Michele Ferrero passed away last Saturday in Montecarlo where he lived. Born in 1925, he inherited the family business from his father Pietro Ferrero and was considered the great leader of the company’s development. The man that turned the “Giandujot” into the Nutella in 1964, now produced in 11 factories and sold in 160 countries and one of the most famous iconic-brands in the world. Michele Ferrero was also the mind behind some of other Ferrero’s most successful confectionery products, like Tic Tacs in 1969, with their distinct plastic box; Kinder Sorpresa chocolate eggs in 1974, which because of their toy inside, a potential choking hazard, can’t be sold in the U.S.; and Ferrero Rocher in 1982. Under his leadership the Italian company has become the world’s fourth-biggest chocolate confectionery company, with 8% of the global chocolate market, compared with Nestlé, which has 12%, according to consumer research group Euromonitor’s data. With revenue of 8.4 billion euro in 2014, Ferrero Spa has been courtened by giants competitors, such as Nestlé and Mars, which in recent years repeatedly and unsuccessfully tried to get their hands on it. The family has always insisted the business was to be kept in family hands and never accepted any deals.
