Michael Otto
Overview
- Source of Wealth
- Retail, real estate
- Industry
- Fashion & Retail
- Residence
- Hamburg
- Education
- University of Hamburg (Doctorate)University of Munich (Doctorate)
- Marital Status
- Married
- Children
- 2
Biography
Michael Otto inherited shares in the retail empire his late father, Werner Otto, founded as a mail-order business in Hamburg in 1949.
As chief executive, he ran his family's Otto Group for 26 years until 2007. He is now chairman of its supervisory board.
With revenues exceeding $15 billion, Otto Group has more than 40 companies in retail (including Crate and Barrel), real estate and financial services.
Michael's stepmother Maren and her children Alexander and Katharina -- all billionaires -- also own stakes in Otto Group.
Separate from Michael, they own ECE Group, a real estate company focused on shopping centers, and a stake in office property firm Paramount Group.
About
Michael's son, Benjamin, announced he wouldn't be following his dad's footsteps and become chief executive. He is managing partner instead.
Michael's half-sister, Katharina Otto-Bernstein, writes and produces art movies in the U.S.