Japan’s furniture retailer Nitori is coming to India, opting for the city of Mumbai to make its debut.
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Located in Runwal’s R City Mall in Ghatkopar, the new Nitori Mumbai store will be housed on the third floor of the 1.2 million-square-foot.
The mega mall is home to more than 350 national and international brands like Birkenstock, Aldo, Fabindia, Gap, H&M, Mango, Manyavar, Nautica, and Nykd by Nykaa, among others
Nitori’s India entry is part of the Tokyo-based company’s rapid expansion plans in Asia, as it looks outside of its native Japan for growth.
“We are going to accelerate the expansion of our business within the Asian region, which is expected to achieve significant economic growth over the long term and serves as the core of the supply chain that supports the Nitori Group,” said Akio Nitori, representative director and chairperson of Nitori Holdings Co., adding that the company looks to open 200 outlets each year.
India’s furniture market is estimated to be worth USD 22.92 billion in 2024, and is expected to reach USD 38.38 billion by 2029, growing at a CAGR of 10.64 percent, according to Mordor Intelligence.
Earlier this year, the company made its Philippines store debut in March, after expanding into Thailand, Hong Kong, South Korea and Vietnam in the last 18 months.
In fiscal 2022, Nitori Holdings posted JPY 948.1 billion (USD 6.3 billion) in net sales and JPY 144 billion in operating profit, up 16.8 percent and 1.5 percent, respectively, from the previous year.