DFI Retail Group Holdings Limited
DFI Retail Group Holdings Limited is a Bermuda exempted company, registered with Bermuda’s Registrar of Companies under registration number 12293 following its incorporation on 5 September 1986, originally under the name Dairy Farm International Holdings Limited. The Registrar of Companies recorded the company’s change of name to DFI Retail Group Holdings Limited on 5 May 2022, after a shareholder-approved special resolution and a trading rebrand that had begun in August 2021. The company’s registered office is Jardine House, 33-35 Reid Street, Hamilton, Bermuda, but its retail businesses are managed from Hong Kong, where its corporate office is based at Taikoo Place, Quarry Bay. This is the likely source of the Hong Kong country code sometimes shown for this profile: it reflects the location from which the Group is managed and reported, not the jurisdiction in which DFI Retail Group Holdings Limited is incorporated, which is Bermuda.
According to the company’s Annual Report 2025, DFI Retail Group operates across five retail formats in 12 Asian markets: Health and Beauty (including the Mannings and Guardian chains), Convenience (the 7-Eleven franchise in Hong Kong, Macau, Guangdong province and Singapore), Food (including the Wellcome, Jasons Market Place and Cold Storage banners), Home Furnishings (the IKEA franchise in Hong Kong, Taiwan and Indonesia) and Restaurants (through its 50%-held associate, Maxim’s Caterers Limited, franchisee of Starbucks, Genki Sushi and Shake Shack in several Asian markets). At 31 December 2025, the Group operated 7,580 stores, including those run through associates and joint ventures, according to its Annual Report 2025; a July 2025 corporate overview published by the company separately reported more than 83,000 team members across the Group and its associates.
DFI Retail Group Holdings Limited has a primary listing in the Equity Shares (Transition) Category of the Main Market of the London Stock Exchange under the ticker DFI, with secondary listings on the Singapore Exchange (ticker D01) and the Bermuda Stock Exchange. For the year ended 31 December 2025, the Group reported consolidated revenue of US$8,868.9 million and profit attributable to shareholders of US$234.7 million, as set out in its Annual Report 2025, published 3 March 2026.
DFI Retail Group Holdings Limited is a member of the Jardine Matheson group; its parent-company relationships are addressed in the group-structure section of this profile. Recent business developments disclosed in the company’s own filings include the completed divestment of its associate interest in Robinsons Retail Holdings, Inc. of the Philippines on 30 May 2025, the earlier divestment of its minority holding in Yonghui Superstores on the Chinese mainland, and the announced divestment of the Group’s Singapore food business, announced 24 March 2025.
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Shareholders
5
Shareholders of DFI Retail Group Holdings Limited
As a company with a primary listing in the Equity Shares (Transition) Category of the London Stock Exchange, DFI Retail Group Holdings Limited discloses only its major shareholders, under the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTR), which require notification when a holding of voting rights reaches, exceeds or falls below 5%, 10%, 15%, 20%, 25%, 30%, 50% or 75%. According to the company’s Annual Report 2025, as at 28 February 2026 the only disclosed holder of 5% or more of the Company’s issued ordinary share capital is Jardine Strategic Limited, which is directly interested in 1,049,589,171 ordinary shares carrying 77.54% of the voting rights. The Company states it is not aware of any other holder of 5% or more of its voting rights as of that date. This is a major-shareholders-only disclosure: shareholdings below the 5% notification threshold are not published, and the complete shareholder register is not publicly available.
Ultimate beneficial ownership
The Annual Report 2025 states that, by virtue of its interest in Jardine Strategic Limited, Jardine Matheson Holdings Limited (JMH) is also interested in the same 1,049,589,171 ordinary shares. Jardine Strategic Limited became a wholly owned subsidiary of JMH in April 2021, when JMH completed an amalgamation acquiring the approximately 15% of the then-listed Jardine Strategic Holdings Limited that it did not already own, after which Jardine Strategic’s own listings on the London, Singapore and Bermuda exchanges were cancelled. On this basis, JMH’s calculated effective indirect interest in DFI Retail Group Holdings Limited is 100% × 77.54% = 77.54% as at 28 February 2026 (calculated effective ownership percentage; the direct interest is held via Jardine Strategic Limited). No natural-person ultimate beneficial owner has been identified from the sources reviewed for this profile.
