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Masatoshi Ito

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Masatoshi Itō
Born(1924-04-30)30 April 1924
Tokyo, Japan
Died10 March 2023(2023-03-10) (aged 98)
OccupationBusinessman
Known forOwner, founder, and honorary chairman of Ito-Yokado
Children3

Masatoshi Itō (伊藤 雅俊, Itō Masatoshi, 30 April 1924 – 10 March 2023) was a Japanese businessman and founder of Ito-Yokado.

Early life and career

Itō was born in Tokyo on 30 April 1924. His parents, Senzo and Yuki Itō, operated a dry goods shop named Yokado.[1] After finishing high school, Itō had a short stint in the Japanese military and working at what would become Mitsubishi Materials before returning to work at his parents' shop.[1][2] Following the death of his brother in 1956, Itō took over Yokado, which was then a clothing shop. He soon renamed the company Ito-Yokado.[1][3]

Itō was the owner, founder and honorary chairman of the $30 billion (in sales) Ito-Yokado retailing group, the second largest retailing organization in the world, which includes more than 10,000 7-Elevens in Japan and the US. Itō built the company from a small apparel store in Tokyo, into a corporation with annual revenues of more than $28 billion and a labour force of more than 125,000. The Ito-Yokado Group includes more than 10,000 7-Eleven stores in Japan and 5,800 in North America, along with 1,000 other stores, department stores, restaurants, specialty shops, supermarkets and superstores. Ito-Yokado was also the Japanese franchisee for Oshman's Sporting Goods stores, Robinson department stores, and Denny's restaurants. The company has begun opening superstores in China.[citation needed]

In 1992, Itō resigned as president of Ito-Yokado following allegations his staff made payments to the yakuza.[4] Itō denied knowledge of the payments, though some of the money came from his wife's bank account, but nonetheless took responsibility for the payments.[5]

Peter F. Drucker and Masatoshi Ito Graduate School of Management

Itō was a significant supporter of the Peter F. Drucker and Masatoshi Ito Graduate School of Management, with an initial $3 million gift to help build the school's current home and a subsequent $20 million gift.[citation needed] His son, Junro, earned his MBA at the Drucker School in 1989 and was active in the Drucker alumni association in Japan.[citation needed]

Personal life and death

Itō was married and had three children.[6] He died on 10 March 2023, at the age of 98.[3][1][7]

References

  1. ^ a b c d Dooley, Ben (13 March 2023). "Masatoshi Ito, 98, the King of Convenience Stores in Japan, Dies". The New York Times. Retrieved 13 March 2023.
  2. ^ "Ito-Yokado and Seven-Eleven Japan founder Masatoshi Ito dies at 98". Japan Today. Retrieved 2023-03-14.
  3. ^ a b "Masatoshi Ito, billionaire who made 7-Eleven a global giant, dies at 98". BBC.com. Retrieved 13 March 2023.
  4. ^ Hiscock, Geoff (1997). Asia's wealth club: who's really who in business- the top 100 billionaires in Asia. London: Nicholas Brealey Pub. pp. 202–203. ISBN 1-85788-162-1. OCLC 36461750.
  5. ^ Sterngold, James (1992-12-06). "Corporate Japan's Unholy Allies". The New York Times. ISSN 0362-4331. Retrieved 2023-03-14.
  6. ^ "Forbes profile: Masatoshi Ito". Forbes. Retrieved 21 December 2020.
  7. ^ Seven & i Holdings Honorary Chairman Masatoshi Ito Dies
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