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Ice Cream Mogul Sells Empire for $6M to Become Monk
4 Sep
Summary
- Hawell's founder is selling the 22-branch business for 165 million baht.
- The owner plans to enter monkhood after decades in the ice cream industry.
- The sale includes the brand, recipes, factory, and current outlet.
Siripong Akkarasriyuk, the founder of the Thai ice cream brand Hawell's, has put his business up for sale for 165 million baht (about $6 million). This move signifies the end of his entrepreneurial journey after more than two decades in the ice cream industry.
Siripong plans to enter monkhood, dedicating his future to Buddhist practice and meditation. He has been contemplating this transition for over 15 years and aims to establish a forest retreat. The proposed sale includes Hawell's trademark, recipes, business know-how, office and factory, machinery, licences, and the existing outlet.
Hawell's began in December 1999 and rapidly expanded to 22 branches within three years, becoming a recognizable local brand. However, intensified competition and exclusive arrangements with shopping centers led to a decline in mall presence. The company's original location closed in 2014.
After years of seeking mall space, Hawell's returned with a standalone shop in Bang Bua Thong, Nonthaburi, which is now its only operating branch. Siripong desires for Hawell's to continue and hopes a new entrepreneur will lead the brand forward.
