Thai Ice Cream Founder Siripong Akkarasriyuk Selling Hawell’s For Rs 47 Crore

The founder of Thai ice cream brand Hawell's, Siripong Akkarasriyuk, is offering to sell the company for 165 million baht, or about Rs 47 crore, as he prepares to leave the business and pursue a life as a Buddhist monk. Siripong announced the sale on Facebook on August 21 and has offered a 5-million-baht referral fee to anyone who introduces a buyer willing to meet the asking price.

The proposed deal includes 2.77 acres of land, an office and factory equipped with machinery and licences, a Hawell's Ice Cream & Fast Food outlet, the company's trademark, business know-how and its collection of ice cream recipes. Founded in 1999, Hawell's was once a familiar name in Thai shopping malls, with its first outlet opening at Central Pinklao in December that year. Within three years, the brand had expanded to 22 branches.

Siripong, who developed an interest in ice cream during childhood and began his career selling the product, later became known through Thai television programmes featuring entrepreneurs. Hawell's built a reputation for affordable ice cream and became a recognisable Thai brand during the early 2000s. However, growing competition from major players and exclusive agreements with shopping malls made expansion increasingly difficult, leading to the gradual closure of its outlets.

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The brand's Central Pinklao outlet eventually shut in 2014, after which Siripong spent several years attempting to revive the business. Hawell's returned in 2023 with a standalone outlet in Bang Bua Thong, Nonthaburi, which remains its only operating branch. Siripong has also explored expansion through shopping malls and franchising but decided against rapid franchise growth because of concerns that it could create operational problems and affect the brand.

The business difficulties, however, are not the primary reason behind the planned sale. Siripong has been closely associated with Buddhism for years and has been preparing to enter monastic life for more than 15 years. He has written about Buddhist teachings, including in his 2016 book Success Derived from the Buddha, and has delivered talks on Buddhist philosophy and practice.

Siripong has indicated that he plans to spend the next two years preparing for his transition away from business and worldly life. Among his plans is acquiring land and establishing a forest retreat where he can practise meditation before eventually becoming a monk. While preparing to step away from Hawell's, he has also expressed hope that the company will continue to grow under new ownership, describing the brand as an important part of his life and family history.

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