The founder of Thai ice cream brand Hawell’s is selling his company for 165 million baht (S$6.32 million) as he prepares to leave the business to become a monk.
Announcing the sale on Facebook on Aug 21, founder Siripong Akkarasriyuk said he is also offering a 5-million-baht referral fee to anyone who introduces a successful buyer at the asking price.
In his post, Siripong said the sale also includes 2.77 acres of land, an office and factory, the Hawell’s outlet, trademark, business know-how and ice cream recipes, valued at 165 million baht in total.
Siripong said the decision is primarily driven by his long-standing commitment to devoting himself to Buddhism, a plan he has been pursuing for around 15 years, although difficulties in expanding Hawell’s retail footprint also played a role, reported Bangkok Post.
“I and my family have only two years left,” he said, referring to the timeline he has set for entering monastic life.
Over the next two years, Siripong hopes to acquire land and establish a forest retreat for meditation before entering the monkhood and withdrawing from ordinary social and family life.
From 22 outlets to one store
Founded in 1999, Hawell’s expanded rapidly, reaching 22 branches within three years before facing difficulties in securing retail locations, reported Bangkok Post.
Siripong said the company subsequently struggled as major international and domestic competitors negotiated exclusive-use agreements with shopping malls, making it difficult for them to secure retail locations.
The business eventually closed its last mall outlet in 2014, leaving the brand without a conventional retail presence before returning in 2023 with a standalone store in Bang Bua Thong, Nonthaburi, which remains in operation.
Despite his decision to step away from commercial life, Siripong said he wants Hawell’s to continue growing.
“Hawell’s is not just a business I built, it has been a part of my life and my family’s life,” said Siripong.
“Even if one day I choose to walk away from it, I still want to see Hawell’s move forward.”
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xingying.koh@asiaone.com
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