Japan's richest man Tadashi Yanai loses £1.15bn in a single day

Uniqlo founder suffers heavy losses after clothing company shares crash

Ben Chapman
Monday 09 January 2017 11:00
Comments

Japan’s richest man, Tadashi Yanai, lost $1.4bn (£1.15bn) in a single day on Friday after his company Fast Retailing, which owns Uniqlo, saw its shares crash by 6.7 per cent. The Chairman and founder of the company suffered the biggest wealth decline among the world’s 500 richest people according to the Bloomberg Billionaires Index.

Uniqlo Japan announced a December slump on Friday, blaming unusually warm weather which it said had hit sales of winter clothing. Overall receipts were down five per cent.

Yanai’s net worth currently stands at $17.7bn, with Friday’s losses causing him to slip six places down the global rich list to 44th.

Sixty-seven year-old Yanai opened the first Uniqlo store in Hiroshima in 1984, and has since steered the firm to rapid growth.

Yanai has predicted the retailer will eclipse rivals H&M and Inditex, which owns Zara, to become the biggest clothing retailer in the world by 2020. He has also pledged to uphold the ethical values for which his company is known.

(Bloomberg

Uniqlo’s disappointing numbers added to Japanese corporate woes as Donald Trump threatened to slap punitive taxes on Toyota’s cars if it imported them from Mexico.

Boeing shares slide after Donald Trump says costs are 'ridiculous'

Toyota saw its shares fall three per cent on the news, while other car manufacturers also suffered, helping to drag Japan’s Nikkei stock market down 0.4 per cent overall. Japanese markets were closed on Monday for a national holiday.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in