General Mills to sell Häagen-Dazs shops in China

General Mills has agreed to sell its Häagen-Dazs shops in Mainland China to an investor group including Ningji, a Chinese company that operates the tea brand with a network of more than 3,000 premium quick-service retail tea shops.

General Mills said the transaction aligns with its accelerate strategy and focuses the company’s efforts on its brands and channels that provide the strongest opportunities for profitable growth.

As part of the agreement, the buyer will receive an exclusive licence from General Mills to use the Häagen-Dazs brand in ice cream shops and the gifting business in Mainland China.

General Mills will continue to own and operate the Häagen-Dazs retail and foodservice operations in China.

The proposed transaction is expected to close in 2026, subject to receipt of requisite regulatory approvals and other customary closing conditions. The financial terms of the transaction were not disclosed.

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The announcement comes as General Mills works through a challenging operating environment. For fiscal 2025, core working capital net liability decreased by 23%, compared with a net sales decrease of 2%.

Since fiscal 2018, General Mills has significantly reshaped its portfolio for growth, turning over nearly one-third of its net sales base through acquisitions and divestitures.

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