Data availability
Shareholder disclosure for this profile is Major shareholders only: DFI Retail Group Holdings Limited’s DTR notifications cover holders of 5% or more of voting rights, dated 28 February 2026, and do not extend to a complete shareholder register.
Sources
- DFI Retail Group Holdings Limited, Annual Report 2025, “Substantial Shareholders” and “Related Party Transactions” notes — https://www.dfiretailgroup.com/media/uxvlpqlo/ar2025.pdf (published 3 March 2026; retrieved 22 September 2026)
- Government of Bermuda, Registrar of Companies, Certificate of Change of Name, reproduced in DFI Retail Group Holdings Limited’s Memorandum of Association and Bye-Laws — https://www.dfiretailgroup.com/media/zz1lcpyj/new-bye-laws.pdf (dated 5 May 2022; retrieved 22 September 2026)
Registry feed — rows exactly as filed with Companies Registry, including entries the profile above does not cover.
| Shareholder | Type | Holding | Source Document |
|---|---|---|---|
| MFS International New Discovery Fund | 10.2% | Companies Registry | |
| DFA INVESTMENT TRUST CO-The Asia Pacific Small Company Series | 1.9% | Companies Registry | |
| Financial Investors Tr-Seafarer Overseas Value Fd | 1.2% | Companies Registry | |
| Schwab Strategic Tr-Schwab Fundamental Intl Small Company Idx ETF | 1.1% | Companies Registry | |
| SPDR INDEX SHARES FUNDS-SPDR Portfolio Developed World ex-US ETF | 1.1% | Companies Registry |
Officers
14
Directors and officers of DFI Retail Group Holdings Limited
According to DFI Retail Group Holdings Limited’s Annual Report 2025, the Board comprised eight Directors as at 28 February 2026: Lincoln Pan (Chairman, Non-Executive Director), Scott Price (Group Chief Executive), Tom van der Lee (Group Chief Financial Officer), Graham Baker, Elaine Chang, Dave Cheesewright, Weiwei Chen and Christian Nothhaft, of whom 50% are considered independent under the UK Corporate Governance Code. Scott Price and Tom van der Lee are the Company’s Executive Directors; the remaining six are Non-Executive Directors. The Company Secretary is Sean Ward. Nationality and country of residence are not disclosed for individual Directors in the sources reviewed for this profile.
Recent officer changes
- Lincoln Pan appointed to the Board as Chairman and Non-Executive Director, succeeding John Witt, effective 1 November 2025 (Annual Report 2025).
- Elaine Chang appointed as an additional independent Non-Executive Director, effective 17 February 2025 (Annual Report 2025).
- Ben Keswick stepped down from the Board, effective 17 February 2025 (Annual Report 2025).
Data availability
Officer information for DFI Retail Group Holdings Limited is Full at board level: the Company discloses its complete Board composition together with appointment and resignation dates in its Annual Report, dated as at 28 February 2026. Nationality is not a field the Company publishes for its Directors; this profile records it as not disclosed rather than inferring it from a Director’s name, residence or correspondence address.
Sources
- DFI Retail Group Holdings Limited, Annual Report 2025, “Corporate Information” and “Overview of the Group’s Governance Approach” — https://www.dfiretailgroup.com/media/uxvlpqlo/ar2025.pdf (published 3 March 2026; retrieved 22 September 2026)
Registry feed — rows exactly as filed with Companies Registry, including entries the profile above does not cover.
