Michael Otto (businessman)
|Born||12 April 1943 (age 74)
Chełmno (Kulm), General Government administration
|Occupation||head of Otto Group|
|Net worth||US$16.9 billion (August 2016)|
|Spouse(s)||Married, 2 children|
Michael Otto (born 12 April 1943, in Chełmno (Kulm) in Nazi-occupied Poland), is the head of German Otto Group, the world's largest mail order company, with US$24 billion in sales in fiscal year 2003. Thanks to a 30% rise in Internet sales last year, Otto also maintains its position as the Web's second-biggest retailer, behind Amazon.com.
They were the former owners of Spiegel, Inc., (the parent company of Eddie Bauer and former owners of Spiegel catalog), which filed for bankruptcy on 17 March 2003. On 25 May 2005, Spiegel, Inc., emerged from bankruptcy renamed Eddie Bauer Holdings and is now owned primarily by Commerzbank. The Otto Group no longer has any stake in the company.
Otto and his family own extensive real estate in Canada and in the United States, shopping centers in Germany and part of home-furnishings chain Crate & Barrel. Known as a committed environmentalist, his company has long touted environmentally safe products. In 1993, he created the Michael Otto Foundation (German: Michael Otto Stiftung). This foundation played, and is still playing, an important role in furthering multi-stakeholder dialogue on hot environmental issues.
Otto is currently married with two children. He is an alumnus of the University of Hamburg and the University of Munich where he obtained his doctorate degrees.
- "Michael Otto Profile". Forbes. Retrieved August 8, 2016.