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Japan's budget furniture king discounts his way to a fortune

Nitori Holdings is the third-most valuable Japanese retailer after Seven & I Holdings and Fast Retailing

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At 73, Mr Nitori (above) said he's not ready to retire, but has handed day-to-day control to longtime lieutenant Toshiyuki Shirai while he concentrates on expanding in countries such as China, where he has opened 11 outlets since 2014 and plans to double that number this year.

Tokyo

EMBARRASSED by the recall of thousands of kitchenware pots after they appeared to leak lead when heated, Japan's discount-furniture king, Akio Nitori, took an unusual step. He hired a team of car industry engineers to revamp his quality assurance and testing division.

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