CampdenFB magazine_75

RESEARCH + RANKINGS NOBUTATA RATAN TATA STEPHEN BRIAN WHITE TADASHI SAJI TINDALL YANAI Chairman emeritus Joint chairman C hairman and chief Founder and President and chief Tata Group Ray White executive director executive India The Warehouse Australia Suntory Holdings Tata is the head White is the Fast retailing of Tata Group, Group third-generation Japan an Indian co-leader of Japan Third-generation multinational New Zealand the Ray White Second-generation Saji is chairman conglomerate Tindall founded Group, along Yanai built and of drinks holding company the Warehouse with his brother, runs Tokyo-listed powerhouse founded by his Group in 1982, Paul. Under the retail clothing Suntory Holdings, grand uncle, which is the sibling duo, it has empire Fast which bought Jamsetji Tata, in largest retail grown into the Retailing, parent Beam, the supplier 1868. He began group operating largest real estate of the Uniqlo of Jim Beam his career in the in New Zealand. franchise group in chain. He has and Maker’s Tata Group, The $2 billion- Australasia, with single-handedly Mark bourbon, working on the revenue group over 1,000 offices overseen company for $16 billion shop floor of now consists of around the world. operations of in 2014. He is Tata Steel, and The Warehouse, White first joined the $16.9 billion the grandson worked his way Warehouse the business as revenue company, of founder, up to oversee the Stationary, Noel managing director which is now the Nobuhiro Torii, entire empire by Leeming, and of the company in world’s fourth and took over as the early 1990s. A Torpedo7 Group. 1976, and turned largest apparel president, after skilful dealmaker, He is a well- the company into company, with his father, Keizo he acquired regarded leader, an international a portfolio of died in 2001. Saji a number of winning accolades real estate brands, including stepped down companies, including Business powerhouse with Helmut Lang, as president in including Tetley, Person of the Year sales revenues Theory, and J 2014, handing Corus Group, for 1997, and of $35.3 billion. Brand. He became the company over and Jaguar Land was named as a His son, Dan, is president of his to a non-family Rover. In 2017, Knight Grand managing director father’s 22-store member for the he appointed his Companion of and sits on the clothing chain, first time. Saji’s successor, non- the New Zealand board. Unique Clothing nephew Nobuhiro family member Order of Merit Warehouse, Torji, was Natarajan in 2019. His and opened his promoted to chief Chandrasekaran, son Robbie has first store in operating officer as chairman. worked at The 1984. Last year, and executive vice Warehouse and is Yanai’s two sons, president in 2016. a non-executive Kazumi and Koji director. were promoted to company directors. ISSUE 75 | 2019 CAMPDENFB.COM 49

Emerging markets GARETH ABDUL AZIZ DR RUCHI DANA MOHAMMED ACKERMAN ABDULLA AL DEWJI GHURAIR Chief executive C hairman DANA Group C hief executive and P ick n Pay Chief executive Mashreq Bank U nited Arab Emirates president S outh Africa Designated as one MeTL Group His father, Raymond, United Arab Emirates of a group of next- started Pick n Pay Second-generation generation female T anzania with four stores in Abdul Aziz Abdulla rising stars in the Third-generation 1966 and today third- Al Ghurair sits as chief Middle East, Dana Mohammed “Mo” generation retailer executive of the UAE’s has managed to Dewji is credited Gareth Ackerman Mashreq Bank, which earn her MBA from with building his helms a giant that generated revenues of Stanford and found father’s modest generated revenues AED6 billion ($1.63 two businesses, Jugaad family enterprise of ZAR 83.5 billion billion) in 2018. Yet, and Pik A Venture, into a multi-industry ($7.2 billion) in 2018. it is his efforts outside while on the board giant, reporting The structure of the the business that have of her $500-million- annual revenues company was changed garnered attention. He a-year family group. of $1.5 billion and to a single share listing spearheaded efforts Her father is Indian making up 3.5% in 2016 to avoid a to help the region’s magnate Dr Birbal of Tanzania’s GDP. hostile takeover and family businesses as Singh Dana, who In 2016, he signed to keep control within founding chairman of moved to Dubai and The Giving Pledge the family. A drastic the Family Business set up steel group to donate at least turnaround strategy Council-Gulf in 2012. DANA. Ruchi’s half of his fortune was implemented In 2015, he pledged contributions to the to philanthropic in 2018, which one-third of his family business include causes. Last year, saw widespread group’s assets to help helping it diversify into he had worldwide redundancies but 15,000 Arab students lubricants, retail, and attention when he has led to increased secure a secondary hospitality. was kidnapped and revenue and lower and university subsequently released, costs. education by 2025. however the incident has not stopped him from returning to leadership at MeTL Group or updating his 665,000 Twitter followers. 50 CAMPDENFB.COM ISSUE 75 | 2019

RESEARCH + RANKINGS SOPHIYA FAIZAL MISHAL KANOO MEHER ALISHA MOOPEN MIRCHANDANI E xecutive director Chairman C hief executive KEF Living Kanoo Group M anaging director A ster DM Healthcare P almon Group United Arab Emirates United Arab Emirates U nited Arab Emirates Another next- Mishal Kanoo U nited Arab Emirates A University of generation female promotes a philosophy Mirchandani is the Michigan graduate rising stars in the of openness and good managing director of with distinction Middle East, Faizal’s communication at his her founding father in finance and love of creativity family’s 129-year- Manohar Lahori’s accounting, Moopen started as a child when old industrial Palmon Group, and is a part of a group she spent her holidays conglomerate – co-founder and chief of Middle Eastern at the foundry owned something that is not executive of Meher next-generation female by her father, UAE always easy in the and Riddhima, the business leaders. A industrialist billionaire Gulf, where businesses group’s fashion prolific healthcare and Faizal Edavalath can be notoriously design business. women’s activist, she Kottikollon, so it opaque. Since Meher returned to is chief executive of was no surprise becoming chairman in Dubai from the UK the Gulf Cooperation when she became 2015, he has instigated with a degree in Council-area of her an engineer. Within a restructuring to fashion design and Dubai-headquartered the $272 million professionalise the launched her luxury family business, Aster family business KEF business – removing fashion house with DM Healthcare. Holdings, the eldest some family members Riddhima Whabi Overseeing 85 daughter has made from management in 2002. Alongside clinics and seven her mark heading roles and bringing in two brothers, she has hospitals, Moopen KEF Living, which is non-family executives. expanded Palmon is the daughter of developing a model to He is also a strong into commercial and Azad Moopen, an deliver quality homes advocate of education, industrial real estate. Indian-born physician 50% faster than using even teaching a family The directors have and philanthropist traditional methods. business course at the launched a real estate who has developed American University investment trust, numerous healthcare in Sharjah, UAE. Manrre, in the Dubai businesses into a $1 International Finance billion-a-year group. Centre. ISSUE 75 | 2019 CAMPDENFB.COM 51

Europe LUBNA OLAYAN JOHANN RUPERT EMMA ANTOLIN BERNARD ARNAULT C hief executive Chairman Director O layan Financing Remgro (SA) and Chairman and chief Grupo Antolin S audi Arabia Richemont (Switzerland) executive One of Saudi Arabia’s Spain most prominent South Africa, Switzerland The second generation LVMH businesswomen, since Rupert has widespread of the $3.8 billion 2003 the second- business interests with Spanish auto France generation financier combined revenues of components company, Arnault, France’s Lubna Olayan has run more than $13 billion. Antolin worked for richest man, heads the Olayan Financing, As the chairman of the a human resources $54.4 billion revenue- a private holding group behind brands consultancy after making LVMH Moët company within the such as Cartier and graduating with two Hennessy Louis Olayan Group, the Montblanc, he is best masters in business Vuitton—the world’s conglomerate founded known for his backing and finance and a largest maker of by her father. She of a universal basic degree in psychology. luxury goods. His has recently been income. His high As head of corporate career began at the nominated to lead profile has drawn social responsibility age of 25 when he a new bank being criticism in his native since 2007, Antolin joined Ferret-Savinel, formed out of a South Africa, although opened the first his father’s holiday merger between the his business success training school for accommodation Saudi British Bank has been amplified direct relatives of plant business, succeeding (SABB) and Alawwal by a 2018 agreement employees in Brazil his father in 1979. Bank that will create between Richemont in 2009. In 2016, she He then acquired the country’s third and the Chinese online signed a partnership luxury goods company biggest lender. Olayan retail giant Alibaba agreement with the Financière Agache and also pushes female to establish a luxury United Nation’s SDG with it, Christian Dior. empowerment in a goods portal on Fund to achieve Since 1988, Arnaut country where women Alibaba’s giant trading the 2030 Agenda has incrementally have few role models. platform. for Sustainable bought LVMH stock, Development. and now owns 40.9% of its shares, and 59.01% of its voting rights. Four of his five children have executive roles within LVMH. 52 CAMPDENFB.COM ISSUE 75 | 2019

