Japan’s largest furniture and home furnishing retail chain, Nitori, is set to enter the Indian market with its first store at R City Mall in Mumbai, scheduled to open in December 2024.
This strategic move is part of the company’s global expansion plan, aiming to strengthen its footprint in the $23.9 billion Indian home furnishing market.
Nitori aims to achieve sales of INR 1.65 lakh cr
Nitori has ambitious plans for India, targeting 289 stores by 2032 and operating 3,000 stores worldwide by the same year. The company also aims to achieve a sales goal of 3 trillion yen (approximately INR 1.65 lakh crore) by 2032.
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Meanwhile, Akio Nitori, Representative Director and CEO of Nitori Holdings Co Ltd, stated, “Based on our mission statement ‘To enrich homes of people all over the world,’ we are aiming to be a company where customers all over the world would feel ‘glad that Nitori is here.’ We are going to accelerate our business expansion within the Asian region, which could achieve economic growth over the long term and serve as the core of the supply chain that supports the Group.”
Further, Masanori Takeda, Executive Vice President in charge of Overseas Businesses, added, “We are accelerating our store openings within the Asian region and managed to open the first store in the Philippines in April and in Indonesia in July. Now, we are opening a store in India, where economic growth is remarkable and demand for an enriched lifestyle with furniture and interior goods is on the rise. We will continue to take on the challenge of providing the same standards of quality refined in Japan to more customers, and to deliver ‘Offering the Unexpected’ to customers all over the world.”
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Notably, R City Mall, spanning 1.2 million sq. ft. with over 350 premium brands, attracts 8-10 lakh visitors monthly. Sandeep Runwal, MD of Runwal Realty, said, “We are thrilled to welcome Nitori, the Japanese home furniture giant, to R City Mall as they embark on their journey in the Indian market… Nitori’s launch marks an exciting addition that will undoubtedly enhance our shoppers’ experience, and we look forward to the delight it will bring to our patrons.”
Nitori operates in 203 locations globally
For now, Nitori operates 832 stores in Japan and 203 international locations, offering furniture, home improvement stores, furnishing outlets, and women’s apparel stores. By FY2024-end, the company aims to have 279 stores outside Japan and plans to open 200 overseas stores annually to strengthen its global position.