Group Structure
Group structure of DFI Retail Group Holdings Limited
DFI Retail Group Holdings Limited is not an independent company: it is a member of the Jardine Matheson group. According to note 33 (Related Party Transactions) of the Company’s Annual Report 2025, its immediate parent is Jardine Strategic Limited and its ultimate parent is Jardine Matheson Holdings Limited (JMH); both are incorporated in Bermuda. The Annual Report lists 17 principal subsidiaries at 31 December 2025, spanning Bermuda, Hong Kong, the Chinese mainland, Macau, Taiwan, Malaysia, Indonesia, Brunei, Vietnam, Singapore and Cambodia, the majority wholly owned, with minority interests recorded in PT DFI Retail Nusantara Tbk (89% Group interest, Indonesia), Guangdong Sai Yi Convenience Stores Limited (65%, Chinese mainland), Pan Asia Trading And Investment One Member Company Limited (70%, Vietnam) and DFI Lucky Private Limited (70%, Cambodia). The Group’s one remaining material associate is Maxim’s Caterers Limited (50%, Hong Kong, Restaurants), following the 30 May 2025 divestment of its associate interest in Robinsons Retail Holdings, Inc. (Philippines). All ownership figures are as at 31 December 2025 unless stated otherwise.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| Jardine Strategic Limited | Bermuda | Not disclosed | Immediate parent | 77.54% (direct, of DFI voting rights) | Active | 28 Feb 2026 |
| Jardine Matheson Holdings Limited | Bermuda | Not disclosed | Ultimate parent | 77.54% (calculated effective, indirect via Jardine Strategic Limited) | Active | 28 Feb 2026 |
| Maxim’s Caterers Limited | Hong Kong | Not disclosed | Associate | 50% | Active | 31 Dec 2025 |
| DFI Retail Group Management Limited | Bermuda | Not disclosed | Direct subsidiary | 100% | Active | 31 Dec 2025 |
| The Dairy Farm Company, Limited | Hong Kong | Not disclosed | Indirect subsidiary | 100% | Active | 31 Dec 2025 |
| PT DFI Retail Nusantara Tbk | Indonesia | Not disclosed | Indirect subsidiary | 89% | Active | 31 Dec 2025 |
| Robinsons Retail Holdings, Inc. | Philippines | Not disclosed | Historical relationship (former associate) | 22.22% (at divestment) | Divested 30 May 2025 | 30 May 2025 |
Recent structural changes
- Divestment of the associate interest in Robinsons Retail Holdings, Inc. (Philippines), completed 30 May 2025 (Annual Report 2025).
- Divestment of the Group’s minority holding in Yonghui Superstores (Chinese mainland), completed with gross proceeds of approximately US$619 million (Corporate Overview, July 2025).
- Announced divestment of the Group’s Singapore Food business, announced 24 March 2025 (Corporate Overview, July 2025; subject to closing conditions at that date).
Data availability
Group-structure disclosure for DFI Retail Group Holdings Limited is Full at the parent and principal-subsidiary level: its Annual Report lists the immediate and ultimate parent, all principal subsidiaries with attributable ownership percentages, and material associates, dated to 31 December 2025 (28 February 2026 for the substantial-shareholder note). It does not extend to non-principal or dormant subsidiaries, which the Company does not separately disclose.
Sources
- DFI Retail Group Holdings Limited, Annual Report 2025, notes 13, 33 and 35 — https://www.dfiretailgroup.com/media/uxvlpqlo/ar2025.pdf (published 3 March 2026; retrieved 22 September 2026)
- DFI Retail Group, Corporate Overview, July 2025 — https://www.dfiretailgroup.com/media/gdedjld3/dfi_corporate_overview.pdf (retrieved 22 September 2026)
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Frequently Asked Questions
What is DFI Retail Group Holdings Limited’s registration number?
DFI Retail Group Holdings Limited is registered with Bermuda’s Registrar of Companies under registration number 12293, per the company’s officially published Memorandum of Association and Bye-Laws, which reproduce the original Bermuda Certificate of Incorporation.
When was DFI Retail Group Holdings Limited incorporated?
