Haneda International Airport, Tokyo, Japan.
A Gulfstream IV private jet, painted in a two-tone of Noter Blue and Crystal White, slowly taxied across the wide apron and came to a stop.
A moment later, the door opened, and Seok-won emerged, wearing a cashmere coat and Ray-Ban sunglasses.
Behind him, Han Ji-sung and his bodyguard, Baucus, followed closely.
John Porter, the head of Eldorado Fund's Japan branch, who had come to greet him, smiled broadly and stepped forward, bowing slightly.
"Welcome, boss."
Porter's demeanor toward Seok-won reflected both respect and deep trust.
Seok-won lightly nodded and extended a hand.
"Though we've spoken often on the phone, it's been a while since we met in person."
After a brief handshake, the two moved toward a waiting Mercedes luxury sedan.
Seated in the back with Porter, the soft leather embraced Seok-won comfortably.
A moment later, the sedan glided out of the apron, followed by a Toyota SUV carrying their luggage, and headed toward the roads leading into central Tokyo.
Once on the city streets, Seok-won turned to Porter.
"Did the deal with Mitsubishi go smoothly?"
"Yes. As I mentioned, we acquired full ownership of the Rockefeller Center from Mitsubishi for nine hundred million dollars."
"If I remember correctly, Mitsubishi paid fifteen hundred million dollars when they bought Rockefeller Center, right?"
"That's correct."
"So, even after holding it for over ten years, they lost six hundred million dollars."
Porter shrugged.
"Real estate hasn't been performing well for the past few years, so if you factor in the accumulated deficits, their losses are even greater. And although they sold for nine hundred million, most of the payment was settled via bulk-purchased bonds, so they hardly got any cash in hand. Essentially, it's fair to say they lost the entire fifteen hundred million investment."
Seok-won smiled as he watched Porter curl the corner of his mouth upward.
"Must be a real gut punch for them."
"Perhaps. They might also feel relieved to have disposed of it this way instead of continuing to carry the losses."
"That could be true."
Soon, when the dot-com bubble hit and the U.S. real estate market boomed, seeing the value of Rockefeller Center skyrocket—after they'd offloaded it like a bad debt—would make them clutch their necks in frustration.
"Ah, and we've also finalized an agreement with Fast Retailing to convert all our bonds into equity."
"That's good news."
Seok-won's eyes lit up.
"How much equity did we get?"
"Fifteen percent."
"More than I expected."
Porter's expression turned smug.
"Fast Retailing happened to be strapped for cash while preparing to launch an ambitious new product. We leveraged that to secure the maximum stake."
Seok-won perked up at a phrase in the conversation.
"They're launching a new product?"
"Yes. I just learned that they plan to produce and sell fleece under their own brand."
"Interesting."
While Seok-won's eyes sparkled, Porter scoffed.
"You should hear this—the company head claimed their goal is to sell two million fleece items in a year."
"Well, that's possible, isn't it?"
Porter shook his head incredulously.
"In the apparel industry, even selling a few hundred thousand items is huge. Crossing a million makes it a hit product for the year. But this isn't a famous brand—it's just a local company from Osaka and the Kansai region. Two million? That's pure fantasy."
As Porter described, the sales target was nearly impossible to achieve without a blockbuster hit, so it sounded like an exaggerated claim.
But Seok-won didn't see it that way.
Wasn't fleece—the very item that turned Uniqlo, a small regional Japanese company, into a global fashion brand—the key to that transformation?
If I remember correctly, they actually sold two million units next year, and just two years later, they hit a staggering 26 million units.
In just three years, over 30 million units were sold in Japan alone, making it a national must-have item.
This success allowed Uniqlo to expand beyond its regional roots and become a nationwide brand, still within Japan at the time.
And it didn't stop there—the success of fleece gave them the foundation to produce and sell their own designed apparel, solidifying their position as a major player.
So, the launch of fleece marked the explosive start of Uniqlo's growth.
From a different perspective, this was the last chance to buy the stock at rock-bottom prices.
Thinking that through, Seok-won asked immediately,
"Fast Retailing is listed on the stock exchange, right?"
"Yes. It's traded on the Tokyo Stock Exchange, Section 2."
"Then let's increase our holdings to 20% by buying more shares."
Porter looked puzzled.
"You already have a significant stake. Are you saying we should buy more?"
"Yes."
Porter cautiously asked again after gauging Seok-won's expression.
"Are you planning to acquire Fast Retailing?"
"No. If we leave it alone, the company will grow on its own and make money. Why chop open the goose that lays golden eggs?"
Seok-won shook his head without hesitation, leaving Porter even more curious.
"Isn't the company too small to call it a golden-egg-laying goose?"
"It may be now, but who knows what the future holds?"
Seok-won gave a faint smile as he answered.
Porter, seeing the confidence Seok-won had in Fast Retailing's growth, felt even more puzzled.
No matter how he thought about it, he couldn't fully grasp why Seok-won was so interested in the company.
But it wasn't just anyone speaking—it was Seok-won, the man known on Wall Street as the Midas of finance. Ignoring him wasn't an option.
Given the scale of funds managed by Eldorado Fund's Japan branch, acquiring an additional 5% stake in Fast Retailing wouldn't cost a significant amount, so Porter didn't hesitate to follow the instructions.
