Thai ice cream founder has put his 27-year-old business up for roughly $6 million after deciding to become a monk | World News

Siripong Akkarasriyuk built Hawell’s at a time when ice cream shops were becoming a familiar sight in Thailand’s shopping centres. He knew the trade from the ground up, having worked as an ice cream seller before launching his own brand in 1999. The first Hawell’s outlet opened at Central Pinklao, and the business expanded quickly, reaching 22 branches within three years. Its fortunes later changed. Competition intensified, branches closed and attempts to secure new space in shopping malls repeatedly ran into difficulties. According to Bangkok Post, Hawell’s eventually returned with a standalone shop in 2023, but only one outlet remains today.Now, Siripong is preparing to leave the business behind. Reportedly,he has offered Hawell’s for sale for 165 million baht as he plans to enter monkhood. The move has been years in the making, with the businessman saying he wants to devote the next chapter of his life to Buddhist practice.

The Thai ice cream brand expanded rapidly before its fortunes changed

Siripong’s connection with the trade began well before Hawell’s existed. He had worked as an ice cream seller and later became known through Thai television programmes focused on entrepreneurs.When Hawell’s opened its first shop at Central Pinklao in December 1999, the brand quickly found an audience. Within three years, it had grown to 22 branches, establishing a presence in shopping centres and becoming one of the more recognisable Thai ice cream names of that period.The business was built around relatively affordable ice cream and, for a time, its expansion appeared to be gathering pace.

The brand slowly lost its place in shopping malls

Hawell’s struggled to maintain its network of branches as larger ice cream companies strengthened their relationships with shopping centres. Siripong has said that some rivals secured exclusive arrangements that made it difficult for competing brands to secure space in the same locations.Reportedly, its original Central Pinklao outlet eventually closed in 2014, and the brand was left trying to find a way back into a market it had once occupied quite comfortably.Siripong continued to explore expansion. Over the past two years, he said, Hawell’s approached shopping malls about opening new outlets but repeatedly received the same response: there was no available space. This was despite vacant units being left behind by businesses that had already moved out.Opening more standalone shops was possible, but it would require substantial investment. Franchising was also considered, although Siripong was reluctant to pursue rapid growth that might put the brand under pressure.In 2023, Hawell’s returned with a standalone shop in Bang Bua Thong, in Nonthaburi. It is now the company’s only operating branch.

Siripong’s plans to become a monk are behind the sale

He has been considering monastic life for more than 15 years and says he has given himself a two-year period to put his affairs in order before taking that step.His intention is not simply to retire from Hawell’s. He wants to leave ordinary business and family life behind and dedicate himself to Buddhist practice.Siripong has also written about Buddhism. His 2016 book, Success Derived from the Buddha, explored Buddhist teachings, and he has spoken publicly about the subject over the years.

Siripong wants to build a forest retreat before becoming a monk

The next two years are expected to be spent preparing for a very different kind of life.Siripong says he wants to acquire land and establish a forest sanctuary where he can meditate and live away from the routines of his previous life. Once he enters monkhood, he plans to cut off regular contact with family and friends as he pursues what he describes as the ultimate aim of becoming an arahant.He has spoken about eventually returning to wider society only to help teach Buddhist practice to his wife, daughter, relatives and disciples.

What the buyer will get

The asking price is 165 million baht, or roughly $6 million. The proposed sale covers considerably more than the Hawell’s name itself.Included in the deal is the company’s office and factory, machinery and licences, as well as the existing Hawell’s Ice Cream & Fast Food outlet. The buyer would also acquire the trademark, business know-how and the recipes used to make its ice cream.Siripong is actively looking for a successor rather than simply placing the company on the market and stepping away. He has offered a referral payment of 5 million baht to anyone who introduces a buyer who completes the deal at the asking price.

Siripong still wants Hawell’s to survive

Despite deciding to give up the company, Siripong has said he does not want Hawell’s to disappear with his departure.The brand has been part of his working life since the late 1990s, through its rapid expansion, the closure of its branches and its more recent attempt to establish itself again with a standalone shop.Finding a successor is now the final piece of that transition. Siripong hopes someone will take the business on and continue developing it, while he turns his attention to the forest retreat and the religious life he has been preparing for over many years.“Even if I choose to leave worldly life behind … I still want to see Hawell’s move forward.”