General Mills is said to weigh sale of China Häagen-Dazs stores
(Bloomberg) — General Mills Inc. (GIS) is considering selling its Häagen-Dazs ice-cream stores in China, according to people familiar with the situation, as the US food company faces challenges with sales in the country.
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Minnesota-based General Mills is working with an adviser on the potential disposal — a process that could begin this year, the people said, asking not to be identified discussing private information. It may seek several hundred million dollars for the assets, the people said.
There are more than 250 Häagen-Dazs stores in China, based on information from the brand's WeChat platform. Deliberations are in the early stages and General Mills may decide not to pursue a sale, the people added.
General Mills intends to continue selling Häagen-Dazs in places such as supermarkets and convenience stores in China, the people said.
A representative for General Mills declined to comment.
Other international brands reassessing their China operations include Starbucks Corp. (SBUX), which is considering a possible sale of some of its business in the country, Bloomberg News reported in May. Decathlon SA is working on selling about 30% of its China operations, people familiar with the matter have said.
Häagen-Dazs opened its first ice-cream cafe in Shanghai in 1996. General Mills acquired the brand's parent in 2001 and sold the US Häagen-Dazs business to Nestle SA while keeping the international operations.
In a quarterly earnings call in March, General Mills Chief Executive Officer Jeff Harmening flagged a 'tougher consumer environment' and lower traffic in shops in China, the company's biggest market outside of North America. General Mills remained focused on stabilizing its performance in the country, he said.
General Mills has several dozen other brands, including Betty Crocker, Cheerios, Golden Grahams, Green Giant, Lucky Charms, Nature Valley and Yoplait. Its shares are down 15% this year, hitting a more than five-year low last month.
—With assistance from Will Kubzansky.
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