Hirotake Yano, the Japanese billionaire behind the dollar retail chain Daiso, passed away last February 12. He was 80.
In a statement on Monday, Daiso Industries confirmed his demise in Hiroshima due to heart failure. Close family members held a private funeral and a commemoration will be organized.
Yano’s net worth was about $1.9 billion at the time of his death, based on 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
The firm began expanding across Asia and abroad, beginning in Taiwan in 2001, and 990 of its 5,350 stores are outside Japan, according to its website.
