Multinational food manufacturer General Mills has entered into a definitive agreement to sell its Häagen-Dazs shop network in Mainland China to an investor group that includes Chinese beverage operator Ningji.
The transaction involves a transition of physical store operations and includes an exclusive licence agreement for the brand's boutique retail presence in the region.
The financial terms of the transaction have not been disclosed, and the deal is expected to close in calendar 2026, subject to regulatory approvals and customary closing conditions.
Licensing Agreement and Retained Operations
Under the terms of the agreement, the purchasing investor group will receive an exclusive licence from General Mills to use the Häagen-Dazs trademark specifically for physical ice cream shops and the brand’s regional gifting business within Mainland China.
Despite the sale of the boutique storefronts, General Mills will maintain a direct operational presence in the Chinese market. The company will continue to wholly own and operate all Häagen-Dazs retail distribution channels, such as supermarket and grocery sales, as well as its established foodservice operations supplying third-party dining and hospitality clients.
This dual-track operational model allows the multinational to leverage local expertise for physical retail store management while maintaining control over high-volume consumer packaged goods (CPG) channels.
Portfolio Reshaping
The divestment aligns with General Mills’ global Accelerate business strategy, which prioritises resource allocation toward brand segments and distribution channels offering the highest margins and most robust opportunities for long-term profitable growth.
Since fiscal 2018, the US-headquartered company has actively reshaped its core business portfolio. Through a series of disciplined acquisitions and divestitures, General Mills has turned over nearly one-third of its total net sales base to focus on high-performing product categories.
In fiscal year 2025, General Mills reported net sales of $19 billion, with an additional $1 billion generated through the company’s share of non-consolidated joint ventures.
Profile of the Buyer Group
The purchasing consortium is supported by Ningji, an enterprise operating in the Chinese beverage market.
Ningji manages one of the fastest-growing beverage brands in the region, controlling a retail network of more than 3,000 premium quick-service tea shops. The firm's established regional footprint and experience in managing high-volume quick-service franchise networks are expected to support the future development of the Häagen-Dazs boutique network in China.
Advisory Partners
To facilitate the transaction, General Mills engaged professional corporate advisory services:
Financial Advisor: Citi served as the exclusive financial advisor for the transaction.
Legal Advisor: Herbert Smith Freehills Kramer Global acted as legal counsel for General Mills.
