Hirotake Yano, Japanese billionaire founder of 100-yen chain Daiso, dies at 80

Hirotake Yano, the Japanese billionaire founder of Daiso Industries who helped popularize the discounted dollar-shop concept, has died of heart failure.

Hirotake 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.