BusinessWire India
Mumbai (Maharashtra) [India], November 20: Nitori, Japan's largest furniture and home furnishing retail chain, is set to debut in India with its first store at R City Mall in Ghatkopar, Mumbai, in December 2024. The R City Mall, spanning 1.2 million sq. ft., hosts over 350 premium brands, attracting a monthly footfall of approximately 8-10 lakh visitors. The shopping mall's strategic location near Powai and Ghatkopar, and proximity to the Eastern Express Highway, make it an ideal venue for Nitori's debut in the USD 23.9 billion Indian home furnishing market. The brand's expansion into India is part of its growth strategy and mission to enrich homes with a diverse product range at competitive prices. With plans to open 289 stores by 2032, the Nitori Group aims to expand its network of stores. It also aims to operate 3,000 stores globally and achieve a sales target of 3 trillion yen (approximately INR 1.65 lakh crore) by the same year.
Akio Nitori, Representative Director & Chairperson (CEO) of Nitori Holdings Co., Ltd., expressed his thoughts, saying, "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. With the support of everyone, we are able to bring Nitori products to customers in 11 countries/regions through our store in India, and we wish to support more customers."
Masanori Takeda, Executive Vice President in Charge of Overseas Businesses, General Manager, Global Merchandising Division, and General Manager, Global Sales Promotion Office, Nitori Holdings Co., Ltd., 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."
R City Mall discussed Nitori's increasing global footprint, which currently encompasses 832 stores in Japan and 203 in international locations. Sandeep Runwal, Managing Director, Runwal Realty, stated, "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. As one of Mumbai's most sought-after destinations for shopping, dining, and entertainment, R City is home to multiple brands across lifestyle, fashion, and home decor, which complements Nitori's unique offerings. Additionally, with one of the city's largest electronics hubs, a dedicated Gold Souk, and a family entertainment zone, R City continues to thrive as the ultimate shopping destination. 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's parent company Nitori Group also operates other business verticals, including Shimachu home improvement stores, Deco Home stores for home-furnishing essentials, and N Plus apparel stores for women. Nitori is currently focused on opening around 100 stores across Asia by the end of FY2024 to bring its total to 279 stores outside Japan. The furniture and retail chain brand aims to open 200+ overseas stores annually in the future and strengthen its footing in the global home and furnishing market.
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