RESEARCH + RANKINGS SIMONE HELEN ANA BOTÍN CHARLENE DE MARIE- BAGEL-TRAH BARBOUR CARVALHO- CHRISTINE Executive director HEINEKEN COISNE- C hairman of the Vice chairman ROQUETTE Santander Group Executive director Supervisory Board Barbour Chairman and Spain Heineken Henkel UK Fourth-generation chief executive Barbour was two- BotÍn succeeded Netherlands Germany years-old when her father, Emilio, De Carvalho- Sonepar Bagel-Trah took her managing as chair of the Heineken is one of over as chairman director father, Spanish bank the richest women France of the consumer John Barbour, after his sudden in the world, Fifth-generation goods company, died suddenly death in 2014. thanks to the Coisne-Roquette, which produces in 1968 and her Prior to the 23% controlling a trained lawyer household names mother, Dame appointment, she stake in beer giant and great like Persil, Margaret, became became the first Heineken she granddaughter Schwarzkopf, and a director. Now woman to run inherited from of Sonepar co- Loctite, in 2009 vice chairman, a major British her late father, founder Henri after succeeding Helen worked bank when she long-time chief Coisne, has served Albrecht Woeste. with Margaret took over as executive Freddy as chairman since The appointment to establish chief executive Heineken in 1998 and was was lauded the Women’s of Santander 2002. Under her chief executive as Bagel-Trah Fund in 1999 to UK in 2010. She ownership, the from 2002 to was the first support women pulled off a coup world’s second- 2017. Since then, woman to chair in England’s in 2017 when largest brewer has the independent a top German North-East, Banco Santander expanded into family-owned company. She is where the fifth- acquired failing a $30.3 billion group has the great-great generation firm banking group revenue making transformed into granddaughter still manufactures Banco Popular business, dealing a global leader of the company its signature wax for a symbolic €1 with changing in electrical founder and fifth jackets. Mother ($1.10) to become consumer tastes equipment generation of the and daughter one of Spain’s by acquiring distribution, Henkel family are also trustees largest banks. craft-beer makers, recording sales of to oversee the of the Barbour Santander posted and venturing $25.2 billion in running of the Foundation, revenues of $56.2 into new product 2018. business. Since which bolstered its billion in 2018. categories, her appointment, relationship with including zero the company The Prince’s Trust alcohol beer and has grown into by donating to the cannabis-infused a $23.2 billion trust’s Enterprise seltzer water sold global revenue Programme, by one of its recent company with supporting young acquisitions, about 53,000 full entrepreneurs. Lagunitas Brewing time employees. Company. ISSUE 75 | 2019 CAMPDENFB.COM 53

AXEL DUMAS JOHN ELKANN JAMES GIOVANNI FERRAGAMO FERRERO Executive chairman Chairman Vice chairman Chief executive Hermès Exor Salvatore Ferragamo Ferrero France Italy Sixth-generation John Elkann is the Italy Italy family member Axel fifth-generation heir James Ferragamo is Giovanni Ferrero Dumas took over as of Italy’s billionaire helping to lead his became joint-chief executive chairman in Agnelli family—the family’s company into executive of his 2014 after spending founders of the its third-generation family’s luxury eight years as an Fiat automaker— of global success, chocolatier business investment banker handpicked by his following his father, along with his for Paribas, now grandfather Gianni company chairman brother, Pietro, when BNP Paribas, and Agnelli to lead the and president, they succeeded their an 11 year grooming family business. He Ferruccio, and his father, Michele, in period at Hermès, was parachuted onto grandfather Salvatore, 1997. He became starting as an auditor. the Fiat board at the who founded the sole chief executive Under Dumas, age of 21 and took brand. He entered after his brother’s Hermès’ growth has over just seven years the business at the death in 2011. Since outstripped that of later when Gianni age of 27, currently then, third-generation its rivals—in 2017 died. He is now the serves as men’s and Giovanni has focused sales increased by chairman of $133 women’s leather on expanding Ferrero 9%, which has helped billion revenue Fiat product director through acquisitions. to send share prices Chrysler Automobiles, and vice chairman, His biggest deals rocketing. He has chairman and chief and is tipped to lead have included a also increased the executive of $143.4 the family’s third $1.3 billion deal for production of its billion family holding generation. His sister US sweets makers renowned leather company Exor, Sole has founded Ferrara, Nestle’s candy goods, turning the and was appointed SO-LE Studio, a business for $2.8 company into a chairman of Ferrari self-funded start-up, billion, and Kellogg’s $6.14 billion per year last year. which designs and brands for $1.3 enterprise. crafts leather jewellery billion. The company using off-cuts from the now generates over luxury industry. $12 billion in annual sales across more than 170 countries. 54 CAMPDENFB.COM ISSUE 75 | 2019

RESEARCH + RANKINGS SIR ROCCO FORTE KJELD KIRK ANE MÆRSK MC- LAKSHMI MITTAL KRISTIANSEN KINNEY UGGLA G roup chairman Chief executive Chairman Vice chairman Rocco Forte Hotels ArcelorMittal The LEGO Group Maersk Group United Kingdom Luxembourg Fourth-generation Denmark Denmark Hailing from a family heir to his family’s Kjeld Kirk is the third- One of the most steel business started hospitality dynasty, generation owner powerful women by his father in India, Rocco became of his family’s toy in Denmark, Mc- Lakshmi separated chairman when his company and was its Kinney Uggla has from his siblings to father stepped down in president and chief chaired the AP Møller start Mittal Steel, 1992. However, after executive from 1979 Foundation, which then went on to merge Forte Plc fell victim to 2004. He brought owns the controlling the company with to a hostile takeover in professional stake in the Mærsk France’s Arcelor in in the 1990s, Rocco management in the Group, since 2010. 2006. Now the largest used the capital to early 2000s—a move The world’s largest steel producer in the found luxury hotel that has paid off container shipping world, the company company Rocco Forte handsomely with the company now has reported revenues of Hotels. Over the company reporting a revenue of $31.18 $76 billion in 2018. years, the company $5.5 billion in revenue billion (2018), with His son, Aditya, the has expanded to in 2018. Earlier this subsidiaries across 130 president and chief 14 hotels, which year, Kjeld Kirk countries and about financial officer of collectively turned stepped down from 88,000 employees. ArcelorMittal, who over $267 million in the board, leaving his Her two sons, fourth- led Mittal Steel’s offer 2018. His daughter son Thomas to lead generation Robert for Arcelor, and its Lydia joined the firm the company. For the Mærsk Uggla and merger with Mittal after earning her MBA past 15 years Thomas Johan Pedersson Uggla, Steel, has been tipped from INSEAD and has been groomed to both have executive to succeed his father as won CampdenFB’s take over, joining the roles in the company, chairman. Top Family Business board as a director in with Robert tipped to Rising Star Award at 2007. be heir apparent to the the European Families family business. in Business Awards 2018. ISSUE 75 | 2019 CAMPDENFB.COM 55

GERARD MULLIEZ AMANCIO KARL-JOHAN FRANÇOIS-HENRI ORTEGA PERSSON PINAULT Founder Co-founder and board Chief executive Chairman and chief Auchan Group member Hennes & Mauritz (H&M) executive France Third-generation Zara / Inditex Sweden Kering Group Gerard Mulliez Persson is the third- expanded his Spain generation of his France family’s high street Ortega and his then- family to head up Second-generation clothing business wife Rosalía Mera the fast fashion Pinault heads the into the world’s opened the first favourite. He joined $15.3 billion revenue principal distribution Zara store in 1975, the family business in making luxury group with 639 which produced an operational role, group, which owns hypermarkets, popular fashion at working his way up fashion brands Saint 2,874 supermarkets, low prices. After its through the company Laurent, Alexander and $57.7 billion success, he created before taking the reins McQueen, and Gucci. in revenue (2018). Inditex in 1991 as a from his father, Stefan His father, François, He was succeeded holding company for Persson in 2009. His was responsible for as president by his Zara but soon began appointment came at changing the direction nephew Vianney expanding, creating a challenging time for of his wood and in 2006, chosen casualwear stores Pull retailers, but Persson building materials over Mulliez’s own and Bear, Bershka, tackled the downturn company towards son Arnauld. The and acquiring fashion by going on the luxury after buying ownership and brands Stradivarius, offensive and opening a controlling stake in management of the and a 65% share a host of new stores Gucci Group in 1999. business is monitored in Massimo Dutti. abroad, expanding it Since succeeding his by the family through Inditex is now the into a global $22.6 father in 2005, Pinault L’Association biggest fashion group billion revenue has further expanded Familiale Mulliez— in the world, posting powerhouse with more Kering’s portfolio co-owned by revenues of $29.4 than 4,400 stores in with acquisitions of thousands of billion in 2018, and 66 countries. watchmakers Girard- family members. Ortega owns 60% of Perregaux and Ulysse Since Vianney’s the company. Nardin, Italian tailor appointment, Brioni, jewellers the company Qeelin and Pomellato, has been further and German designer internationalised, Tomas Maier. entering a number of emerging markets. 56 CAMPDENFB.COM ISSUE 75 | 2019

