Giovanni Ferrero, Italy’s Richest Man, Drives Family Empire’s Expansion

Every February, millions of cocoa lovers astir nan globe observe World Nutella Day. The thought was calved successful 2007 acknowledgment to American blogger Sara Rosso, an enthusiastic instrumentality of nan cocoa and hazelnut spread, who believed it deserved its ain world celebration. By 2015, nan marque itself had taken complete nan inaugural to negociate it directly.

The occurrence of this world nutrient arena is simply a reflection of Nutella’s taste impact. Created successful nan aftermath of nan Second World War successful bluish Italy, nan saccharine dispersed soon became a staple successful households and bakeries. In Italy, nan iconic Nutella jar is considered an intergenerational institution, a meal basal for decades. Today, much than 365,000 tonnes of nan dispersed are sold worldwide each year.

The man who propelled Nutella into a world icon was Michele Ferrero, boy of pastry cook Pietro Ferrero, laminitis of nan family dynasty that went connected to build a multibillion-dollar empire.

Innovation and competition

Ferrero has precocious completed nan acquisition of WK Kellogg, nan US-based shaper of nan well-known Kellogg’s cereals, successful a woody weighted astatine $3.1 cardinal (€2.65 billion).

The acquisition highlights really a family-run business has managed to innovate and grow while competing pinch world giants. Today, Giovanni Ferrero, grandson of Pietro and boy of Michele, leads nan company. With an estimated luck of astir $40 billion, he is Italy’s richest man. Trained arsenic an economist and writer of 7 novels, Giovanni Ferrero is known arsenic a discreet magnate who oversees nan family business from Luxembourg.

Since taking power aft his father’s decease successful 2015, he has been nan mostly shareholder and driving unit down Ferrero’s description . Alongside Nutella, nan group owns family names specified arsenic Ferrero Rocher, Kinder and Tic Tac.

Beyond Europe

In caller years, Giovanni Ferrero has made it his ngo to grow beyond nan European confectionery marketplace and found a stronghold successful nan United States. The Kellogg’s woody is portion of this semipermanent strategy. Recognising nan limits of maturation done in-house production, he has relied heavy connected acquisitions. Forbes estimates that successful nan past decade, Ferrero has spent much than $13 cardinal connected complete 20 companies crossed 9 countries.

These see nan acquisition of Nestlé’s US confectionery business, which positioned Ferrero arsenic nan world’s third-largest confectionery manufacturer, arsenic good arsenic acquisitions of American jelly legume shaper Jelly Belly, Brazilian sweets shaper Dori Alimentos, Danish food biscuit marque Kelsen, and Belgian confectionery explanation Delacre.