GIUSEPPE CACACE / AFP Getty Images
Italy’s richest family, whose Ferrero Group corporation has created iconic brands such as Ferrero Rocher, Nutella and Kinder, has diversified its portfolio beyond classic chocolate products in the cookie industry, and this secondary business now has assets of around $3 billion.
Bloomberg reported on Monday that Michele Ferrero’s son Giovanni, who is president of Ferrero Group, is charting his own course with an acquisition he made last year.
Ferrero’s investment through CTH is another example of a trend among the world’s rich to expand their empires beyond their classic businesses.
Read more: JPMorgan says he’s buying those 19 stocks of “gross diamonds” that have plummeted since annual highs but are loaded with massive profits to come
For example, prominent multimillion-dollar investor Warren Buffett, president and CEO of Berkshire Hathaway, has bought Amazon and Apple in recent years despite strong complaints from generation companies.
Buffett’s company held about 245 million Apple shares on March 31, according to the most recent data.
Read More: A Wall Street investment chief warns new stock-market highs could be setting up a ‘historic trap’ for investors — one that also appeared just before the dot-com crash
Launched in 2016, CTH owns the American sweet company Ferrara, whose brands include Famous Amos cookies and JujiFruit chewable candies, as well as Belgian cookie maker Delacre.
Bloomberg’s multimillion-dollar index estimates that the Ferrero Group is $23 billion, representing a significant share of the Ferrero family’s $32.9 billion net.