RESEARCH + RANKINGS JUAN ROIG ALEXANDRE DE STEPHEN RUBIN GÜLER SABANCI ROTHSCHILD C hief executive G roup director Chairman Executive chairman Mercadona Pentland Group Sabanci Holding Rothschild & Co Spain UK Turkey Juan Roig has turned France Under Stephen Third-generation a small regional The seventh- Rubin and his son family member supermarket chain generation Alexandre Andy—second and Sabanci is the first started by his father is the newly-appointed third-generation woman to run her into one of the largest chairman of banking family members—this family’s $11.3 billion in Spain, which dynasty Rothschild British sports brand business—one of generated sales of & Co. He first joined firm has become a the largest industrial $27.3 billion in 2018. the bank during the global powerhouse. and financial He has put particular financial crisis in The £3 billion ($3.8 conglomerates focus on ensuring 2008, moving from billion) group is the in Turkey, which the sustainability of private equity at majority owner of JD was started by her Mercadona’s supply Argan Capital, where Sports Fashion, which grandfather in the chain, and treatment he was manager for acquired US footwear 1930s. Since she took of employees, which three years. Prior to chain The Finish Line over as chairman in has earnt it plaudits that, he worked briefly last year. It owns 2004, she has overseen as one of Forbes’ most for the now defunct Speedo, Berghaus, and rapid growth at the reputable companies. bank Bear Sterns. Last Canterbury of New family business, His daughter Juana, year, he stepped up Zealand, plus licences whose operations span has taken on the to succeed his father, and joint ventures. banking, retail, and challenge of rapidly David de Rothschild, As well as winning energy. She is also the digitising the family’s 75, following his the Top Family founding president of chain, which had fallen father’s move to Business Award at Sabanci University, behind the times with become chairman of CampdenFB’s Families and her success has its online offerings the bank’s supervisory in Business Awards seen her named accounting for only board. in 2014, the group annually as one of 1% of revenue. won the IMD Global Forbes’ most powerful Family Business women. International Award in 2017. ISSUE 75 | 2019 CAMPDENFB.COM 57

Americas DIETER SCHWARZ JACOB, PETER, BRENDAN GARVIN AND MARCUS BECHTEL BROWN IV C hairman / chief WALLENBERG C hairman and chief Chairman executive Chairman, director, B rown-Forman executive Schwarz Group vice chairman Bechtel Group U nited States Since becoming Germany Investor AB U nited States chairman of his Schwarz inherited and Bechtel has led his family’s spirits became chief executive Sweden family’s engineering company in 2007, of the Schwarz & Lidl Brothers Jacob and and construction fifth-generation discount chain after Peter, and their cousin company after Brown has worked the death of his father Marcus (pictured succeeding his father, hard to create a and founder, Josef below) are the fifth- Riley, in 2016. He was ‘family engagement’ Schwarz, in 1977. generation leaders of first appointed chief committee designed Under his leadership, Sweden’s legendary executive and a year to keep the fifth the company became business family, who later was unanimously generation—at least Germany’s second- took over from their elected as chairman 25 family members, biggest discounter, parents in 2006. They of Bechtel Group. The who do not work before expanding oversee an empire worth fifth-generation leader at the company the business over $290 billion, with now commands one but share a fortune internationally. After controlling stakes in of the biggest privately estimated at $12.3 rapidly opening some of Europe’s held companies in the billion—connected over 10,000 stores largest industrial US, with $25.9 billion to the decisions that across Europe and groups, ranging in revenue in 2017. executives are making. the US, the company from drug giant It has fallen on him Under his leadership, is now the fourth- AstraZeneca, and to steer the company Brown-Forman, owner largest retailer in the white-goods through challenges of Jack Daniel’s and world, with a revenue manufacturer like a collapse in Finlandia vodka has of $109.6 billion. Electrolux, to defence commodity prices, and expanded, with net Through Schwarz group Saab and new competition from sales growth of 8% in Group, he has also telecoms maker Chinese contractors. 2018 financial year. created hypermarket Ericsson. The chain Kaufland, which flourishing business has has 1,200 stores created opportunities to around Europe. acquire under- performing companies, preferring to develop existing businesses rather than founding new ones. 58 CAMPDENFB.COM ISSUE 75 | 2019

RESEARCH + RANKINGS WARREN JAMES COX PAUL LAURA REA BILL FORD BUFFETT KENNEDY DESMARAIS JR DICKEY E xecutive chairman C hairman and chief C hairman C hairman and co- C hief executive F ord Motor C ox Enterprises D ickey’s Barbecue executive chief executive Company B erkshire U nited States P ower Corporation Pit Third-generation United States Hathaway Kennedy became of Canada U nited States As the great- chair and chief Rea Dickey is the grandson of United States executive of the C anada granddaughter- company founder Self-made Buffett automotive and Since 1981, in-law of Travis Henry Ford, is one of the media group second-generation Dickey, who Ford joined the most successful founded by his Desmarais has founded Dickey’s board in 1988 investors of grandfather James occupied several Barbecue Pit in and has served all time, and Cox, in 1988. senior positions Texas in 1941. as chairman a prolific Prior to taking at the Power Rea Dickey joined since 1999. philanthropist. over, he held Corporation the 550-restaurant Under his tenure, He runs Berkshire junior positions of Canada—a business as chief the company Hathaway, which in the company’s company built by information has returned owns more than Atlanta his father, Paul officer after 15 to profitability 60 companies newspaper. Since Desmarais Sr. He years working in after coming and generated succeeding as first entered as marketing and to the brink of $247.5 billion in chief executive, he vice-president, technology. When bankruptcy after revenue in 2018, is credited with moving up to her husband the financial including battery building the Cox president and Ronald Dickey crisis in 2008, maker Duracell, empire into a huge chief operating Jr was elevated posting revenues and food media business officer, and to the family’s of $156.8 billion manufacturer with revenues eventually holding company, in 2017. As the Kraft Heinz. rising from executive co- she became chief second-largest US The son of a US $1.8 billion to chairman, with executive and auto maker, it has congressman, $21.4 billion. In his brother André, has overseen made technology he has promised 2018, Kennedy’s in 2008. He led departments, progress towards to give away nephew, the creation of whilst continuing improving fuel over 99% of Alexander Taylor, Power Financial to to roll out efficiency by his fortune to succeeded him as consolidate Power Dickey’s big data introducing a philanthropic chief executive of Corporation’s initiative Smoke number of hybrid causes. His eldest Cox Enterprises, major financial Stack, alongside a electric models son, Howard, is while Kennedy holdings. Since new smartphone and alternative a board member remains as 2016, Desmarais app and an Alexa fuel vehicles. of Berkshire chairman. and André have interface for the Hathaway which been preparing kitchen. has a preference their sons, third- for investing in generation Paul family-owned Desmarais III and business. Olivier Desmarais to succeed them. ISSUE 75 | 2019 CAMPDENFB.COM 59

ANDRÉ BIER CHARLES AND JANE LAUDER BILL MARRIOTT GERDAU DAVID KOCH JOHANNPETER Global president and Executive chairman and Chairman and chief Executive vice chairman general manager chairman of the board G erdau Group executive / director Estee Lauder Companies Marriott International Brazil emeritus United States United States The former Olympic Koch Industries Lauder is the For more than 40 equestrian and granddaughter of years as chief executive fourth-generation United States cosmetics giant co- of his family’s hotel head, leads one of the The second-generation founders, Estée Lauder chain, Marriott largest steel producers Koch brothers control and Joseph Lauder. practiced his famous in the world. It has the second-largest She now runs the hands-on style he 337 operations in privately held company company’s speciality dubbed “management 14 countries across in the US, with 2017 brand Clinique, a by walking around”. the Americas, and revenues of $110 department store- He ceded the position 45,000 employees. billion. They took over staple skin-care line. of chief executive in After working his from their father and The third-generation 2012 to non-family way up in the family founder Fred Koch, heiress joined the executive Arne business over 27 a chemical engineer family business in Sorenson, but remains years, he served as who developed an 1996, a year after as an active chairman, chief operating officer innovative crude graduating from visiting more than from 2004 to 2006 oil refining process, Stanford University, 200 hotels a year. The before becoming after his death in managing the chain now has over president and chief 1967. Charles became company’s all-natural 6,500 hotel properties executive in 2007. president, while David makeup brand, globally, boasting Last year, Johannpeter became technical- Origin. In 2013, revenues of $22.90 was succeeded as services manager. she was promoted billion (2017). His chief executive by Under Charles’ to global president youngest son, David, non-family member leadership, the firm and general manager is chief operations Gustavo Werneck rapidly expanded of Clinique. Estee officer of hotels in the and the group posted from a regional player Lauder now has over eastern US. a revenue of $11.6 into a sprawling 20 brands, including billion. multinational Aveda, M.A.C, and empire that operates Bobbi Brown, and oil pipelines and annual revenues of produces everything $11.82 billion. from fertilisers to packaging. 60 CAMPDENFB.COM ISSUE 75 | 2019

