Unilever is moving forward with plans to spin off its ice cream business and launch an IPO in Amsterdam by 2025, with potential secondary listings in London and New York.

The division, which generated €8.3bn in sales last year and holds a 20% global market share, could be valued at up to £15bn. Unilever aims to streamline its focus on higher-growth segments such as beauty and health.

The ice cream business, including brands such as Magnum, Cornetto, and Wall’s, has seen revenue increase primarily through price hikes, while volume sales have declined. Its operational demands, requiring extensive cold chain logistics, contrast with Unilever’s core consumer goods businesses, making a spin-off strategically beneficial.

Unilever’s divestment strategy has been evident in recent years. In 2023, the company sold its Elida Beauty division and other non-core brands, part of a broader plan to simplify operations and concentrate resources on 30 key brands. The firm also announced its largest layoff in five years, cutting 7,500 jobs globally.

Market interest in the ice cream division has been strong, with private equity firms such as Advent International, Blackstone, and CVC Capital previously exploring bids before Unilever opted for a public offering. If the IPO proceeds as expected, it will be the largest-ever for an ice cream business, positioning the newly independent company to attract fresh investment and drive innovation.