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.¡±
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