Philippines' richest man Sy dies at 94

Last Updated: Jan 19 2019 15:03
Reading time: 0 mins, 40 secs

MANILA: Henry Sy, who became a billionaire by parlaying a shoe store into the biggest retailer in the Philippines, has died. He was 94.

According to Forbes.com magazine. The 94-year-old, from the Chinese city of Xiamen, founded the Philippines' largest shopping centre chain. He had a net worth of USD 19 billion as of Friday.

SM group said in a statement to AFP, "Henry Sy... passed away peacefully in his sleep early Saturday morning. There are no further details at the moment,"

Sy's company started as a shoe store in 1948. Today, SM Investments is an empire that includes SM Retail Inc, which operates the nation's biggest supermarkets and department store chains.

Today, the group runs 62 department stores, 56 supermarkets, a network of 194 Save More grocery stores and 50 hypermarkets.