Italy's richest man Michele Ferrero the father of the Ferrero family died some weeks ago at the age of 89 on the 14th of February 2015.
His privately-owned firm produces the famous Nutella, Ferrero Rocher, Kinder chocolate and Tic-Tac candies. The Italian president called him a "born entrepreneur".
Last year Nutella had it's 50st anniversary. About 365 kgs of Nutella are consumed every year worldwide. The whole business success started in Northern Italy when the young confectioner Pietro Ferrero had the vision to create a tasty and affordable treat after World War Two.
First the chocolate-hazelnut cream Gianduja was born in Turin.
Only the wealthier people could afford the product. The next version, the supercrema the first spreadable version of Nutella was introduced a few years later. This cream was already affordable for a wider customer circle.
Ferrero's father Pietro had developed the forerunner to the recipe of Nutella. Pietro's son Michele turned the paste into the Nutella making some changes in the recipe. The first jar of Nutella was produced in 1964 and since then it is made in 11 factories and is sold in more than 160 countries all over the world.
Nutella gives the one fifth of the Ferrero groups turnover. Ferrero is the biggest world consumer of hazelnut buying the 25% of hazelnut produced every year. The group employs more than 22.000 workers and its sales per year is more than 8 billion Euro. The Ferrero family is on the 30th place in the world's wealthiest people's list according to the Forbes magazine.
The two most important characteristics of Nutella back in the old times, was that it was new, different from other existing sweets and it was a very good quality, luxurious product at an affordable price.
Firstly it was considered as a sustaining product of Chocolate, since it was cheaper.
A jar of a 750 g Nutella contains 95 hazelnuts, but still however it is 57% sugar and 37% fat which makes it questionable if Nutella is really a good idea as a breakfast essential.
However the famous treat is loved worldwide and with no doubt Nutella as a business story is one of the most successful, and still growing businesses of all time.
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