DFI Retail Group
 | This article needs additional citations for verification. (June 2019) |
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| Company type | Public |
|---|---|
| LSE: DFIB | |
| Industry | Retail |
| Founded | 1886 |
| Founder | Sir Paul Chater Sir Patrick Manson |
| Headquarters | Quarry Bay, Hong Kong |
Key people | Simon Keswick (Chairman) Ian McLeod (CEO) |
| Products | Food, hygiene products |
| Revenue | US$12 billion |
Number of employees | 200,000 |
| Parent | Jardine Matheson |
| Website | www.dairyfarmgroup.com |
| Dairy Farm International Holdings Limited | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Traditional Chinese | 牛奶國際控股有限公司 | ||||||||||
| Simplified Chinese | 牛奶国际控股有限公司 | ||||||||||
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Dairy Farm International Holdings Limited is a Hong Kong retail company with its legal base in Bermuda. A member of the Jardine Matheson Group, it is a major pan-Asian retailer involved in the processing and wholesaling of food and personal hygiene products in the Pacific region and in China. Jardine Strategic, a publicly listed holding company, has an attributable 78 percent stake in the firm. It is listed on the London Stock Exchange, with secondary listings on the Singapore and Bermuda stock exchanges.
The company head office is in the Devon House in Taikoo Place, Quarry Bay.[1]
Overview
As of 30 June 2013, the Group, its associates and joint ventures operated over 5,700 outlets; Wellcome/Food World (supermarkets), 50% share of Maxim's Catering (foodservice), Cold Storage (supermarkets), Jasons Market Place/Market Place by Jasons/Jasons Food Hall (high end supermarkets), Shop 'n Save (discount supermarkets), Giant (hypermarkets), Mannings/Guardian (health and beauty) stores; it also operates 7-Eleven (convenience stores) throughout the region, and IKEA (home furnishings) stores in Hong Kong, Macau, Indonesia and Taiwan.
In 2012 the group, its associates and joint ventures operated over 5,700 outlets, employed over 97,000 people and had total annual sales in excess of US$11 billion.[citation needed]
History
Dairy Farm was set up in 1886 by Sir Patrick Manson,[2] a Scottish surgeon, and five well known Hong Kong businessmen. They initially aimed to improve the health of Hong Kong people by providing them with non-contaminated cows' milk and to import a herd of dairy cattle so as to decrease the price of milk by more than half. The farm was located in Pok Fu Lam.
In 1890, Dairy Farm built a low-rise brick and stucco building on Lower Albert Road in Central for use as a cold storage warehouse. This warehouse was later renovated and expanded in 1913 to include a dairy shop, a room for meat smoking, a cold storage room for winter clothes and residency for its manager. The building later evolved into the company headquarters until the company moved in the 1970s. The abandoned building was acquired by the Hong Kong Fringe Club, a non-profit-making arts organisation in 1984, and has been carefully restored. This distinctive 19th century building, now known as the Old Dairy Farm Depot, is a well-known landmark in Central providing a wide variety of cultural activities and performances.
In 1904, Dairy Farm began importing frozen meat and opened its first retail store at the Central District depot. The second Dairy Farm store was established on Nathan Road, Kowloon towards the end of the war in 1918. Amongst other things, this store provided fishing boats in Hong Kong with large amounts of ice.
In 1960, Dairy Farm and Lane Crawford formed a merged food retailing operations and renamed these supermarkets as Dairy Lane under Dairy Lane Limited. This joint business was undone by the acquisition of the Wellcome chain in 1964.[3]
In 1972, Dairy Farm was acquired by Hong Kong Land, a Jardines subsidiary. In 1986 Dairy Farm was relisted on the Hong Kong Stock Exchange after it was demerged from Hong Kong Land. Dairy Farm acquired a 50% interest in Maxim's at the same time from Hong Kong Land. The 7-Eleven convenience store chain in Hong Kong and Singapore was acquired from Jardine Matheson in 1989.
Since 1999, Dairy Farm has continued to expand its footprint by acquiring supermarket and other retail operations in Taiwan, Malaysia, Singapore and Indonesia. Notably, it also acquired IKEA Hong Kong, Taiwan in 2002 and began Ikea's Indonesian operation in 2014.
