blink of an eye, in 20 13, master Bao became popular quickly because of a visit to a food column of Beijing TV station.
Master Bao was very angry, but Bao was a little "annoyed" because fake shops began to appear everywhere. At the most exaggerated time, there are more than 2,000 "Master Bao" stores in China, but there are only 26 real direct stores. Puzzled by Bao, the master of authenticity, Bao embarked on a long road of counterfeiting. 20 14, the trademark of "Master Bao" was successfully registered, and Bao officially began to defend his rights. Until 2020, such lawsuits will continue.
From 2065438 to February 2007, Master Bao opened his first store in Shanghai People's Square, which was so popular that there was a long queue at the door almost every day. There is even a report that "Master Bao's pastry shop in Shanghai People's Square queues for 7 hours, and scalpers sell their numbers at high prices". Such scenes are staged everywhere. At the end of 20 17, after obtaining the A-round financing of Tiantu Investment, the valuation of Master Bao in only 26 stores reached 10 billion RMB.
Master Bao once sought a new round of financing with a valuation of 654.38+0 billion:
The investment community learned exclusively that Master Bao started a new round of financing in the first half of the year. Taking advantage of the hot roast track, the valuation is as high as 654.38+0 billion yuan. This time, many first-line VC funds took the initiative to find the door and talked for a long time.
A consumer investor who contacted Master Bao in Shenzhen revealed to the investment community: "Since 2020, we have been watching the baking track intensively. At the beginning of this year, we talked about Master Bao first, but the valuation rose very high, and finally we couldn't do it. " The other party revealed that at that time, about five VC institutions were in contact with Master Bao at the same time. "The fiery degree can be seen."
A well-known PE institution in Shanghai also communicated intensively with Master Bao, but in the end, it did not vote, "I don't understand the valuation". The valuation as high as 654.38+000 billion yuan may set a new record for the pastry industry in China.
The above content refers to that the paper bag master once sought a new round of financing with a valuation of 654.38+0 billion.