He built Hawell’s from one ice cream shop to 22 branches. Why is he selling the $6 million business after 27 years?

Siripong Akkarasriyuk built Hawell’s from a single ice cream shop into a familiar Thai brand after working on it for more than two decades. Akkarasriyuk opened dozens of outlets before the business lost its foothold in the country’s shopping centres. Now, after years of trying to revive the company, he has decided to walk away from the business for a very different reason.

Siripong has reportedly put Hawell’s up for sale for 165 million baht, or about $6 million, as he prepares to enter monkhood and devote himself to Buddhist practice.

The fortunes of the business changed in 2014. 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.


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Hawell’s grew from one shop to 22 branches

Siripong’s experience in the ice cream business began long before he launched Hawell’s. He had worked as an ice cream seller, learning the trade from the ground up before deciding to create his own brand.

The first Hawell’s shop opened at Central Pinklao in December 1999 and in no time, the business expanded rapidly.

Within just three years, Hawell’s had grown to 22 branches, giving the brand a strong presence in malls and making it one of the more recognisable local ice cream names of its time. But maintaining that momentum proved far harder.

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Competition changed the ice cream business

Hawell’s gradually lost its place in Thailand’s shopping malls as competition intensified. Siripong has said larger competitors strengthened their relationships with shopping centres, with some rivals securing exclusive arrangements that made it difficult for other ice cream brands to obtain space.

The company’s original Central Pinklao location eventually closed in 2014.

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Hawell’s then faced the difficult task of rebuilding a business that had once relied heavily on mall locations. According to Bangkok Post, the company spent years approaching shopping centres in the hope of reopening branches.

Siripong said that even when vacant units were visible, Hawell’s was repeatedly told that there was no available space. In 2023, Hawell’s finally returned with a standalone shop in Bang Bua Thong, Nonthaburi. It is now the company’s only operating branch.

The businessman has been planning monkhood for years

The decision to sell Hawell’s is closely tied to Siripong’s long-standing plans to leave business life behind. He has reportedly been considering entering monkhood for more than 15 years and has given himself about two years to settle his affairs before taking the step.

Siripong wants to devote himself to Buddhist practice and eventually establish a forest retreat where he can meditate and live away from his former business life.

His interest in Buddhism has also featured in his public work. In 2016, he published Success Derived from the Buddha, exploring Buddhist teachings and their connection with life and success.

He wants to build a forest retreat

The next stage of Siripong’s life is expected to focus on creating a forest sanctuary before he enters monkhood. He has said he wants to acquire land and establish a place where he can meditate and live a quieter life.

Once he becomes a monk, Siripong plans to reduce regular contact with family and friends as he pursues what he describes as the ultimate goal of becoming an arahant.

He has also spoken about eventually returning to wider society to help teach Buddhist practice to his wife, daughter, relatives and disciples.

What is included in the 165 million baht sale?

The 165 million baht asking price includes the wider Hawell’s operation rather than simply the company name.

The proposed buyer would receive:

• Hawell’s trademark
• Ice cream recipes
• Business know-how
• Factory and office
• Machinery
• Relevant licences
• Existing Hawell’s Ice Cream & Fast Food outlet

Siripong is also offering a 5 million baht referral payment to anyone who introduces a buyer who completes the transaction at the asking price. The proposed deal covers the company’s office and factory, machinery and licences, the existing Hawell’s Ice Cream & Fast Food outlet, the trademark, business know-how and the recipes used to make its products.

Siripong does not want Hawell’s to disappear

Despite his decision to leave the business world, Siripong appears determined to find Hawell’s a new owner rather than simply close the company.

The brand has been part of his life since 1999, surviving rapid expansion, shrinking from 22 branches to a single outlet and eventually returning as a standalone business.

Now, he hopes another entrepreneur will take that story forward.

“Even if I choose to leave worldly life behind … I still want to see Hawell’s move forward.”