This story is a part of Forbes’ protection of Japan’s Richest 2022. See the complete record right here.

Akio Nitori, founder and CEO of low cost furnishings and inside items big Nitori Holdings, has been on a constructing binge to make Nitori a one-stop store for the house. In April, the Tokyo-listed firm introduced plans to take a ten% stake, value an estimated $96 million, in listed Japanese electronics retailer Edion.

This follows its practically $1.7 billion deal in late 2020, in a uncommon hostile takeover in Japan, to amass Tokyo-based Shimachu, a listed home-improvement middle chain. It has additionally ramped up the tempo of retailer openings, together with large-scale city shops, and expanded into Southeast Asia with its first shops in Malaysia and Singapore earlier this 12 months. In 2016, Nitori introduced plans as a part of its “Imaginative and prescient 2032” to greater than triple annual gross sales to $24 billion and retailer numbers to three,000 over the subsequent decade.

Within the fiscal 12 months that led to February, the agency posted its thirty fifth consecutive 12 months of file income and revenue—regardless of a weaker yen making its imports costlier, larger distribution prices and large capital expenditures. The highest line reached practically ¥812 billion ($6.4 billion), leaping 13% from a 12 months earlier, whereas strange revenue rose to about ¥142 billion, up virtually 3%. Nonetheless, as a part of a broader inventory market decline, Nitori’s internet value dropped 44% to $2.9 billion.