Japanese retail tycoon Ryuji Arai can thank a growing flock of Chinese spenders for his swelling fortune.
Bic Camera Inc., the Tokyo-based consumer electronics retailer that sells everything from cosmetics to liquor at discounted prices, has become a sought-after destination for tourists shopping in Japan. Profit has jumped to record numbers, sending its shares up by more than 50 percent over the past year.
The surge has given 71-year-old Arai a $1.8 billion fortune, according to the Bloomberg Billionaires Index. Arai, who founded the retailer four decades ago and steered the company to its initial public offering in 2006, is now chairman at the company. He owns a 43 percent stake in the shares through a set of trusts and his asset management company La Holdings.