The Magnum Ice Cream Company (TMIIC), believed to be the largest ice cream firm in the world, has gone public on the Amsterdam, London, and New York bourses as a standalone business after completing its spin-off from UK-based FMCG conglomerate, Unilever. The IPO gave TMIIC a market capitalisation (valuation) of US$9.2 billion.
Unilever however still owns 20% share in TMICC, which it plans to sell over the next 5 years.
Unilever’s ice cream business separated last year and officially started independent operations as TMICC in July. In China, TMICC manages brands including Cornetto, Magnum, Wall’s, and Viennetta, ranking 2nd in the ice cream segment with market share of 11%. The Chinese market is one of the company’s top 10 core markets, ranking 2nd in terms of retail sales in 2024. In terms of Top 10 ice cream brands, Cornetto ranked 5th while Magnum ranked 7th in 2025. The other top 8 brands are owned by local players namely Inner Mongolia Yili Industrial Group and China Mengniu Dairy.
TMIIC is expected to continue to perform well in China especially after going ‘solo’ with greater focus and concentration of resources, including better control of its supply chain.
