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

“India is central to our Asia growth story, alongside Japan and China,” said Koji Higashiguchi, Kokuyo’s India investment manager. “Following 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’s economic momentum,” 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’s total furniture market—including residential, retail, and office furniture—is estimated at Rs 1.4 trillion and is expanding at 13–14 per cent annually, according to industry analysts. HNI’s major competitors include Godrej, Steelcase, and Featherlite.

Karan Sachdev, Managing Director of HNI India, now a Kokuyo company, stated that the firm is exploring “all options” 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—numbers 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. “We will consider all opportunities. Kokuyo’s global office furniture expertise will be instrumental in driving our growth here,” he said.

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

This marks Kokuyo’s 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