RESEARCH + RANKINGS STEPHEN M. LORENZO DIANA NELSON HORST BADGER ALEJANDRO PAULMANN MENDOZA Chairman Chairman GIMÉNEZ Carlson Group Chief executive and Mars Incorporated Chief executive United States chairman U nited States Empresas Polar Third-generation Cencosud Third-generation Nelson became Badger is the son of V enezuela chairman of her Chile Jacqueline Mars, Mendoza runs family’s global Paulmann is the heiress to the $35 his family’s food hospitality and founder of Cencosud, billion confectionary producing company travel company in the largest retail giant Mars Inc. The and Venezuela’s 2013, succeeding chain in Chile and 106-year-old company largest privately held her mother, Barbara. third-largest in Latin are the makers company, with $7 Since taking over, America, with a of sweets brands billion in annual she has overhauled revenue of $15.4 Snickers, Mars Bars, sales. Founded by the company, selling billion in 2017. After Milky Way Bars, his grandfather as its entire property the death of his Twix, M&M’s, and a beer company portfolio, including father, Paulmann pet care products. in 1941, third- Radisson and Park took his family’s local Badger has served on generation Mendoza Plaza hotel chains, and restaurant, Las Brisas, the board of directors has diversified the its restaurant business, and transformed it since 2008, and company into an TGI Fridays. She used into a supermarket. assumed the role of array of industries, the capital from the Since then, he has built chairman in 2011. He mostly related to sales to create a new an empire of 1,000 expanded the business food processing and portfolio for Carlson, supermarkets and to include certified packaging. He has based on its global dozens of shopping organic pre-packaged acquired companies, business and travel centres, including soups, sauces, and and now produces management company, Costanera Center in other foods for sale in snacks, soft drinks, Carlson Wagonlit Chile, South America’s the US and the UK. including Pepsi-Cola Travel, which posted largest mall. All and Diet Pepsi, and a total transaction three of his children sauces. The company volume of $25 billion are directors on also set up a joint in 2017. Cencosud’s board. venture with the cognac manufacturer Martell to produce wines locally. ISSUE 75 | 2019 CAMPDENFB.COM 61

EDWARD LINO DANIEL JULIE ARTHUR ROGERS SAPUTO JR SERVITJE SMOLYANSKY GREGG MONTULL SULZBERGER Chairman President and chief Chief executive R ogers C hairman and chief Publisher and executive Lifeway Foods Communications executive journalist Saputo United States The New York Canada Grupo Bimbo Third-generation Rogers heads Canada Smolyansky Times the largest mass Family-owned Mexico became the communication Saputo, is one of As chief executive, youngest female United States and media the top 10 dairy Servitje lifted chief executive of After he succeeded company in processors in the his family’s a publicly traded his father, Canada, which world, which business onto firm at the age Arthur Orchs posted $10.5 operates from the international of 27 when she Jr, Sulzberger billion in revenue 62 plants across stage by acquiring took over from became the fifth in 2017. Building 40 countries. baking business her father, who generation of on the legacy of Third-generation Sara Lee, and the died of a heart the Sulzberger his grandfather, Lino Jr has served US operations of attack, in 2002. family to lead who invented the as president and George Weston A psychology the $1.56 billion first alternative chief executive Foods. It is now graduate from revenue-making current radio tube since succeeding one of the largest the University media group. and founded the his father, Lino, food companies of Illinois, she, Since joining the company, Roger’s in 2004. Saputo in the world, together with her firm, Sulzberger focus has been has since taken his with net sales brother Edward has been one of on innovation family’s company of $14.1 billion as chief financial the architects of since assuming international in 2017. Servitje officer, has the Times’ digital leadership in through has prioritised transformed her transformation 2008. The family acquisitions, keeping Bimbo father’s American and was the business has including products within health food principal author since created an buying US dairy a low-income company into of the 2014 extensive portfolio products maker family’s budget a multinational of television, Morningstar and has focused firm, expanding Innovation wireless internet, Foods, Australia’s on making the distribution Report, which and telephone Warrnambool company greener, worldwide focused on services through Cheese and Butter with a deal to and growing growing and its three business Factory Company, buy wind-power the company’s engaging the units—Rogers and UK cheese credits to offset revenue from $12 family-owned Wireless, Rogers and butter maker the energy used in million to over media company’s Cable and Dairy Crest, to its US operations. $120 million in digital audience. Telecom, and post revenues of 2017. He was named Rogers Media. $8.7 billion in as one of 2018. CampdenFB’s Top 50 Family Business Leaders 2017. 62 CAMPDENFB.COM ISSUE 75 | 2019

RESEARCH + RANKINGS CHRISTINE ROB WALTON COLLEEN GALEN G. ROGELIO TAYLOR WEGMAN WESTON ZAMBRANO Former chairman LOZANO P resident and chief Walmart President and chief C hief executive, Chairman operating officer United States executive chairman, and Cemex Enterprise Holdings The eldest son Wegmans Food of founder Sam president Mexico United States Walton first took Markets G eorge Weston / Third-generation Taylor is the over as chairman Zambrano granddaughter at Walmart two United States Loblaw Companies became chairman of Enterprise days after his Fourth-generation of multinational Holdings founder, father’s death in Wegman was C anada building materials Jack Taylor, 1992. During named president Weston is the firm Cemex, which now owns his tenure, the and chief fourth-generation after the sudden and operates hypermarket executive in leader of the death of his the Enterprise chain has grown 2017 after taking largest food cousin Lorenzo Rent-A-Car, into the most over from her processing and Zambrano. Alamo Rent A powerful retailer father, Danny, distribution While his cousin Car, and National in the US and has who remains company in was credited Car Rental expanded globally. chairman of the Canada. Weston with turning the brands. The He retired in grocery store succeeded his company from a third-generation 2015 and was chain. She worked father, Galen Mexican cement family member succeeded by her way up Weston, in 2017, producer into an was promoted his son-in-law, through the ranks after holding empire spanning to president and Greg Penner. The from her late positions within four continents, chief operating multinational teens, becoming the company Zambrano officer last retailer has president in 2005. for eight years. Lozano has sold year, making further grown its Today Wegman, Founded by his off the company’s her among the reach, and now along with her great-grandfather, assets in Australia highest-ranked has 11,384 stores sister Nicole, the company to help refinance women in the and clubs in 27 oversees 47,000 today consists a $14 billion global car rental, countries, posting staff at the $8.3 of subsidiary debt that came automotive, and revenues of $514.4 billion-a-year Weston Foods, about after an travel industries. billion in 2019. chain, which and Loblaw earlier acquisition. She was previously operates 97 stores Companies, Since sell-off, the the company’s around the US. Canada’s largest company reported executive vice Last year, she supermarket record 2016 president and received a 95% retailer, bringing earnings of $750 chief operating chief executive in revenues of million. officer from approval rating $37.6 billion in 2016. Today, the from employees, 2018. Weston company has according to has focused on annual revenues recruitment promoting a new of $24.1 billion. website Glassdoor. environmentally friendly image for Loblaws. ISSUE 75 | 2019 CAMPDENFB.COM 63

INFOGRAPHIC COUNTRY FOCUS CHINA UNLEASHED With the might of the Chinese government supporting them, family businesses in China have flourished in the last 40 years. But while business is thriving, many are facing succession challenges borne from a lack of heirs willing to take the helm. Susan Lingeswaran takes a look On 13 December, 1978, not number of family businesses in Commerce previously estimated long after China was out of the country is unknown, PwC’s 80% of private enterprises are the grip of Mao’s Cultural classified as family businesses. Revolution, then-leader Deng Global Family Business Survey Xiaoping delivered a radical speech 2018 says there were 27 million Whatever the true number, private to his Communist Party proposing private enterprises by the end enterprises have emerged as a vibrant China learn from richer countries, of 2017, with family businesses force in the nation’s economic allow workers and peasants to forming the majority. The All- development, providing more than compete to get ahead, and give China Federation of Industry and 60% of China’s GDP, 75% of enterprises the power to make technological innovation, 80% of decisions or try new ventures. KEY CHALLENGES FOR MAINLAND employment, and 90% of new urban CHINESE COMPANIES IN THE NEXT jobs, according to the government. Just five days later, a council of TWO YEARS 300 party elite agreed to adopt 77% Such is their significance to Deng’s vision, and China kicked off Need to innovate China’s economy, privately-owned its journey from economic seclusion 58% businesses are being vigorously to becoming the world’s factory. Economic environment supported by government policies. In September 2017, the Communist It was after this agreement Professionalisation of the business Party and the State Council jointly that almost all mainland China’s released a guideline encouraging private family enterprises were 52% entrepreneurship to drive market formed and since then, China’s confidence, while last year, China’s government has issued a series Data management 50% 19th Congress report called for of policy measures to encourage “supporting the growth of private and support the development of Domestic competition businesses” and getting rid of the private sector. Although the regulations and practices that 48% Sources: PwC Global Family Business Survey 2018—China Report 64 CAMPDENFB.COM ISSUE 75 | 2019

