TOKYO -- Nitori Holdings, a big name in furniture retailing, seeks to turn its renovation business into another driver of growth by forming a partnership that generates synergies from both operations.
Tokyo-based Nitori is set to invest more than 20 billion yen ($179 million) to take around a one-third stake in Katitas, which purchases, remodels and resells preowned homes, making the company an equity-method affiliate. This amounts to more than 20% of the retailer's pretax profit in the year ended February and marks its first major investment in another company.
