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Japan鈥檚 Kokuyo, which acquired office furniture maker HNI India last month from NYSE-listed HNI Corporation, is targeting over threefold growth in the country鈥檚 office furniture segment by 2030.

鈥淚ndia is central to our Asia growth story, alongside Japan and China,鈥� said Koji Higashiguchi, Kokuyo鈥檚 India investment manager. 鈥淔ollowing the acquisition of HNI India, our goal is to reach USD 100 million (Rs 8.5 billion) in annual office furniture revenue in India by 2030, leveraging the country鈥檚 economic momentum,鈥� he added.

Mumbai-based HNI India currently generates annual revenue of around Rs 2.5 billion, growing at a pace of 15 per cent per year. India鈥檚 total furniture market鈥攊ncluding residential, retail, and office furniture鈥攊s estimated at Rs 1.4 trillion and is expanding at 13鈥�14 per cent annually, according to industry analysts. HNI鈥檚 major competitors include Godrej, Steelcase, and Featherlite.

Karan Sachdev, Managing Director of HNI India, now a Kokuyo company, stated that the firm is exploring 鈥渁ll options鈥� for accelerating growth. Plans include scaling up manufacturing, diversifying its product range, tapping more institutional clients, and developing India as an export hub. HNI India currently operates a 350,000 sq ft manufacturing facility in Nagpur and employs 350 people鈥攏umbers expected to rise as the company enters a growth phase.

Globally, Kokuyo derives half of its USD 2.25 billion annual revenue from office furniture, with the remainder split between stationery and office supplies, the latter being exclusive to Japan. By 2030, the group is targeting USD 3.5 billion in global revenue, with India playing a pivotal role thanks to its rapid urbanisation, economic formalisation, and a growing young workforce.

Sachdev also hinted at potential acquisitions to close product portfolio gaps in India. 鈥淲e will consider all opportunities. Kokuyo鈥檚 global office furniture expertise will be instrumental in driving our growth here,鈥� he said.

Kokuyo is expected to support HNI India through its focus on spatial design, collaborative workspaces, and advanced seating and workstation solutions鈥攁reas in which HNI has traditionally been strong, according to Higashiguchi.

This marks Kokuyo鈥檚 second acquisition in India after it took over stationery brand Camlin in 2012. Now called Kokuyo Camlin, the company is listed on Indian stock exchanges and posted Rs 8.16 billion in revenue in FY24, up 5 per cent year-on-year, with net profit rising 83 per cent to Rs 440 million.

HNI India also plans to expand its 30-strong dealer network and direct sales force to support its expansion across the country