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“One has to live with the fact that some corporate decisions are going to be wrong. As long as most of the decisions are right”.
|Date of Birth||April 12, 1943|
|Source of Wealth||Retail, Real Estate|
|Education||Doctorate, University of Munich; and University of Hamburg|
Michael Otto is well renowned as the Web’s second-biggest retailer, behind Amazon.com.
In 1993, Michael Otto created the Michael Otto Foundation that played a pivotal role in furthering multi-stakeholder dialogue on hot environmental issues.
Michael Otto’s career is indulged with his business contributions with many firms at a time, a few of them being GmbH & Co KG, as Chairman and Chief Executive Officer of the Otto Group, as a member of the Executive Board Merchandise (Textile) and so on.
Michael Otto’s awards and achievements are a never ending list where some of the most famous are the International Lifetime Award (2006) and the Business Hall of Fame of the Manager Magazine (2012).
Otto the largest mail order company after the name of Otto family has its headquarters located in Hamburg, Germany.
Crate & Barrel, the home furnishing chain established by the Otto family has its headquarters situated in Illinois, USA.
The assets of Michael Otto include real estate holdings of his family in Canada and in the United States and the shopping centers in Germany.
He acquires a part of the shares of the home furnishings chain Crate & Barrel, established by the Otto family.
The yet another property investments include roughly 8,300 apartments and 1.5 Million square feet of industrial space in the Toronto area.
Michael Otto’s business portfolio includes the retail and service businesses, including the world’s largest mail-order company, under the umbrella of Otto GmbH & Co.
He imparted training at a bank and then studied economics after finishing school and earning his university entrance certificate.
Michael Otto was one of the previous owners of Spiegel, Inc., which filed for bankruptcy in March 2003. However, the company emerged from bankruptcy and was renamed Eddie Bauer Holdings, which is now owned by Commerzbank.
Michael Otto received Honorary Doctorate from HHL Leipzig Graduate School of Management in 2012.
Spiegel, Inc which was previously owned by Michael Otto, had its headquarters located in New York, USA.