China – General Mills, Inc. has entered into a definitive agreement to sell its Häagen-Dazs shop business in mainland China to an investor group that includes Chinese tea brand operator Ningji.
Under the agreement, the buyer will obtain an exclusive licence from General Mills to use the Häagen-Dazs brand for ice cream shops and gifting businesses in Mainland China. General Mills will retain ownership and continue operating Häagen-Dazs retail and foodservice operations in China.
The transaction is expected to close in calendar 2026, subject to regulatory approvals and other customary closing conditions. Financial terms were not disclosed.
Citi is acting as exclusive financial advisor to General Mills, while Herbert Smith Freehills Kramer Global is serving as legal advisor.
The deal is part of General Mills’ ongoing portfolio restructuring under its Accelerate strategy, as it continues to prioritise brands and channels with higher growth potential. Since fiscal 2018, the company has reshaped its portfolio through multiple acquisitions and divestments, affecting nearly one-third of its net sales base.
In its latest fiscal 2026 third-quarter results, General Mills said it is investing in its brands to restore volume-driven organic net sales growth, with initiatives spanning its Remarkable Experience Framework, including product, packaging, brand communication, omnichannel execution, and consumer value.
