This tale appears in the June 2022 difficulty of Forbes Asia. Subscribe to Forbes Asia
This story is part of Forbes’ coverage of Japan’s Richest 2022. See the comprehensive listing right here.
Akio Nitori, founder and CEO of price cut home furniture and interior goods large Nitori Holdings, has been on a making binge to make Nitori a one particular-stop shop for the house. In April, the Tokyo-detailed corporation declared ideas to take a 10% stake, well worth an believed $96 million, in detailed Japanese electronics retailer Edion.
This follows its almost $1.7 billion offer in late 2020, in a unusual hostile takeover in Japan, to obtain Tokyo-primarily based Shimachu, a outlined residence-improvement middle chain. It has also ramped up the rate of retail store openings, such as significant-scale city stores, and expanded into Southeast Asia with its initially outlets in Malaysia and Singapore earlier this 12 months. In 2016, Nitori introduced ideas as portion of its “Vision 2032” to extra than triple annual profits to $24 billion and retail outlet numbers to 3,000 around the upcoming ten years.
In the fiscal calendar year that ended in February, the agency posted its 35th consecutive 12 months of report profits and profit—despite a weaker yen earning its imports more pricey, greater distribution charges and massive capital expenditures. The major line achieved approximately ¥812 billion ($6.4 billion), jumping 13% from a year before, whilst everyday money rose to about ¥142 billion, up almost 3%. Even now, as element of a broader stock market drop, Nitori’s web worth dropped 44% to $2.9 billion.