Dairy Farm International Holdings Ltd (SGX: D01) is a leading pan-Asian retailer. It owns a slew of household retail brands such as Cold Storage, Giant, 7-Eleven, Guardians and IKEA stores. DFI comprises five business divisions:

• Food – grocery retail and convenience stores. This is where most of DFI well-known brands such as Cold Storage, Giant, and 7-Eleven
• Health and Beauty – Guardian in South East Asia and Mannings in greater China
• Home Furnishings – IKEA in Hong Kong, Indonesia, Macau, and Taiwan
• Restaurants – Maxim’s, a major Hong Kong restaurant chain that owns Starbucks franchise in Hong Kong, Macau, and Thailand
• Other Retailing – Robinsons Retail in the Philippines operating department stores, speciality and DIY stores

As of end-2019, DFI operates more than 10,000 outlets, a growth from 9,700 outlets one year ago. Challenging Business Past Few Years The company faced a challenging business environment due to increased competition. This resulted in a US$453 million restructuring charge from its food business last year....