He Built an Ice Cream Brand. Now He Wants to Walk Away From It All.
A Thai entrepreneur is putting his entire ice cream business on the market for 165 million baht (about S$6.3 million) — not because he believes the company has no future, but because he says he is preparing to leave commercial life behind and become a Buddhist monk.
Siripong Akkarasriyuk, founder and chairman of Thai ice cream brand Hawell’s, announced the sale on Aug. 21 through the company’s Facebook page.
He’s even offering a 5 million baht referral fee — roughly S$190,000 — to anyone who successfully introduces a buyer at the asking price.
The unusual business story has since attracted attention across Thailand and the region.
What Does S$6.3 Million Get the Buyer?
The proposed 165 million baht deal isn’t simply for the Hawell’s name.
According to Siripong’s announcement, the package includes:
- Seven rai of land in Bang Bua Thong, Nonthaburi
- An office building
- An ice cream factory and machinery
- Factory licences
- A Hawell’s Ice Cream & Fast Food outlet
- The Hawell’s trademark
- Business know-how accumulated over decades
- Ice cream recipes covering both soft-serve and hard ice cream
The land alone was valued by Siripong at about 100 million baht, while the office, factory, machinery and licences were valued at about 40 million baht and the operating outlet at about 6 million baht.
The asking price is therefore based on the assets and intellectual property being transferred rather than simply the company’s current retail footprint.
From 22 Stores to Just One
Hawell’s was once a familiar sight in Thai shopping malls.
The brand opened its first outlet at Central Pinklao in December 1999 and expanded to 22 branches within three years.
But its rapid expansion eventually went into reverse.
Siripong said major competitors negotiated exclusive arrangements with shopping malls, making it increasingly difficult for Hawell’s to secure retail locations.
The final mall outlet eventually closed in 2014.
The brand returned in 2023 with a standalone outlet in Bang Bua Thong, Nonthaburi, which remains in operation.
The Founder Says the Business Problem Is Only Part of the Story
For the past two years, Siripong said Hawell’s attempted to regain a presence in shopping malls.
According to his account, repeated approaches were unsuccessful, even when spaces became available after other retailers moved out.
He considered opening more standalone shops but said that would require substantial investment. Franchising was also considered, but he ultimately decided it could create problems and potentially damage the brand.
But there’s another reason — and it’s the one attracting the most attention.
Siripong says he has only two years left before he intends to leave worldly life behind.
His Next Goal Isn’t Another Business
Siripong says his decision to become a monk has been more than 15 years in the making.
During the next two years, he plans to secure land and establish a forest retreat where he can practice meditation before entering monastic life.
His stated goal is to devote himself fully to Buddhist practice and pursue what he describes as enlightenment as an arahant, a Buddhist term referring to one who has attained liberation/enlightenment.
His writings and public talks have also reflected his long-standing interest in Buddhism. He authored a 2016 book about success and Buddhist teachings and has given numerous talks on the subject.
He’s Not Selling Because He Has Given Up on Hawell’s
This is perhaps the most surprising part of the story.
Siripong’s sale announcement includes an ambitious expansion blueprint for whoever takes over.
The plan envisions:
300 soft-serve outlets
100 hard-ice-cream stores
5,000 automated ice-cream dispensers
If fully funded, the plan projects annual sales of approximately 8.79 billion baht, or roughly S$340 million based on recent reported conversions.
Those figures are Siripong’s projections, not independently verified future revenue.
The proposed buyer would receive the expansion plan along with the business assets and recipes.
Hawell’s Is More Than Just a Business to Him
Despite preparing to leave, Siripong says he wants the brand to survive.
Hawell’s became part of his life after decades in the ice cream industry, and its rise and fall mirrors the challenges faced by smaller Thai food brands competing for prime retail space.
His message to a potential successor is essentially this:
The business can continue — even if he no longer wants to be part of the commercial world.
That makes the proposed sale unusual.
He isn’t simply liquidating a company and walking away.
He’s looking for someone to take the brand into its next chapter while he prepares for an entirely different life.
WWC ONE MEDIA J.M.D
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