Masatoshi Ito, Honorary Chairman of Seven & i Holdings (7&i) which propelled the global expansion of 7-Eleven, has passed away of old age.
He was 98 years old at the time of his passing.
The Japanese billionaire’s pivotal role in globalising the 7-Eleven brand harks back to his founding of Ito-Yokado, which came before 7&i.
Under 7&i, 7-Eleven expanded beyond the United States (US) and now has thousands of stores worldwide.
In a statement on 13 Mar, 7&i announced that their Honorary Chairman, Masatoshi Ito, passed away on 10 Mar due to old age.
Born in Tokyo on 30 Apr 1924, Ito died at 98 years of age.
Source: The Japan News
The company shared that close family members have held a private wake and funeral.
They also revealed their plans to hold a farewell gathering for their late Honorary Chairman at a later date.
According to The Japan Times, Mr Ito leaves behind a wife and three children. It’s unclear if he had grandchildren.
The Japan Times reported that Mr Ito founded Ito-Yokado, the predecessor to 7&i. The company apparently dates back to 1920, under the Yokado Clothing Store run by Mr Ito’s uncle.
Mr Ito took over the business in 1956 after his half-brother, who expanded it, passed away.
He later renamed the company to Ito-Yokado in 1972.
Source: Ito Yokado
An executive at Ito-Yokado, Toshifumi Suzuki, apparently discovered 7-Eleven during a visit to the US when the company was there to expand the food chain Denny’s Japan. He later opened the first 7-Eleven outlet in Japan in 1974.
Mr Suzuki subsequently succeeded Mr Ito as president after the latter resigned to bear responsibility for alleged payments by company officials to a group of gangsters.
Nevertheless, Mr Ito remained Honorary Chairman of the company, which was renamed to Seven & i Holdings in 2005, with the letter ‘i’ representing his last name.
7&i now operates over 80,000 stores in 19 countries, notes Forbes. These stores have a collective annual revenue of almost S$107 billion (US$80 billion).
7&i also runs Denny’s restaurants in Japan and owns department stores Sogo & Seibu, as well as Ito-Yokado and York-Benimaru Supermarket chain stores in Japan.
According to Bloomberg’s Billionaires Index, Mr Ito was the company’s largest shareholder. As of Tuesday (14 Mar), Forbes estimated his net worth to be S$6 billion (US$4.5 billion)
For everything he contributed, we’re sure Mr Ito left a profound impact on the people he crossed paths with.
We extend our sincere condolences to Mr Ito’s loved ones. May he rest in peace.
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Featured image adapted from The Japan News and Live Japan.
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