FAMILIES IN COMMAND 27 MILLION ENTREPRENEURS IN MAINLAND CHINA, OF WHICH FAMILY BUSINESSES ARE THE MAJORITY 80% OF PRIVATE COMPANIES ARE FAMILY FIRMS 207 FAMILY BUSINESSES HAVE AT LEAST 100 YEARS OF HISTORY 80% OF MAINLAND CHINA’S WORKFORCE EMPLOYED BY FAMILY BUSINESSES 1,112 FAMILY BUSINESSES ARE LISTED ON THE DOMESTIC STOCK MARKET 75% FAMILY BUSINESSES HAVE SEEN HIGHER SALES GROWTH OVER THE LAST 12 MONTHS 15% OF FAMILY BUSINESSES HAVE BOARD MEMBERS THAT ARE WOMEN 21% FAMILY BUSINESSES HAVE A SUCCESSION PLAN IN PLACE 80% OF SECOND GENERATION HEIRS HAVE NO DESIRE TO JOIN THEIR FAMILY BUSINESS hamper the development of a unified Fan Gang, president of economic developments in the market and fair competition. Shenzhen-based think tank China future, a process that needs risk Development Institute, says the takers from private businesses, while Even president Xi Jinping has policies show the government is state firms, always slower and more vowed to safeguard and encourage depending on private enterprises to cautious in decision-making, are the development of private enterprises boost the country’s development. relatively less vigorous and not that with substantial tax cuts and bailout willing to take risks,” he told state- funds, over fears the government was “China will increasingly rely on run newspaper China Daily. looking to nationalise them. endogenous innovation to spur But not all of the government’s MAJOR PLAYERS policies have helped family businesses. Due to the One-Child COMPANY FAMILY FOUNDED FAMILY REVENUES (2017) EMPLOYEES INDUSTRY Policy, which lasted 35 years until SHAREHOLDING USD MILLIONS (2017) 2016, family firms are now facing a potential succession crisis. Research PacificYan 1995 77,205 365,425 Real estate, hospitality shows that even with only one Construction Group and construction to choose from, 80% of second generation heirs have no desire to 90%Company join their family’s business. With as many as three million entrepreneurs Amer International Wang Manufacturing and reaching the age of retirement industrial products in the next decade, and with no 100%Group Company Wen-Yin government policy to help, family 1994 72,766 17,886 businesses will have to look outside the family to plug the gap. 100%GTI Holdings Ltd Sum Poon 1981 68,718.83 3,388 Retail and consumer products 98.90%Zhejiang Geely Automotive and Assembly Holding Group Shufu 1986 46,233.40 18,000 China Evergrande Real estate, hospitality and construction 77.17%Group Hui 1996 45,611.83 125,526 ILLUSTRATIONS: ALAMY CAMPDENFB.COM 65

INFOGRAPHIC CO MPA N Y F OC U S FAMILY X-FACTOR LOOKING AHEAD DEEP DIVE Founder Richard Liu The company’s backers Liu has said his goal is grew up in poverty in include online gaming and for half of the company’s JD.COM Beijing, the son of peasant social messaging group profits to come from farmers. After university, Tencent, which has a 20% outside China within Founded in 1998, JD.com, he founded a bricks- stake in the company, 10 years. In his pursuit, or Jingdong, has grown and-mortar electronics and private equity firm he plans to spend €1 to become China’s second store 360buy in 1998, Hillhouse Capital. On top billion ($1.12 billion) over biggest online retailer. The which focused on selling of that, it also has several the next two years to company buys inventory authorised products at major foreign investors. build a logistics network from branded suppliers, and a time when counterfeit Earlier this year, Google in France. After that, owns and operates its own products were widely sold. paid $550 million for a he intends to turn his logistics chain, including By 2003, he had opened less than 1% stake in the attention to the UK and drone delivery for rural 12 stores. After the SARS company. Retailer Walmart Germany. The company areas. As of 2018, the Beijing- outbreak hit the region in also owns just under 11% also plans to expand headquartered company had 2003, Liu was forced to of the company. However, beyond commerce and 314 million active users, 30% take his business online, because of JD.com’s open a European research of the Chinese B2C online and he soon realised the variable interest entity centre in the UK this market, and revenues of ¥462 huge potential of online (VIE) ownership structure, year to focus on artificial billion ($67 billion) commerce. He then Liu maintains tight control intelligence and big changed the domain name over the company, where data. In South-East Asia, to JD.com and closed all his 15.5% equity stake JD.com launched online bricks-and-mortar stores in represents 79.5% of voting stores in Thailand and 2005. In 2007, Lui changed shares. Under the VIE Indonesia late last year, the company’s business structure, sensitive assets completing its first ever model from selling like operating licences drone delivery outside consumer electronics to a and core technologies are China in Indonesia after wide variety of goods. In controlled by Liu and a securing government China, JD.com has been handful of key employees. approval. Back home compared to Amazon JD.com, the listed entity, in China, JD.com is because of their similar in turn signs contracts expanding its premium business models, and with Liu and others for bricks-and-mortar because like Amazon the right to collect profits supermarket 7Fresh with founder Jeff Bezos, Liu is and dividends from the 1,000 new stores planned self-made. business. over the next five years. JD.COM IN NUMBERS Founded Generation Revenues Voting Family Employees Industry shareholding 1998 First ¥462 billion 175,366 Retail and ($67 billion) 79.5% consumer products 2018 66 CAMPDENFB.COM ISSUE 75 | 2019

Capi talFind out where the smart money is going hub 68 69 70 CYPRUS MONTENEGRO BULGARIA THE LATEST WORD THE UPCOMING BALKAN THE FAST TRACK FROM THE TAX MAN BASE FOR TOURISM TO COMPANY AND INVESTMENT REGISTRATIONS PHOTOGRAPHY: ISTOCK CAMPDENFB.COM 67

CAPITAL HUB CYPRUS TAX DEPARTMENT CLARIFIES If you have any further CYPRUS 60-DAY RULE FOR queries, please contact NOMINEE DIRECTORS Eurofast’s experienced Citizenship and Residency team which can provide full guidance and assistance related to the Cyprus tax residency procedure. Maria Elia Fotsios, Eurofast Cyprus [email protected] E ffective as of 1 January, 2017, the so-called “60 day employees or directors) during the year in question rule” for the purposes of establishing Cyprus tax • Are owners or tenants of a residential property in Cyprus residency for individuals is of importance to those seeking Cypriot residency. The tax department issued an additional circular on Under the rule, individuals are considered tax 29 January, 2019 to clarify a specific case. In the event residents of Cyprus and benefit from the island’s of a nominee directorship, the tax department will deem tax regime if they: that the fourth condition has not been met; therefore the • Reside in Cyprus for a period of 60 days residency status will not be obtained. • Do not reside in any other single country for a period It is worth noting that the 183 day rule remains exceeding 183 days in total unchanged. This means that individuals can fulfill either • A re not tax resident in any other country the “183 day rule” criteria or the “60 day rule” criteria in • H ave ties with Cyprus (i.e. are business owners, the tax year and if necessary they can obtain the relevant certificate from the tax authorities. 68 CAMPDENFB.COM Content provided by Eurofast - Please find Eurofast disclaimer at eurofast.eu/disclaimer ISSUE 75 | 2019

MONTENEGRO MONTENEGRO IS A NEW ranges between 0.01% and 1% while HOME FOR GLOBAL CITIZENS real estate transfer tax rate is 3%. A tiny Mediterranean growth, security, legacy, and Since its independence, many country, settled between quality of living. Infrastructural appreciative investors from various the borders of ex- development is a key driver for countries have chosen Montenegro Yugoslavian member progress across Montenegro and as their second home. This inspired states, is in the spotlight a critical enabler for productivity the government of Montenegro for its rapid and and sustainable economic growth. to create a unique Citizenship by sustainable growth. In this sector, the country has Investment Programme which began marked incredible progress. From on 1 January, 2019. The beautiful blend of stunning highway development with a total mountains and clear sea, combined worth of €1.1 billion to a submarine The programme is designed to last with an average of 240 sunny days per power cable between Montenegro for three years and will accept up to year, makes Montenegro a destination and Italy, a wide range of projects 2,000 applications. It supports the attractive for tourists, investors seem to pave the way towards a development of the northern and and global citizens alike. Since the prosperous future. The value of the coastal region, tourism development country gained its independence in biggest investment projects varies in all regions, and will be transparent. 2006, many steps towards continuous from €400 million to €1.1 billion Taking this into consideration, the prosperity have been made. Today, and has brought Montenegro to the development project should be a Montenegro is an EU candidate centre of attention of many media hotel or mixed complex. The list of country and it joined NATO as its and various stakeholders. approved projects will be published 29th member state in 2017. by the governmental authority. For businessmen and investors, Applications will be submitted and Political aspects—heavily the corporate tax rate of just 9% is a processed through a certified agent, improved in the last couple of clear signal of a positive investment and the application criteria are years—are of immense importance climate. Furthermore, property tax defined as follows: as well, including stability, economic • €15,000 for the applicant fee • €10,000 for each family member, not exceeding four family members • €50,000 for each following family member • €100,000 Governmental Fund Donation • Investment amount of €450,000 in a development project in the capital city of Podgorica or the coastal region or €250,000 for the purpose of investing in a development project in the northern or central region of Montenegro, excluding Podgorica • Proof of the origin of the funds • S atisfactory due-diligence check Passport holders will enjoy the benefits of citizenship by being granted visa-free entry to 123 countries, making them truly global citizens in their new home of Montenegro. For more information, contact: Bojana Minic, Investment and Immigration Consultant at Eurofast [email protected] ISSUE 75 | 2019 Content provided by Eurofast - Please find Eurofast disclaimer at eurofast.eu/disclaimer CAMPDENFB.COM 69

