Michael Otto is a German businessman who heads the largest mail order company in the world, the Otto Group. The most interesting fact is that Otto Group is only second to Amazon.com in terms of internet sales. Michael is also the former owner of Spiegel Inc which was totally bankrupt in 2003. Although the company re-emerged from the grave with a new name and owner, Otto Group does not have any stake in the company now.
The ECE Group, part of the Otto family, is managed by Michael’s brother. This group has as many as 185 shopping centers and is valued at $9 billion. Needless to say, it is the most valuable asset of the Otto family. They also own real estate area (13 million sq ft) in New York City. They also have real estate investmens in Canada and it has been reported that they are also part of a renowned home furnishings chain.
Michael Otto retired as the CEO of the Otto Group in 2007 after being in that position for as long as 26 years. His son, Benjamin, has joined the Otto Group as the chief executive but the name of the company has never been disclosed. He has doctorate degrees from University of Hamburg & University of Munich. He now resides in Hamburg with his wife and 2 children.