Thick accumulation of thin hair, Domino's CEO Wang Yi's fast and slow

On March 28, Darby Co., Ltd. (hereinafter referred to as "Darby Shares") submitted a prospectus for listing in Hong Kong. Darby is the sole general franchisee of Domino's Pizza in Chinese mainland, Hong Kong SAR, China and Macau SAR, China.

Although as early as 2020, Yum China, the parent company of another pizza chain brand Pizza Hut, has taken the lead in landing on the Hong Kong Stock Exchange, from the perspective of business proportion alone, Domino's China is regarded by the industry as the "first pizza stock" of Hong Kong stocks because of its higher proportion of pizza categories.

What followed was the attention of Domino's current CEO, Wang Yi. She graduated from Vanderbilt University in the United States, worked at McKinsey and McDonald's, and became CEO of Domino's China in May 2017.

In the information age, only fast is not broken

According to the prospectus, Darby was established in 2008 and became Domino's operator in China in December 2010. However, for a long time after Darby took over, Domino's development in China was very slow.

The change happened in 2017.

In May of that year, the 39-year-old Wang Yi became the CEO of Domino's China, and after she took the helm, she was responsible for the company's overall strategic planning and business direction, and took the lead in formulating a new business strategy for Domino's, one of which is that "the business model of the enterprise can be quickly copied and the scale can continue to expand."

Wang Yi said in an interview that after entering Domino's China, what has been thinking about is "how to keep pace with the times", at this time, China has entered a period of rapid economic development, every year, there will be new things, new ideas like mushrooms, Wang Yi believes that it is important to understand what is happening in the outside world at the fastest speed, and can be in line with their own industry, "become the first enterprise with action, form your new competitive advantage."

In a word, Wang Yi's strategic thinking is "fast".

Just one month after taking office, Domino's China renewed its master franchise agreement with Domino's International, expanding its franchise area to the entire Chinese mainland, Hong Kong and Macau, and quickly opening stores in first-tier and new first-tier cities across the country.

Domino's self-proclaimed "delivery expert" has also continued the brand's "30-minute delivery" model in China. In order to ensure the realization of "fast", they adopt a small asset-light shop model, with a small area, equipped with a scientific kitchen, meal preparation program design, and simplified menus, so that the time from cooking to delivery to customers is shorter. In 2019, Dominoth China also independently developed the "Integrated Service Middle Platform", which enables consumers to track the whole process from pizza production to rider picking up meals in real time.

After the outbreak of the new crown epidemic, Wang Yi immediately led the team to set up a crisis management team, made the fastest and most correct adjustment in the shortest time, and proposed that "through the advantages of 'delivery experts', Domino's provides customers with contactless delivery".

According to the prospectus, in 2021, 95% of Domino's delivery, take-out and dine-in orders will come from online, far higher than the average of the pizza industry (both below 70%), of which revenue from its own online channels accounts for about one-half, which also makes Domino's China resistant to the impact of the new crown epidemic.

It is reported that since 2017, the number of Delta China stores has tripled, as of now, Domino's China has 485 directly operated stores in 10 cities in mainland China, the fastest growing company among the top five pizza brands in China.

Wang Yi once admitted that the goal in China is to open 500-700 stores within 5 years. In the prospectus, Domino's China also made the same ambition as the company's founder, Tom Monaghan, to become The Number One Pizza Company in China.

Slow self-cultivation, ten years a sword

Interestingly, Wang Yi's eastern and western battles in the commercial kingdom were based on "fast" and decisive killing, but looking back on her personal experience, it was ten years of grinding a sword, sinking her heart, bending down, and twice starting from grassroots employees "slowly".

In 2004, after graduating from Vanderbilt University with a master's degree in economics, Wang Yi joined McKinsey, a world-renowned management consulting company. Starting from grassroots employees, she worked at McKinsey for 5 years, she said, "McKinsey taught me a lot of strategic thinking."

After returning to China, Wang Yi joined McDonald's China, starting again as a grassroots operations student in the Asia-Pacific region, this time, she spent 8 years as the vice president of the franchise business department in China, leading the mcDonald's central region business. The experience, she said, "taught me a lot of practical experience."

With these 13 years of tempering, strategic thinking and practical experience, at this time, it just so happens that Domino's China has thrown an olive branch to Wang Yi, she knows the company very well, and she is also optimistic about its prospects, she decisively stepped out of the door of McDonald's and became the helmsman of Domino's China.

- It is not so much that the times create heroes, but rather that heroes have achieved themselves. Experience, vision, and courage are indispensable.

Wang Yi seems to have sharpened a sharp sword in 13 years. She polishes herself, especially with a craftsman spirit, focused and down-to-earth, meticulously crafted, and strives for excellence. Even when she entered Domino's China, she was still "going to the store, like an ordinary employee, learning the work of various positions" and "understanding how to interact with customers and serve customers". She herself proudly said, "I can make a delicious pizza."

Wang Yi once said that in the company of Domino's, there are ceos of many countries, the earliest is the delivery of the start, "and then he slowly became the restaurant manager of Domino's, then he slowly became the franchisee of Domino's, and then he slowly became the CEO of a country at Domino's, and even the CEO of the world." ”

What Wang Yi has repeatedly emphasized is this "slowly".

Many times, even if we put all our energy and effort into the work we are engaged in, it is often difficult to get an immediate effect in a short period of time, and many times we will encounter setbacks and failures.

Success is a long, torturous process.

It can be said that Wang Yi's "fast" today is derived from more than ten years of "slow", broad and about to take, thick and thin hair.

As she said, "No matter what kind of work you do, you have to hold your breath, start from the basics, and slowly there will be many opportunities to beckon to you." (Text/Proud Woman, Proud Girl)