CAPITAL HUB BULGARIA COMPANY SETUP AND ADMINISTRATION IN BULGARIA C ongratulations, you have chosen a very special country to invest in: • Partnership limited by shares (KDA); one with a stable economy in the • Limited liability company (OOD), last few years, an easy procedure for company registration, a transparent including. Single-member limited liability tax system, friendly business company (EOOD); environment, minimum paper documentation • G eneral partnership (SD); and a short list of taxes and social security • Limited partnership (KD). obligations. It is our pleasure to assist you For long-term investments, foreign in this process, but before you start you have companies rarely use the General to make some decisions in order to be sure Partnership, Limited Partnership and the you have taken the most appropriate form, Partnership Limited by Shares as a type, way and decision as a whole for your future because in these legal entities, either part business activities. of the shareholders (KD and KDA) or all of them (SD) have unlimited responsibility for The Commercial Law lists the following the company’s obligations. types of legal entities, which could be The most typical type of companies used established in Bulgaria: by foreign capital, are the Limited Liability • J oint-stock company (AD); Companies (OOD and EOOD) and the Joint- stock Companies (AD). 70 CAMPDENFB.COM Content provided by Eurofast - Please find Eurofast disclaimer at eurofast.eu/disclaimer ISSUE 75 | 2019

WHAT WILL BE THE NAME OF THE WILL YOU BE SOLE SHAREHOLDER OR WILL YOU CHOOSE COMPANY? TO HAVE OTHER SHAREHOLDERS AS WELL? The name of the company should be unique. This is a general question, which demands a realistic answer, Before you start the registration, you should because it is entirely connected with the risk you will face. If you check at the Commercial Register whether the want to take the risk on your own, you will also have all the same name is not used by another legal entity. profits, but if you choose to be joined by other shareholders, you will bear the risk and share the profits together. WHAT DOCUMENTS ARE NEEDED FOR THE REGISTRATION? It is also an important issue, because via the owned shares you might be able to take decisions on your own, or you will need You will need to prepare with a local consultant/ the support of the other shareholders as well. The Bulgarian lawyer’s support a certain set of documents to legislation has some requirements, following which you will be submitted to the Commercial Register. You be able to protect your interests, no matter if you have a do not need to be in the country to write and minority or the majority of the shares with a right to vote at the sign them, but it is preferable to do so. respective company General Assembly. WHICH BANK TO CHOOSE? WHO WILL MANAGE THE COMPANY? You can choose one of the 28 commercial The registered ADs can have a one-step management system banks which operate in Bulgaria. All of them or a two-step management system. For the One-step can provide a full range of services: opening management system there is a Board of Directors and a an accrual bank account, opening a current General Assembly, while the Two-step system requires the bank account, online banking, etc. Most of the establishment of a Management Board, a Supervisory Board banks can also issue an electronic signature so and a General Assembly. that you can operate the bank account from all over the world. The management of an OOD/EOOD could be performed by one person or by a legal entity. If there are more managers, HOW WILL YOU FINANCE YOUR NEWLY they can manage together and separately or the two of them can ESTABLISHED COMPANY? manage and represent the company together. The contributions to the capital of the For the management of the company, Eurofast can offer company could be in cash or in-kind management services, which can be designed entirely for the contributions. needs of the newly registered legal entity. The already established company could WHAT ARE THE EXPENSES? be financed in three possible ways: by the registered capital, via increasing of the The main expenses to take into consideration include the initial share capital or by using loan capital from share capital, registration fee, notarisation, apostilles, translation, a third party. legalisation, registration documentation fee, consulting services, bank fees, accountancy services, payroll services, contracts review The in-kind contributions have to be services, etc. evaluated before they become part of the capital of any company. The procedure is very strict. DO YOU NEED ANY ADDITIONAL CERTIFICATIONS, The real value of the in-kind contributions REGISTRATIONS, OR PERMISSIONS FOR THE ACTIVITY should be estimated by three evaluators, YOU PLAN TO DO? appointed by the Commercial Register. The procedure might take longer than the one You will have to consider that for certain activities, you need followed for cash contributions. to choose a specific legal form of the legal entity you wish to establish (e.g. banks can be only AD). For being a financial The OOD and EOOD legal forms are institution, you need to be registered at the Bulgarian National preferred by small and medium-sized Bank in a special register. For construction activities, you need enterprises and families. The AD legal form to be part of the Bulgarian Union of Builders. For doing any is the form of the “big capital”, of investments commercial activity (restaurant, shop) you need permission from and production. the respective local municipality. The establishment of the two types of ADMINISTRATION OF THE COMPANY companies also differs: for the establishment of an OOD the minimum capital requirement Eurofast can provide you with administration services for the is 2.00 (two) BGN, while for AD––50,000.00 purposes of establishment of a company. We can provide you (fifty-thousand) BGN. with legal, tax and consultancy services as well as prepare and ISSUE 75 | 2019 Content provided by Eurofast - Please find Eurofast disclaimer at eurofast.eu/disclaimer CAMPDENFB.COM 71

CAPITAL HUB BULGARIA apply for the registration documentation which representation, legal, payroll and employment, For more may be needed. We know how to support audit, AML, Personal Data Protection, transfer information, you and how to ensure a fast and secure pricing, real estate issues, leasing, intellectual contact: registration of a new company. property, citizenship and residency services, Albena Rasheva, marketing, etc. Senior Legal Adviser, WHERE SHOULD YOU APPLY? Eurofast SUPPORTING ACTIVITIES Tel: +359 2 988 69 77 The registration starts with the preparation, albena.rasheva@ signing and notarial certification of the You need to consider finding an office and/or eurofast.eu respective, not all of them, documents. a place for the commercial, production, service Then the payment of the share capital at the activities which you are going to perform. opened special accrual bank account. Then the registration documents have to be You have will have to obtain a stamp of the submitted to the Commercial Register. company. When the company is approved to be registered, it receives a special Unified Additionally, you will need to arrange your Identification Code (UIC––EIK is the relations with the manager of the company via abbreviation in Bulgaria) which is the unique a written Management Agreement. number of the company by which it is usually identified. The documents can be submitted IN CONCLUSION either at the Commercial Register desk in hard copy or electronically. You have to be prepared to meet different commercial practices, procedures, additional As a newly registered company, you will obligations, different commercial habits, type likely not have sufficient personnel to complete of correspondence, dress code, administrative all the required actions and operations in services and documentation, etc. order to comply with the local legislation and regulations. Eurofast can give you a hand Be sure to have a reliable partner on your during this stage of the establishment of the side during the whole procedure. At Eurofast, new business in Bulgaria with management, we have been committed to servicing our accountancy, VAT compliance and fiscal clients and partners for over 40 years and can provide the full range of services required for the efficient and successful registration of your business in Bulgaria. 72 CAMPDENFB.COM Content provided by Eurofast - Please find Eurofast disclaimer at eurofast.eu/disclaimer ISSUE 75 | 2019

LEADINGBuilding tomorrow’s success on today’s innovation EDGE 74 CAMPDENFB.COM 73 CIRCUIT BREAKER Quantum computing could be to our everyday computers what LED lights are to candles, but should family investors log on now? PHOTOGRAPHY: IBM

THE QUANTUM REVOLUTION The age of quantum computing has dawned and tech giants and start-ups are racing to make the next generation of supercomputers applicable to our daily lives. Alison Ebbage reports on what it means for family businesses and investors 74 CAMPDENFB.COM ISSUE 75 | 2019

