Italy's Nutella billionaire is now taking a chunk out of the cookie business to the tune of $3 billion
Italy's richest family that founded confectionery giant Ferrero Group now owns a sizeable cookie business too.
Bloomberg reported Monday that Giovanni Ferrero, who is chairman of the group, saw the value of assets acquired through his CTH holding company increase by 40% last year. A number of renowned billionaires have been making investments beyond the traditional remits of their portfolios to diversify.
Bloomberg reported Monday Michele Ferrero's son, Giovanni who is also chairman of the Ferrero Group, is carving his own path with an acquisition he made last year. Net assets of the younger Ferrero's holding company CTH Group, which is affiliated to the family-owned group, rose by 40% last year to 2.8 billion euros according to filings seen by Bloomberg. This was partly thanks to its $300 million purchase of Kelsen Group, a Danish cookie manufacturer.
Ferrero's investment through CTH is another example of a trend among the world's rich of expanding their empires beyond their traditional businesses.
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