Retail may be going through a recession, but there are still a number of them doing extremely well, particularly for those who are at the very top of the organizational structure. Following are six billionaires from Forbes’ list of the 500 richest people, in no particular order.
Amancio Ortega, chief executive and founding chairman of Inditex fashion group has a net worth of $64 billion and was ranked third on Forbes’ list. Most of his wealth comes from his close to 60% ownership of Inditex’s shares, presently the largest fashion retailer in the world.
The Walton Family, heirs to the world’s largest retailer, Wal-Mart, holds four spots on Forbes’ list of the richest people in the world. Last year, each Walton benefited from the chain’s billions in sales and gained six percent in shares. They spread their wealth throughout various investments and special interest groups.
Stefan Persson, is ranked as the 12th richest person in the world by Forbes. He is the chairman and main shareholder of the fashion chain H&M, founded by his father in 1947.
Chairman and CEO of LVMH, Bernard Arnault and family is ranked 15th on the list. Arnault oversees a business empire that includes 60 luxury retail brands. He appointed his son to the position of chairman for Loro Piana and his daughter will hold the position of executive vice president of Louis Vuitton. Arnault wants to keep the business within his family.
Jeff Bezos, founder and CEO of Amazon.com, the world’s largest online marketplace, has a net worth of $32 billion. He expanded his assets with the recent acquisition of the Washington Post.
Finally, Karl Albrecht a self-made German business owner thanks his $25 billion assets to the notable grocery chain Aldi Sud. The company’s aggressive globalization effort generates significant profits.
Discussion Question:
Who are the richest retail entrepreneurs, and how did they make their money?