LEADING EDGE uantum computing could turn Below: “The commercial version, meanwhile, has 20 the technology world on its Dr Stefan qubits and greater computational capacity based on head. By harnessing properties Woerner the total volume available,” Woerner says. beyond the grasp of traditional at IBM is Newtonian physics, the potential developing “There are also several open source software is to transform the way that and analysing tools, including Qiskit Aqua, which offers computers look at data and the quantum quantum algorithms upon which applications for speed at which they can process and analyse it. algorithms for experimenting and building chemistry, artificial The computers we are familiar with store optimisation intelligence (AI) optimisation and finance information in zero and one bits. A quantum and machine applications using a real quantum computer. This is computer uses zero and one bits as well as learning, as particularly important for engaging with clients to the subatomic particles both in between and well as their work out what can and cannot be done and where simultaneously to perform operations quicker practical the best case uses are within their enterprise.” and with greater energy efficiency. At least, applications, that’s the theory. particularly DEVELOPMENT STAGES Christophe Jurczak, chief executive of in finance or But just because quantum can, in theory, do Quantonation, a French early-stage venture fund supply chain something does not mean it should automatically says quantum technologies generally do things management. be used and progress is at an early stage. better—quicker computations, improved security and greater sensitivity. Zao Wu, analyst at financial technology “Of course there are caveats, but that’s why these consultancy Celent, says quantum computing is technologies are so interesting,” Jurczak says. no doubt capable of great things, but in its current “This is now a time of exploration of use cases and iteration is still apt to get things wrong. of proofs of concept.” “In technologynical terms this is known as MARKET PLAYERS disintegration—basically that its computing power Canadian firm D-Wave was the first to sell hardware is still limited, so that limits things in terms of with quantum effects and launched D-Wave Leap in reliability and stability.” late 2018 —a software tool that provides real-time access to their D-Wave 2000Q quantum computer. Nevertheless the potential for quantum Microsoft has a Quantum Development Kit as part computingto make a real difference within a of its existing Microsoft Azure services, hailed as a range of industries, including financial services, full quantum stack of system, software and cloud. is tangible. Potential uses are building better models of financial markets to improve fraud and So far the technology is too new to be used by risk analytics, strengthening cryptography by family businesses in a commercial context, and inventingnew numbers, and improving operational investment is in its infancy (see page 77). South Korea’s Samsung and Japan’s Nagase Group are the efficiencies in messy closest family-controlled businesses to this cutting and complicated areas, edge technology. Samsung is one of the founding such as clearing and partners of IBM’s Q Network alongside Daimler reconciliation of trades. and Accenture, while Nagase is a member. Machine learning is The IBM Q Network is an industry-first initiative particularly set to benefit to build universal quantum computers for business as quantum computers and science. The company has a cross-disciplinary are able to analyse data team developing scalable quantum systems, and to provide feedback potential applications for the technology. much more efficiently than traditional Dr Stefan Woerner, global leader for quantum computers. This finance and optimisation and a research staff significantly shortens the member in the quantum technologies at IBM, says learning curve. his team launched the first iteration in 2016 with 16 qubits, available on open source and basically for “Something we are people to play with. working on is quantum algorithms that speed up the process because they need less data to come up with a risk PHOTOGRAPHY: GETTY IMAGES, SHUTTERSTOCK, IBM CAMPDENFB.COM 75

assessment that is also accurate,” Woerner says. Above: Staff quantum to break,” Woerner says. “This means we can move away from overnight at IBM’s Q “However, currently quantums are not big enough lab, in its historical risk assessment to hourly and even real TJ Watson or accurate enough to break a binary encryption.” time using live data. It gives us the means to get research Jurczak says a new standard for ‘quantum safe’ away from best efforts based on historical data.” facility in New York encryption should be adopted within two-to- Nomura in Japan is one bank actively looking at state, sees three years. this. Specifically it is looking at artificial intelligence quantum technologies to select an optimal mix of stocks to computing “It will make the quantum computing threat enhance the performance of clients’ investment as a key much more tangible to the public, as well as ways to portfolios. It will also be used to make predictions to unlock protect against it. And spectacular demonstrations on future stock prices. The firm’s aim is to test the artificial of the building blocks of the future quantum extent to which quantum computers increase the intelligence, internet will be made.” efficiency and accuracy of calculations. among other applications. As things stand then quantum computing is very Barclays and JPMorgan Chase, meanwhile, have much in the development stage, offering just the both joined IBM’s Q Network for the same reason; promise of tangible greatness. The challenge is to to look at how quantum computing could speed develop something that is to-date neither powerful up processing massive volumes of data. JPMorgan enough nor precise enough into something that is Chase is specifically looking to find out how useable, reliable, accurate, and fast. quantum computing can be used when it comes to better trading strategies, improving client portfolios, “The potential is massive, but in the short-term and better-analysing financial risk. It has one the limitations are such that it is hard to say if it quantum algorithm under development which looks has anything other than theoretical application,” specifically at speeding up derivative pricing. Wu says. This is a good example of how quantum “This will be a slow burner that is still in the computing can process and translate data. research stages and, because it is fundamentally Derivatives typically need 10,000 simulations to restricted by the physics, we need to expect a long price on a classical, conventional computer, but wait, unless there is a fundamental breakthrough in would need just 100 quantum operations on a the physics.” quantum device. “This will be a slow A SLOW BURN burner that is still in Encryption is another area set to see changes once the research stages” quantum computing becomes operational. Again the ability to crunch large amounts of data quickly means that the time taken to crack an encrypted code will reduce. Significant work is being prepared to develop quantum encryption methods such as quantum key distribution, an ultra-secure communication method that requires a key to decipher a message. “The problem is that current encryption methods are based on prime numbers and quantums can break this easily. What is needed is a change to a matrix of letters which is much harder for a 76 CAMPDENFB.COM ISSUE 75 | 2019

NON-BINARY range, we’ll have first series A THINKING INVESTMENTS follow-on rounds, with much more capital to be invested in the As well as a means to algorithms, communications, defence, most successful technologies, with harness technology and basic computing, and therefore an rounds in the $10 million to $20 to improve portfolio indirect interest in quantum, are also million range. It will be clearer efficiency and maximise machine inherently attractive. then what the new business learning, quantum computing models associated to these is also fast becoming an This is set to change however. technologies will be, what the key investible asset. Jurczak says: “We’ll hear more about applications benefiting from the investment rounds in advanced improvements in performance will The rationale is quantum companies and newcomers to the be. We might see the first exits could work to advance many space. Large industrial players in especially in the sensors space, technologies. This means that the quantum space such as IBM or for example for the next magnetic the stock of many technology Microsoft in the US, but also Alibaba resonance imaging (MRI) companies will benefit, especially and Huawei in China, Toshiba in generation of high-sensitivity those that have an involvement in Japan and Atos in France are working gravimeters.” quantum processes. hard, recruiting heavily.” EXCHANGE-TRADED FUND Christophe Jurczak, chief executive VENTURE CAPITAL TRUSTS There is also an exchange- of Quantonation, a French early- Quantonation is dedicated to ‘Deep traded fund (ETF) dedicated to stage venture fund, says now is a Physics’ start-ups with a focus on quantum—QTUM. It is run by perfect time to invest for an early the emerging and disruptive field of Defiance ETFs and was launched stage investor. quantum technologies. Quantonation in 2018. co-invested in a £2 million ($2.6 “It’s an opportunity comparable million) pot for KETS Quantum It offers investors liquid, to investing in artificial intelligence Security in late 2018. The University of transparent, and low-cost companies five-to-10 years ago, Bristol start-up business specialising in access to companies that when these technologies came quantum encryption with the potential are developing and applying out to be recognised as disruptive to protect all manner of private data. quantum computing and other and applicable to many fields. transformative computing Quantum computing too, is a “In terms of investment in the next 12 technologies. The underlying potential game changer.” months, I expect good opportunities index, BlueStar Quantum for us to invest at seed stage level and Computing and Machine However, as things stand there to lead rounds in the $2 million to Learning Index (BQTUM), is is no way to invest directly into $8 million range for the companies rules based and tracks about 60 quantum. Investing in technology that will be the leaders of the future globally-listed stocks across all stock with a direct exposure to quantum industry—in sensing, market capitalisations with equal quantum is the next best thing— computing and telecommunications. weighting. IBM, Microsoft and Google being the obvious contenders. Stocks with “In the 12 months to two years The index is reviewed every six an involvement in cryptography, months and, to be included, a company must be engaged in the research and development or commercialisation of systems and materials used in quantum computing. Examples of this include advanced traditional computing hardware, high-powered computing data connectivity solutions and cooling systems, and companies that specialise in the perception, collection and management of heterogeneous big data used in machine learning. ISSUE 75 | 2019 CAMPDENFB.COM 77

\\ Official Business Aviation Global Partner to Campden Wealth When it comes to a business aircraft, you could bite the bullet on the capital outlay – \\Or, you could keep it in the family. Financing a business aircraft can be a complicated process with a range of unknowns to consider along the way. Or it can be simple matter of contacting us. With a Global Jet Capital Operating Lease, you have the freedom to acquire the aircraft of your choice — new or pre-owned. At the end of the lease, return the aircraft to us and select the next addition to your fleet — and keep your capital where it belongs: in the family. Simple. With more than $2 billion in assets, world-class financial backing, hundreds of years of collective experience, and thousands of business aircraft transactions behind us, Global Jet Capital is uniquely positioned to craft customized financial solutions for Family Offices. Like yours. 844.436.8200 \\ [email protected] \\ globaljetcapital.com Miami \\ Hong Kong \\ Zurich \\ New York

THE FINERBecause investing in life is just as important THINGS 80 WINGS OF DESIRE Which private jet plan is right for me ISSUE 75 | 2019 CAMPDENFB.COM 79

