adminHirotake Yano, the Japanese billionaire founder of Daiso Industries who helped popularize the discounted dollar-shop concept, has died of heart failure.
He passed away in Hiroshima on February 12, the company said in a statement on Monday. Close family members held a private funeral and a commemoration will be organized, it said.
Yano’s net worth was about $1.9 billion at the time of his death, according to the Bloomberg Billionaires Index.
After graduating from Tokyo’s Chuo University in 1967, Yano worked different jobs before he founded a small shop about five years later selling products for 100 yen, which was then equivalent to about 30 cents, according to Daiso.
He incorporated the company in 1977, naming it Daiso, which translates to “creating something big.”
The chain, now a global company, sells all sorts of knickknacks and household goods, including stationery and snacks, for mostly under $1 apiece.
It has grown into a retail empire, with over 4,360 stores across Japan and more than 990 overseas stores of the end of 2023, according to its website.
Daiso first ventured overseas in 2001, opening branches in Taiwan and South Korea. It later expanded rapidly with stores in Australia, Indonesia, Saudi Arabia and the United States.
The discount chain made over 550 billion yen ($ 3.6 billion) in sales as of February 2022, according to the privately-held company.
The business model spawned similar 100-yen retailers in Japan like Seria and Can Do.
In 2018, Daiso established a pricier 300-yen Threeppy store, which offers more home furnishings. It acquired Japanese budget retailer CouCou in 2020.
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