The company was incorporated in Bermuda as an exempted company on 5 September 1986, originally under the name Dairy Farm International Holdings Limited, according to the Bermuda Registrar of Companies’ Certificate of Incorporation.
Is DFI Retail Group Holdings Limited a Hong Kong company or a Bermuda company?
It is incorporated in Bermuda, not Hong Kong. The Hong Kong country code sometimes shown for this profile reflects the location from which the Group’s retail businesses are managed and reported — its corporate office is in Quarry Bay, Hong Kong — not the jurisdiction of incorporation. Legally, DFI Retail Group Holdings Limited is a Bermuda exempted company with its registered office at Jardine House, 33-35 Reid Street, Hamilton, Bermuda.
Why did Dairy Farm International Holdings Limited change its name?
The company rebranded its trading identity to "DFI Retail Group" in August 2021, and Bermuda’s Registrar of Companies formally recorded the corresponding legal name change, from Dairy Farm International Holdings Limited to DFI Retail Group Holdings Limited, on 5 May 2022, following a shareholder-approved special resolution.
What is DFI Retail Group Holdings Limited’s legal form?
It is a Bermuda exempted company limited by shares, governed by the Bermuda Companies Act 1981 and by its own Memorandum of Association and Bye-Laws.
Where is DFI Retail Group Holdings Limited listed?
It has a primary listing in the Equity Shares (Transition) Category of the Main Market of the London Stock Exchange (ticker: DFI), with secondary listings on the Singapore Exchange (ticker: D01) and the Bermuda Stock Exchange.
What is DFI Retail Group Holdings Limited’s relationship to Jardine Matheson?
DFI Retail Group Holdings Limited is a member of the Jardine Matheson group. Its immediate parent is Jardine Strategic Limited and its ultimate parent is Jardine Matheson Holdings Limited, both incorporated in Bermuda, according to note 33 of DFI’s Annual Report 2025.
Who are DFI Retail Group Holdings Limited’s major shareholders?
As at 28 February 2026, the only disclosed holder of 5% or more of voting rights is Jardine Strategic Limited, directly interested in 1,049,589,171 ordinary shares carrying 77.54% of voting rights; Jardine Matheson Holdings Limited is also interested in these shares by virtue of its ownership of Jardine Strategic Limited.
Who are the current directors of DFI Retail Group Holdings Limited?
As at 28 February 2026, the Board comprised Lincoln Pan (Chairman), Scott Price (Group Chief Executive), Tom van der Lee (Group Chief Financial Officer), Graham Baker, Elaine Chang, Dave Cheesewright, Weiwei Chen and Christian Nothhaft, per the company’s Annual Report 2025.
What does DFI Retail Group do?
It operates pan-Asian retail businesses across five formats — Health and Beauty (Mannings, Guardian), Convenience (7-Eleven), Food (including Wellcome), Home Furnishings (the IKEA franchise) and Restaurants (via its Maxim’s Caterers associate) — across 12 Asian markets.
How many stores does DFI Retail Group operate?
The Group operated 7,580 stores at 31 December 2025, including those run through associates and joint ventures, according to its Annual Report 2025.
What was DFI Retail Group Holdings Limited’s revenue in its latest reported year?
Consolidated revenue for the year ended 31 December 2025 was US$8,868.9 million, with profit attributable to shareholders of US$234.7 million, per the Annual Report 2025.
Is DFI Retail Group Holdings Limited still active?
The sources reviewed show no indication of dissolution. The company continued to file its Annual Report and maintain its London, Singapore and Bermuda listings through the 2025 financial year and into 2026, most recently reporting results on 3 March 2026.
Who is DFI Retail Group Holdings Limited’s Company Secretary?
Sean Ward is named as Company Secretary in the company’s Annual Report 2025, dated as at 28 February 2026.
Does this profile include monitoring or an API?
This profile reflects information gathered from official company and regulatory sources at the point of research; it is not connected to a live monitoring feed or an API, and users should check DFI Retail Group Holdings Limited’s own investor relations pages for the most current disclosures.