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Andy Cosslett, Kingfisher chairman, praised Garnier's international experience, his recognized operational know-how at a multi-national retail business, his delivery of long-term value creation, and his experience in driving digital innovation, most recently in China.

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And with China's deeper engagement with other countries, companies are seeking new opportunities in the global market. The Belt and Road Initiative, proposed by China in 2013, is one strategy in which businesses see huge potential.

Analysts said inflation may stabilize and ease in the third quarter and will not have a major bearing on the country's monetary policy.

Analysts expect the market would likely stage a rebound in the second half of 2019 with more supportive government measures set to bolster confidence.