- Founder of Thai ice cream brand Hawells is selling the company for 165 million baht
- Sale includes land, office, factory, outlet, trademark, recipes, and business know-how
- Hawells, founded in 1999, once had 22 branches but declined due to mall competition
The founder of Thai ice cream brand Hawell's is selling the company for 165 million baht (about Rs 47 crore) as he prepares to leave the business and become a Buddhist monk. Siripong Akkarasriyuk announced the sale on Facebook on August 21 and is offering a 5-million-baht referral fee to anyone who introduces a buyer willing to pay the asking price. The deal includes 2.77 acres (1.1 hectares) of land, an office and factory 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, Bangkok Post reported.
Founded in 1999, Hawell's was once a familiar name in Thai shopping malls. The first outlet opened at Central Pinklao in December that year and quickly gained popularity. Within three years, the brand had expanded to 22 branches.
Siripong, who has loved ice cream since childhood and started his career as an ice cream seller, later became a familiar face on Thai television programmes featuring entrepreneurs. Hawell's built a reputation for offering good-quality ice cream at affordable prices and became one of the recognisable Thai brands of the Y2K era.
But the company struggled as competition intensified. Major rivals began negotiating exclusive-use agreements with shopping malls, preventing competing ice cream brands from opening outlets in the same locations. Hawell's branches gradually closed, with its Central Pinklao outlet eventually shutting in 2014.
Siripong spent the next several years trying to revive the brand. He said he spent the past two years negotiating with shopping malls to open new branches but was repeatedly told there was no space.
"The malls consistently replied that they had no space for Hawell's, despite there being several vacant spots left by previous tenants. No matter how many times we inquired, we received the exact same answer," he said.
Opening standalone stores would require significant investment. Franchising was also considered, but Siripong said he ultimately decided against it because of concerns that rapid expansion could create problems and potentially damage the brand. Hawell's eventually returned in 2023 with a standalone outlet in Bang Bua Thong, Nonthaburi. It remains the brand's only operating branch.
However, the difficulty of expanding the business is not the main reason Siripong is selling it.
He said his bigger priority is preparing to leave his worldly life behind. Siripong has been openly devoted to Buddhism for years and has been planning to become a monk for more than 15 years. "I and my family have only two years left," he said, referring to the timeline he has set for entering monastic life.
He has written about Buddhism, including in his 2016 book Success Derived from the Buddha, and has given talks on Buddhist teachings.
Siripong said he has about two years left before he plans to renounce his current life. During that time, he wants to acquire land and establish a forest retreat where he can practise meditation before eventually ordaining as a monk.
He has said his long-term goal is to withdraw completely from worldly life and devote himself to spiritual practice, with the aim of attaining enlightenment as an arahant.
Even though he's selling the business, Siripong said he wants Hawell's to keep 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."
