The richest person in Japan is the founder of the clothing store, but his lead is narrowing.
His net worth has fallen since the beginning of the year. Forbes published a list of the richest 50 people in Japan on June 1.
Japan's wealthiest people have seen a third of their wealth disappear since last year due to rising energy and commodity prices.
Takemitsu Takizaki, the founder of Keyence, is the second-wealthiest person on Forbes Japan's 50 Richest list. SoftBank Group founder and CEO Masayoshi Son is close behind. Son, who was the wealthiest person in Japan in 2021, saw his fortune fall by more than half due to the tech stock sell-off.
He wasn't born into wealth. Fast Retailing is a family business, but it was not always a billion dollar enterprise. According to The CEO Magazine, after graduating from college,Yanai spent his post-graduation years working in supermarkets and had to do everything himself when he joined the family business.
He told the Business of Fashion that he had to do everything himself because there was no one else.
The Unique Warehouse Company was launched in 1984 by the son of the company's founder. The CEO Magazine states that by 1998, the company had 300 stores across Japan, and sold over 2 million of its signature fleece jacket in just 12 months.
Sales in China and Japan have fallen recently. In April, Yanai raised concerns about a profit drop in China due to the country&s strict lockdown measures.
The zero-covid policy in China has caused problems for the company, according to The Financial Times.
Almost 90 of the 832 stores in mainland China are located in Shanghai. The company has over 800 stores in Japan.
According to the South China Morning Post, the Chinese government's restrictions on consumer spending resulted in a decline in online sales for the Japanese brand. In April, the Tmall site was down by a third compared to the previous year.
Japan's weakened currency contributed to the decreasing profit of Uniqlo. The Japanese currency fell to a 20-year low against the dollar on April 28.
The chief financial officer of the company told reporters in January that the falling of the Japanese currency was driving up the costs of raw commodities and shipping. To keep up with rising costs, the retail brand has hiked some prices.
We have reached a point where we have no choice but to raise the prices of some products.
Fast Retailing reported in its first-half 2022 fiscal summary that the revenue of its subsidiaries had fallen. The fiscal summary was published by Fast Retailing on April 14.
Fast Retailing consolidated China's performance with the brand's international market performance. Fast Retailing said China's profits and revenue contracted during the fiscal period.
Fast Retailing recorded a profit of more than $1 billion despite slumping sales. The company attributed revenue and profit gains to international operations.
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