General Mills Sells Haagen-Dazs China Stores to Local Investors in Asset-Light Shift

General Mills (GIS) announced on Tuesday it will sell its Haagen-Dazs ice cream shop operations in mainland China to a local investor group, shifting to a licensing model to cut costs while retaining brand presence. The buyer, which includes Chinese tea chain Ningji, will obtain exclusive rights to run Haagen-Dazs storefronts and gift business in the country. The transaction, expected to close this year, excludes Haagen-Dazs retail and foodservice channels, which General Mills will keep operating. No financial terms were disclosed. Haagen-Dazs once dominated China's premium ice cream market but has faced mounting pressure from rapidly expanding local tea, coffee, and budget-friendly frozen dessert brands. The deal converts a heavy fixed-cost model into a capital-light licensing structure, allowing General Mills to collect royalties while shedding operational burdens like rent and staffing.