"I'll execute as directed."
"Also, to avoid any misunderstandings, inform President Kazuhiro Yamashita in advance about the share purchase and make it clear that it's for investment purposes."
"Understood. I'll do that."
If Seok-won wanted to enjoy the profits from Uniqlo as it grew into the world's largest apparel company, there was no benefit in raising Yamashita's suspicions.
About twenty years later, Uniqlo's market capitalization would surpass 10.8725 trillion yen, over 114 trillion won.
By holding the shares until then, the value of Seok-won's stake alone would increase to 22.8 trillion won.
And the dividends received along the way would be quite sweet as well.
Leaning back into the leather seat, Seok-won smiled to himself, thinking of the profits he would earn through Uniqlo, while watching the scenery flash by outside the car window.
***
New York, United States, Eldorado Fund headquarters.
Landon, seated at the wide desk going over documents, looked up at the sound of a knock.
Andrew entered the room, wearing his usual suspenders over a blue dress shirt and gold-rimmed glasses, and Landon rose to greet him.
"Welcome."
"I heard you attended the book launch at the Metropolitan Museum this morning."
"I went to make an impression on Representative Kevin Steed, who's a strong contender for the next Senate Majority Leader," Landon replied, nodding toward the thick hardcover book resting on the corner of his desk.
"It's his autobiography, signed personally. Take it if you want."
"Looks boring at a glance, so I'll pass."
"A wise choice," Landon said with a smirk as he moved over to the sofa, and Andrew followed, sitting across from him.
"Did you meet Chairman William Parker of Citicorp there as well?"
"Yes," Landon replied, leaning back on the sofa arm and giving a small nod.
"Did you get any hints from him?"
"I tried casually steering the conversation, but either he's a good actor or I'm too dull to notice—there was no indication that a merger was underway at all."
Andrew, wearing a disappointed expression, hesitated before voicing his concern.
"You're not saying there's been no discussion at all about a deal with Travelers, are you?"
They had bet a full $1 billion on the premise that Citicorp and Travelers would merge, so a wrong prediction would mean a significant loss.
"Boss's predictions have never been wrong before. Let's wait a little longer," Landon said.
Since all the bets were already placed, there was no way to back out, and Andrew nodded, licking his lips in agreement.
Adjusting his posture, Landon turned to Andrew and said,
"The reason I called you here is to set up positions with Nations Bank and Bank of America as well."
"…!"
Andrew's eyes widened, and he asked with a mixture of disbelief and apprehension.
"You're not telling me to go long again, are you?"
Landon shrugged as if to say, why not?
"That's right. Place another $1 billion bet, just like last time."
Andrew adjusted his gold-rimmed glasses, his tone skeptical.
"Citicorp and Travelers, I can see that. But the two banks you just mentioned tried a merger about three years ago and it fell through. The chances of a renewed negotiation are pretty low."
"I thought the same," Andrew admitted, "but hearing you speak, I can't say the probability is zero."
"What exactly did he say that makes you think that?"
Andrew leaned forward, curiosity written across his face.
"If Citicorp and the Travelers Group merge as expected, it will create the largest financial institution in the world," Landon explained.
A sudden thought struck Andrew, and his eyes went wide.
"You mean other banks will be spurred into a chain of mergers, triggered by the rise of a financial giant?"
"Exactly. He said that no bank would want to be left behind—they'd grow in order to survive the competition."
Landon nodded seriously.
Andrew mulled over the explanation and murmured, now convinced.
"True. If the landscape shifts, other banks will scramble to avoid being swallowed. It's not an impossible scenario."
"If his prediction is right, the banking world will get very interesting for a while. And that, in turn, means a huge opportunity to make money," Landon said.
Andrew's eyes lit up, and he responded quickly.
"Understood. I'll make a list of banks with potential merger opportunities."
"You get it," Landon said with a sly smile, meeting Andrew's gaze.
These two weren't just following instructions—they were thinking ahead, actively looking for ways to maximize profits, demonstrating their competence and initiative.
TL/n -
Uniqlo is owned by Fast Retailing Co., Ltd., a Japanese multinational retail holding company. Founded in 1963 by Tadashi Yanai, Fast Retailing has grown into one of the world's largest apparel retailers. Uniqlo, which stands for "unique clothing," is its flagship brand, known for its minimalist designs and high-quality, affordable basics.
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In April 1998, Citicorp and Travelers Group merged to form Citigroup, creating the world's largest financial services company at the time. The merger combined Citicorp's banking and credit card operations with Travelers' insurance and investment services, aiming to create a "financial supermarket." John Reed (Citicorp) and Sanford Weill (Travelers) co-led the new company. The merger faced regulatory scrutiny under the Glass-Steagall Act, and over time, some insurance operations were spun off or sold.
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In 1998, NationsBank Corporation and BankAmerica Corporation merged to form Bank of America, creating the largest U.S. bank at the time. Although NationsBank was the nominal survivor, the merged entity adopted the Bank of America name and was headquartered in Charlotte, North Carolina. The merger combined over 4,800 branches and $570 billion in assets. Regulatory approval required some branch divestitures, and the merger helped establish Bank of America as a major national banking presence.