General Mills to sell Haagen-Dazs shops in China to Ningji-led investor group

General Mills Inc said on Tuesday that it has entered into an agreement to sell its Haagen-Dazs ice cream shops on the Chinese mainland to an investor group that includes Ningji, a Chinese company operating one of the country's fastest-growing premium tea brands with more than 3,000 quick-service retail outlets.

Under the terms of the agreement, the buyer will receive an exclusive license to operate Haagen-Dazs-branded ice cream shops and gifting businesses on the mainland. General Mills will retain ownership and operations of Haagen-Dazs retail and food service channels in China outside of the licensed outlets.

The transaction is expected to close in 2026, subject to regulatory approvals and other customary closing conditions. Financial terms were not disclosed.

The move aligns with General Mills' accelerate strategy, which focuses on prioritizing brands and channels with the highest potential for profitable growth. Since 2018, the company has reshaped its portfolio, turning over nearly a third of its net sales base through acquisitions and divestitures.

In the Chinese market, Haagen-Dazs has relied on its premium positioning since opening its first store in Shanghai in 1996. However, the brand has faced a steady contraction in China. According to industry tracker Canyan, the brand operated 262 stores in the country as of May 2026, down from a peak of more than 550 locations in 2019.

Despite a smaller footprint, Haagen-Dazs remains one of the top players in China's limited-service ice cream segment. Euromonitor International ranked the brand third in foodservice transaction value in 2025, trailing domestic upstart Mr Wildman and US-based rival Dairy Queen.