Furniture billionaire weighs buying way into Japan apparel

Tokyo

NITORI Holdings Co is considering buying an apparel chain in Japan, a move that would pit the furniture seller against rivals including Fast Retailing Co, Asia's largest clothier.

The home furnishing retailer would look for a company with 100 to 200 stores as cash from operations has been increasing by as much as 30 billion yen (S$376 million) a year, Nitori chief executive officer Akio Nitori, 72, said in an interview last 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 Mr Nitori. "There isn't enough choice now for shoppers. If you go to a shopping centre, it's all clothes for young people and not a lot for the middle-aged at a reas…