---
endpoint: analytics
pattern: 02 · Company fundamentals
status: done
latency_ms: 102594
conversation_id: e483e885-8837-4610-9200-14b1bbd14a40
citations: 3
created: 2026-05-31 16:49:50Z
---

# Who are the key shareholders of Fast Retailing?

# Fast Retailing (9983 JP) — Key Shareholders

Based on Fast Retailing's most recent disclosed shareholder register (as of **2025-02-28**, per the 半期報告書/interim securities report) [1], the top 10 holders of record control **~77.05%** of shares outstanding ex-treasury. Ownership is dominated by **founder Tadashi Yanai and his family** (directly + via vehicles), with trust-bank custodians representing aggregate beneficial holders (largely indexers / foreign institutions).

## Top 10 Shareholders of Record (as of Feb 28, 2025)

| # | Shareholder | Shares ('000) | % of shares ex-treasury | Nature |
|---|---|---:|---:|---|
| 1 | **Master Trust Bank of Japan** (日本マスタートラスト信託銀行) | 62,559 | **20.39%** | Trustee/custodian — pooled beneficial holdings (passive funds, foreign IIs) |
| 2 | **柳井 正 / Tadashi Yanai** (Founder, Chairman & CEO) | 53,391 | **17.40%** | Individual — direct stake |
| 3 | **Custody Bank of Japan** (日本カストディ銀行) | 30,415 | **9.91%** | Trustee/custodian — pooled beneficial holdings |
| 4 | **TTY Management B.V.** (Amsterdam) | 15,930 | **5.19%** | Yanai-family holding vehicle (Tadashi Yanai is majority voting holder) [3] |
| 5 | **柳井 康治 / Koji Yanai** (son; Group Senior EVP) | 14,345 | **4.68%** | Individual — direct stake |
| 6 | **柳井 一海 / Kazumi Yanai** (son; based New York) | 14,345 | **4.68%** | Individual — direct stake |
| 7 | **Fight & Step** (有限会社 Fight & Step, Meguro-ku) | 14,250 | **4.64%** | Yanai-family controlled vehicle |
| 8 | **State Street Bank and Trust Company** | 11,675 | **3.81%** | Foreign custodian (US institutional holdings) |
| 9 | **MASTERMIND** (有限会社 MASTERMIND, Meguro-ku) | 10,830 | **3.53%** | Yanai-family controlled vehicle |
| 10 | **JP Morgan Chase Bank** | 8,647 | **2.82%** | Foreign custodian (UK/global institutional holdings) |
| | **Top 10 total** | **236,390** | **77.05%** | |

Source: Fast Retailing 半期報告書 (1H FY8/2025 Interim Securities Report) [1]

## Key Structural Observations

**1. The Yanai family is effectively the controlling shareholder.**
Aggregating Tadashi Yanai's direct stake (17.40%) with his two sons (Koji + Kazumi, 4.68% each) and the three family-controlled vehicles (TTY Management B.V. 5.19%, Fight & Step 4.64%, MASTERMIND 3.53%), the Yanai family directly/indirectly controls roughly **~40%** of shares outstanding ex-treasury [1]. The earlier FY8/2023 annual securities report (有価証券報告書) explicitly notes that TTY Management B.V., MASTERMIND, and Fight & Step all have **Tadashi Yanai as majority voting-rights holder** [3], confirming these are family holding vehicles rather than independent institutional positions.

**2. The "trust banks" at #1 and #3 are not active investors.**
Master Trust Bank of Japan (20.39%) and Custody Bank of Japan (9.91%) — combined **~30.3%** — are trust-banking custodians; their entire holdings are held under trust mandates on behalf of underlying beneficial owners (predominantly passive index funds, GPIF, BOJ ETF holdings, and foreign institutional investors via custody arrangements) [1]. They have no independent investment view.

**3. Identifiable foreign institutional custodians (~6.6% combined).**
State Street (3.81%) and JP Morgan Chase Bank (2.82%) — both via Mizuho Bank as standing proxy — represent the visible portion of foreign institutional ownership held outside the trust-bank pool [1].

**4. Earlier annual filing (FY8/2023) confirms TTY Management's role.**
The FY8/2023 有価証券報告書 (annual securities report, as of 31 Aug 2023) corroborates the ownership shape — Master Trust 21.85%, Tadashi Yanai 19.48%, Custody Bank 10.72%, TTY Management B.V. 5.19%, with the two sons and family vehicles rounding out the top 8 [2]. The same filing's related-party disclosures list TTY Management B.V. and 546 Broadway, LLC (New York) as Yanai-controlled entities used for the group's real-estate leasing, again confirming family control over these vehicles [3].

## Implications for Public-Market Investors

- **Free float is structurally low**: With the Yanai family directly holding ~40% and the top 10 (including trust-bank pools) at 77.05%, the genuinely-tradeable free float is constrained — Fast Retailing is effectively a founder-controlled company despite its blue-chip listing.
- **Succession overhang**: The presence of both sons (Koji and Kazumi) in the top 10 with identical 4.68% positions is consistent with the public succession framework Tadashi Yanai has discussed.
- **Indexer-heavy beneficial ownership**: Master Trust + Custody Bank's ~30% suggests very large passive ownership (TOPIX/Nikkei 225 trackers, GPIF, BOJ ETF stock), making the name structurally insensitive to fundamental flows at the margin.

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**Sources**
[1] Fast Retailing — Interim Securities Report (半期報告書 第64期), shareholder register as of 28 Feb 2025
[2] Fast Retailing — Annual Securities Report (有価証券報告書 第62期), shareholder register as of 31 Aug 2023
[3] Fast Retailing — Annual Securities Report (有価証券報告書 第62期), related-party transactions disclosure (TTY Management B.V., 546 Broadway LLC; majority voting rights held by Tadashi Yanai)

## Citations

- [1] **株式会社ファーストリテイリング - 半期報告書－第64期** · external
- [2] **株式会社ファーストリテイリング - 有価証券報告書－第62期** · external
- [3] **株式会社ファーストリテイリング - 有価証券報告書－第62期** · external

