Masatoshi Ito
KIMIMASA MAYAMA/BLOOMBERG
Japanese billionaire Masatoshi Ito, who helped build 7-Eleven into a global giant, died on Friday at the age of 98. Ito’s company, Seven & i Holdings, which owns the 7-Eleven chain, said in a statement on Monday that he died of old age.
At the time of his death, Ito was honorary chairman of Seven & i Holdings, which has nearly 80,000 stores in 19 countries and nearly $80 billion in annual revenue. In last year’s Japan’s 50 Richest list, Ito was ranked No. 8 with a net worth of $4.35 billion, just behind Rakuten founder Hiroshi Mikitani.
Ito brought the 7-Eleven concept to Japan in 1973 through an agreement with its Dallas-based operator Southland. In 1991, his Ito-Yokado, eventually Seven & i, took a majority stake in Southland, fully acquiring it in 2005.
The company also runs Denny’s restaurants in Japan and owns department stores, supermarkets, and financial services firms.