More than a century after its founding as a dairy farm operator in Hong Kong, DFI Retail Group Holdings Ltd. (D01.SI) has been busy trimming assets across its 10,000-strong retail network in Asia as it tries to make its sprawling empire more efficient. But it was the company’s recent decision to call it quits in Mainland China that caught everyone’s attention, making it the latest foreign retailer to withdraw from the market.
The decision wasn’t a huge surprise for company watchers. Between 2023 and 2024 the company closed 92 of its Mainland outlets, leaving only 16 at the start of the year. Even so, the Dec. 17 announcement on the Mannings China WeChat channel still came as a surprise. The post said Mannings would shutter its remaining Mainland operations by mid-January, leaving only an asset-light cross-border business allowing Mainland customers to buy from its Hong Kong stores.