In anticipation of the growth of Indonesia’s furniture retail market, Chitose Internasional Tbk (henceforth referred to as the ‘company’) signed a dealership agreement with Japanese firm Okamura Corporation. This agreement will see the company market Okamura Corporation’s products in Indonesia, with offices in the middle-upper segment having been identified as the key target market.

Okamura Corporation is a public company listed on the Tokyo Stock Exchange (TSE). As of March 2014, Okamura Corporation achieved sales of 211.4 billion JPY (approximately $1.9 billion USD, per 24th September 2014 exchange rates) and reported a net income of 6.1 billion JPY (approximately $51.8 million USD).

The cooperation with Okamura Corporation has already yielded positive results for Chitose Internasional Tbk, in the form of a project to build displays and store fixtures for Uniqlo, a well-known Japanese retail company. As of 24th September 2014, the company had already finished installing these products in four outlets located in major shopping centres in the Greater Jakarta area, namely Taman Anggrek Mall, Kelapa Gading Mall, Summarecon Mall Serpong and Lotte Shopping Avenue Kuningan. The company is in the midst of completing the manufacture of displays and store fixtures for two more outlets located in Summarecon Mall Bekasi and Grand Indonesia.

In addition to working with Okamura Corporation, Chitose Internasional Tbk has taken steps to further its presence in the furniture retail market through initiatives such as the development of a new furniture brand catering to clients in the middle-upper segment for offices, hotels, and meeting rooms. Furthermore, the company has purchased land to be used in establishing a flagship store in Surabaya, East Java. Land was also purchased in Cimahi, West Java to be used in constructing a new manufacturing facility with funds from the company’s Initial Public Offering.