In May 2012, Dairy Farm bought a 50% stake in the Rustan Supercenters, Inc., the Rustan group's supermarket chain. 36% came from the Tantoco family and 14% from the Spinnaker group.[4][5] Its holdings increased to 64% in 2015[6] and 100% in 2017.[7] On March 23, 2018, the entire stake was sold to Robinsons Retail Holdings, Inc. through a stock swap, yielding Dairy Farm 18.25% of Robinsons Retail Holdings, Inc. stock.[8]
As of June 2011, Dairy Farm is 78% owned by Jardine Matheson Holdings.[9]
Discontinued operations
- In 1998, Dairy Farm sold out its 49% interest in Nestlé Dairy Farm, set up in 1992 to develop dairy products factories throughout China, to Nestlé; on the merger of Kwik Save with Somerfield, Dairy Farm sold its 11% holding for US$290 million. Dairy Farm acquired 25% of the "No Frills" Kwik Save Group in 1987; Sold the 108-store Simago chain in Spain acquired in 1990.
- In March 2000, Dairy Farm sold its half share in DFI Géant, the Taiwan hypermarket opened in 1998 back to Casino, its joint venture partner.
- In 2001, the company sold the 287-store Franklins chain in Australia which it acquired in 1978. Its Hong Kong-based distribution business, Sims Trading, was sold to CITIC Pacific.
- In June 2002, the 61-store Woolworths chain in New Zealand acquired in 1990, was sold for US$337 million.
- In 2004, the Group's Hong Kong ice manufacturing business which began in 1918 was sold for US$107 million.
Corporate Culture
The Dairy Farm Group has received unfavourable reviews on the popular employment review platform Glassdoor, scoring an average of 2.6 out of a potential 5 stars. Only 25% of employees who posted reviews stated they would recommend the company to friends, and only 23% stated they approved of the management of CEO Ian McLeod.[10]
Common complaints regarding the corporate culture include a lack of commitment to work-life balance, lack of opportunity for career progression, inadequate remuneration, an unstable management structure and outdated systems of infrastructure.[11]
See also
- The Hongs
- Wellcome/Food World
- Maxim's
- Cold Storage
- Jasons Market Place/Market Place by Jasons
- Giant
- Mannings/Guardian
- Rustan's
References
- ^ "Our Offices." Dairy Farm. Retrieved on October 2, 2016. "MANAGEMENT OFFICE 11/F Devon House, Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong" - Address in Traditional Chinese: "香港鰂魚涌英皇道979號 太古坊德宏大廈11樓" Address in Simplified Chinese: "香港鲗鱼涌英皇道979号 太古坊德宏大厦11楼"
- ^ "Hong Kong Hongs with Long Histories and British Connections." Hkjo.lib.hku.hk, Retrieved on 2013-01-03.
- ^ "Dairy Farm 1886-2006". Dianestormont.com. Archived from the original on 20 February 2012. Retrieved 23 June 2019.
- ^ "Jardine buys 50% of Rustan's Supercenters". Philstar.com. Retrieved 23 June 2019.
- ^ Coco Alcuaz. "Tantocos get Hong Kong partner for Rustan's supermarkets". ABS-CBN News. Retrieved 23 June 2019.
- ^ Mercurio, Richmond (22 June 2015). "Rustan's pursues moderate expansion". The Philippine Star. Retrieved 24 March 2018.
- ^ Inside Retail Asia (15 November 2017). "Flat quarter for Dairy Farm sales". Retrieved 24 March 2018.
- ^ Dumlao-Abadilla, Doris (23 March 2018). "Gokongwei buying Rustan grocery chain". Philippine Daily Inquirer. Retrieved 24 March 2018.
- ^ "Jardine Matheson Holdings 2010 Annual Results" (PDF). 202.66.146.82. Archived from the original (PDF) on 25 March 2012. Retrieved 23 June 2019.
- ^ "Dairy Farm Reviews". Glassdoor. Retrieved 2020-05-15.
- ^ "Dairy Farm Reviews". Glassdoor. Retrieved 2020-05-15.
External links
