The inventor of Nutella, Tic-Tac, Ferrero Rocher and Kinder died on February 14 in Monaco.
Ferrero was the second generation owner of the Ferrero Group and was the 22sdThe richest man and the richest Italy with a net wealth of $ 26.9 billion, according to Forbes.
He was the richest person in the food industry ahead of AB Inbev’s controlling owner, Jorge Paulo Lenmann.
The Ferrero group was formed in 1946 in Alba, Italy and Michele Ferrero took control in 1949.
His son Giovanni Ferrero, CEO of the Group, will continue to lead the company. Giovanni Ferrero became co-CEO of the company in 1997 and took full control of it after the death of his brother Pietro in a bicycle accident in 2011.
Michele Ferrero’s death comes after longtime Tootsie Roll Industries CEO and chairman of its board Melvin J. Gordon died at the age of 95 last month.In addition to this, you need to know more about it.
Ferrero expands in emerging marketsIn addition to this, you need to know more about it.
The Ferrero group is the fourth largest confectionery company with a global market share of 5%, behind Mondelez, Mars and Nestlé, according to Euromonitor International.
The company has doubled its chocolate sales in Russia and China over the past five years to more than $ 600 million.
Jack Skelly, food analyst at Euromonitor, said: “Although growth in China and Russia has eclipsed developed markets in terms of percentage, Ferrero still achieved value gains of US $ 550 million in traditional markets, such as France, Italy and United States. Ferrero is also committed to improving its presence in other lucrative countries. , as in the United Kingdom, where it is launching its Kinder range in a shared bag format. Ferrero should consider tinkering with its formula to push the Ferrero Rocher brand into distribution and strengthen the brand’s premium image.In addition to this, you need to know more about it.