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General Mills Divests Haagen-Dazs Shops in China
The buyer will get an exclusive Haagen-Dazs license in stores and gifting lines as General Mills keeps packaged sales through retailers.
- On Monday, Minneapolis-based General Mills announced an agreement to sell its Häagen-Dazs shops in mainland China to an investor consortium led by Ningji Lemon Tea, while retaining its broader retail and foodservice operations.
- "Legacy multinational management structures can no longer keep pace with local market dynamics," analyst Wang Shuo said, as fierce competition from home-grown brands forces foreign companies to revamp business models.
- The Ningji-led group will purchase around 170 locations, down from a peak of about 400 shops, while the buyer manages more than 3,000 stores nationwide.
- Starbucks and Burger King have pursued similar strategies, offloading their Chinese operations to local investors to better navigate the fast-evolving competitive landscape.
- Häagen-Dazs struggles with a "mid-quality, high-price formula" amid macroeconomic uncertainties, analyst Zhu Danpeng noted, as competitors like Mixue Ice Cream and Tea sell soft serve for 3 yuan.
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General Mills to Sell Häagen-Dazs China Shops to Local Investor Group
General Mills to Sell Häagen-Dazs China Shops to Local Investor Group - The U.S. food giant is offloading its struggling physical stores to focus on retail, while Chinese tea chain Ningji looks to expand into frozen desserts
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Total News Sources30
Leaning Left10Leaning Right6Center5Last UpdatedBias Distribution48% Left
Bias Distribution
- 48% of the sources lean Left
48% Left
L 48%
C 24%
R 28%
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