Nitori Holdings Co. is considering buying an apparel chain in Japan, a move that will pit the furniture seller against rivals including Fast Retailing Co., Asia's largest clothier.
The home furnishing retailer will look for a company with 100 to 200 stores as cash from operations has been increasing by as much as ¥30 billion a year, Nitori Chief Executive Officer Akio Nitori, 72, said in an interview Wednesday. Nothing specific has been decided, he said.
"If we're going to get into apparel, M&A's probably the best way to do it," said Nitori. "There isn't enough choice now for shoppers. If you go to a shopping center, it's all clothes for young people and not a lot for the middle-aged at a reasonable price."