Japanese furniture and home accessories retailer Nitori Holdings Co. is mulling over venturing into apparels sector. The home furnishing retailer is planning to buy an apparel company with 100 to 200 stores as its cash from operations has been increasing by as much as ¥ 30 billion a year. This was revealed by Nitori’s Chief Executive Officer Akio Nitori. The retailer is yet to take final decision on the issue.
According to media reports, steady profit increase over time has also helped Nitori stockpile cash. Net cash more than doubled to ¥ 36 billion in the year ended February 20, 2016, while analysts estimate the figure will jump to ¥ 56.5 billion for the 12 months ending February.
Nitori which opened its first store in 1967 is aiming to open 3,000 outlets in 15 years’ time, with 1,000 of those in China.