General Mills has agreed to sell its Häagen-Dazs shop business in Mainland China to an investor group that includes Ningji, marking a major shift in the company’s China retail strategy.
The agreement was announced on June 1 and includes an exclusive license allowing the buyer group to use the Häagen-Dazs brand for ice cream shops and gifting operations across Mainland China.
General Mills said it will continue operating the Häagen-Dazs retail and foodservice business in China outside the divested shop operations.
The transaction is expected to close during calendar year 2026, subject to regulatory approvals and customary closing conditions. Financial terms were not disclosed.
Ningji operates one of China’s fastest-growing premium tea retail chains, with more than 3,000 quick-service tea shops across the country.
The deal highlights how international food companies are increasingly reshaping their China operations through partnerships, licensing agreements, and local retail collaborations as competition in the market continues to intensify.
For General Mills, the transaction forms part of its broader Accelerate strategy, which focuses on brand growth, operational scale, and portfolio restructuring.
Since fiscal 2018, the company said it has reshaped nearly one-third of its net sales base through acquisitions and divestitures.
The Häagen-Dazs brand remains one of General Mills’ most internationally recognized premium dessert brands, with a strong presence across retail, foodservice, and gifting channels in Asia.
The China market has become increasingly important for premium foodservice and quick-service retail operators as consumers continue spending on branded desserts, beverages, and experiential retail formats.
The agreement also reflects the growing overlap between international dessert brands and China’s expanding premium tea and beverage retail sector.
Recent developments across the wider Fast-moving consumer goods sector show global companies placing greater focus on local partnerships, licensing models, and operational efficiency in large international markets, particularly across Asia and the wider us fmcg landscape.
General Mills generated fiscal 2025 net sales of US$19 billion, according to the company.
Citi served as exclusive financial advisor to General Mills for the transaction, while Herbert Smith Freehills Kramer Global acted as legal advisor.
The proposed sale of the Häagen-Dazs Mainland China shop business is expected to remain an important part of General Mills’ international growth and portfolio strategy as the company continues reshaping its global retail operations.
Editor’s Note: This article is based on an official announcement released by General Mills on June 1, 2026. Financial terms of the transaction were not disclosed at the time of publication.
