Uniqlo founder Tadashi Yanai to buy 300 million euro Milan building

[TOKYO] Uniqlo founder Tadashi Yanai has agreed to buy a building in Milan’s Piazza Cordusio where the brand’s flagship store is located. 

The Japanese billionaire will pay more than 300 million euros (S$437.5 million) for the 19th century building in the city’s central square, people familiar with the transaction said, asking not to be identified because the details are private. 

The 161,000-square-feet structure, called Cordusio 2.0 – acquired by Hines in 2016 – has been home to Uniqlo’s store since 2019. Yanai’s net worth is about US$50 billion, according to the Bloomberg Billionaires Index.

Milan’s property sector has seen a renaissance in recent years as revitalisation projects have helped transform several run-down neighbourhoods into upscale landmark zones. Last year, Gucci owner Kering spent 1.3 billion euros for a property on Milan’s Via Monte Napoleone, its toniest shopping street. 

Piazza Cordusio, close to Piazza Duomo, is also the location Starbucks chose for its first outlet in Italy. 

A representative for Fast Retailing, Uniqlo’s owner, was not immediately able to comment, while a Hines spokesperson declined to comment. Green Street News reported the deal earlier on Thursday (May 22). BLOOMBERG