THE FINER THINGS Frequent flyers Flying in a private jet is the ultimate status symbol, but owning one isn’t the only way to travel. Alison Ebbage considers the practical and cost-effective alternatives P rivate aviation solves the perennial time Ultimately CHARTER shortage issue perfectly and provides a luxe planes experience to those able to afford it. Today are time The charter market is worth about there are more options than ever—ownership, machines $12.5 billion. Business aviation data fractional ownership and charter, which in where provider WingX says almost 70% of turn divides into different models too—depending on time is flights for the month of December whether the charter is for the seat or the plane and whether saved and 2018 were charter versus privately the access is on a subscription or on-demand basis. a pleasant owned craft. Deciding which model is the best option can be a hard experience decision for the uninitiated and one that should usually can be had There are two basic models: be based on how many hours flying time is required, says membership where the user pays Shawn Vick, chief executive of Global Jet Capital, a private for a set amount of flights within a aircraft financing service. membership scheme and the newer, “There are a range of levels of involvement and it is on-demand service, where the user largely a function of your utilisation as to whether you accesses a pay-as-you-go model. choose charter, fractional ownership, or full ownership,” Vick says. Clive Jackson, founder and chief “There seems to be a natural progression up the executive of new investment vehicle value chain as private air travel solves the pain points of Alyssum Group, formerly online individuals—ultimately planes are time machines where business jet charter marketplace time is saved and a pleasant experience can be had. This is Victor, says ultra-wealthy fliers want inherently appealing and worth paying for.” tailored private travel on-demand. But where the market used to be mostly around ownership, diversity has come to the fore. In the aftermath “For that they have tended to own of the 2008 crisis outright ownership dipped—some jet their own aircraft, but over the past owners simply parked up their planes or tried to sell them. three years, Victor has seen more and In the wake of this dip, charter became a more popular more travellers moving away from jet model with several business models springing up. ownership and fractional ownership to charter.” He says that in this turbulent economic climate, corporates and ultra-wealthy individuals are 80 CAMPDENFB.COM ISSUE 75 | 2019

users now commonly include entrepreneurs, high-profile celebrities, and successful international musicians. “We see a fairly even mix of both leisure and business charter—the latter across several sectors including financial services and manufacturing,” Jackson says. “This split has remained steady.” But charter is not without its downsides. Getting an empty plane to the location where the individual wants to use it, otherwise known as an empty leg flight, raises environmental issues and a hike in operating costs. It is a model that depends on operational efficiency. “With a membership model you get a lot of empty legs from a limited private fleet which is costly to maintain and is not really flexible enough as a model,” says Eymeric Segard, chief executive at Swiss private jet broker LunaJets. “It is far more efficient to have something that is on- demand. It is basically a volumes-based game and in order to have the sway and the access to the market we need both the volumes and to be able to leverage technology to see what is available and where.” Matching the operational efficiency with the experience itself is also a challenge, says Segard. “Increasingly the philosophy behind private jet travel is not just about the time saving and convenience, it is also about the experience itself. The personal touch is really important too to double check customer requirements such as catering, carriage of pets, and add finishing touches.” Vick says the challenge with charter is there is a wide range of craft, but you can never guarantee the one you want will be available. “As with any service industry, the range of experience and quality can be variable in terms of the craft itself, the operator, and the staff on board the plane.” acknowledging the rising operational The private jet market FRACTIONAL OWNERSHIP costs for running their aircraft. At the is expected to grow in same time, the sales prices for used 2019, as will demand The next step up the value chain is fractional ownership, jets have dropped significantly, many for pilots. The world where the user takes a share in an aircraft and the owners existing owners losing millions of will need 790,000 new collectively share the costs of purchasing, leasing, and dollars of value. civil aviation pilots over operating the plane. It is a step up from charter and the next two decades, worthwhile once someone gets to about 150 hours of flying Meanwhile, many new types of according to a 2018 time a year, says Vick. users have come on board within the Boeing study. charter market. As well as C-suite NetJets, a US subsidiary of Warren Buffett’s Berkshire executives and the ultra-wealthy, Hathaway conglomerate, operates a fleet of craft which are all owned fractionally. Thus users can always access a plane, if not their own one, and can also opt to upgrade to the next cabin class. “Fractional ownership is a step up,” Vick says. “It has a lower capital outlay than outright ownership and it also has financing available too. The logistics are taken care of by the operator and so for ease-of-use it is good too. But there is the risk of asset depreciation in absolute terms and in market terms if someone wishes to sell their share.” PHOTOGRAPHY: ADRIEN DASTE CAMPDENFB.COM 81

OUTRIGHT OWNERSHIP Above: Eymeric want to preserve their capital and, at the very least, not Segard, chief eat into their working capital to maintain as an asset of Finally, at the top of the value chain executive and founder depreciating value. is outright ownership; be that of of Geneva-based a pre-owned aircraft or a brand LunaJets, which is OWN OR LEASE? new one. Outright ownership is experiencing a growth appealing when users often have of 35% per year of its Two ownership models exist: ownership and leasing and, a last-minute change of plans or private charter flights, according to Vick, leasing is seeing good origination require a lot of flying time. Vick with a 40/60 split volumes currently. He says leasing has flexible terms says that the threshold is about between leisure and over several time options, such as three, five, or seven 225 hours a year. corporate clients. years. Importantly, there is no residual value risk and no disposition risk as the craft is simply returned to the lessor However, Segard says ownership has They are at the end of the lease. never been a financial decision—it is a a massive financial black hole in fact. status “Users need to be aware that they are paying a symbol substantial premium for outright ownership and that they “The bills are huge, the maintenance or trophy also need to arrange for proper management,” Vick said. costs are significant and it is very time asset consuming to manage—the running “This is often placed with a specialist company that takes costs alone are around 10% of the care of annual operation and operation costs: crew salaries, value of the plane and the plane’s maintenance (routine and unplanned), aircraft insurance, value as an asset depreciates at a rate and hangarage, or parking.” of around 10% each year. But the trade-off for this huge expense is unlimited flying “They also spend an estimated three flexibility and carte blanche on absolutely every element months of the year either being fixed of the craft. This can often mean customisation both or out of action for some other reason. internally and externally. It also means that owners can However, they are a massive status select the crew and pilots and decide every single detail as symbol or trophy asset.” regards in-flight catering and service. Outright ownership also means that the user can plan his or her itinerary and Given the financial commitment have the freedom to make last minutes changes or do of owning an aircraft outright there something spontaneously without the worry that a plane are numerous considerations in might not be available. terms of funding it and also in terms of its future value. Pre-2008 private jets held their value well, but as recession hit, the demand for both new and pre-owned jets slumped leaving some with an asset that was costly to maintain and impossible to dispose of. This is significant given that most ultra-wealthy individuals 82 CAMPDENFB.COM

THE FINER THINGS INFLIGHT EXPERIENCE Below: Shawn Vick, THE COST OF COMFORT chief executive of Indeed, ownership means that the experience becomes even Global Jet Capital, The cost of ownership of a new more valuable. This is important given the switch away which has more than private plane can range from from ‘What you own to what you have experienced’ within $2 billion in assets $2 million to $60 million the millennial generation. under management or higher according to and has expanded its AV Buyer, a magazine for “We are seeing a new breed of wealthy who were Asia-Pacific presence those interested in private previously travelling business class and who now want in early 2019. aviation of all types. AV to step things up to enjoy the convenience and the luxe Buyer says that a turboprop experience that ownership can provide,” Segard says. plane, such as a Beechcraft Jackson agrees, but says the luxe experience is not just King Air B200, would cost around limited to ownership: “We know that today’s customer $1.5 million, a light jet such as Cessna values experiences over things, just as access has triumphed Citation CJ2+ would be about $3.3 million, over ownership. Luxury is becoming more accessible and and a heavy jet such as a Bombardier luxury brands like ours need to be able to balance tradition Global 5000 about $25.9 million. with innovation.” As well as the cost of the jet itself, the Jackson says change through industry consolidation maintenance costs, once a jet falls out of and collaboration in the next few years is to be expected. warranty, can be hundreds of thousands to millions of dollars annually. And since “The industry needs more of a joined-up approach the plane is not operational while it is to ensure customers come first, receiving better service being fixed, owners must make alternative and value.” arrangements, incurring further costs. Other costs include safety inspections, He also points to the role technology can play in making aviation insurance and hangaring (parking all segments of the value chain more efficient. for jets). There is also the cost of repositioning the jet “Parts of the aviation space still confuse the need to when a one-way flight deliver high-end customer service with the necessity to is made. preserve a disconnect where availability and pricing of supply is concerned. Digitisation encourages better service Charter costs for customers and helps reduce costs while also driving vary, according greater transparency for, and loyalty from customers.” to LunaJets. The average cost of charter at LunaJets has hovered around the $22,000 mark for the past three years and this can range from short flights in small aircraft at €3,000 ($3,393) to transcontinental multi-stop return flights on Ultra Long Range aircraft at €300,000-400,000. As a rough guide, prices per hour start at: €2,500 for a four-seater Very Light Jet €3,000 for a six-seater Light Jet €4,500 for an eight-seater Mid-size Jet €7,000 for a 10-seater Large Jet €10,000 for a 12-14-seater Very Large Jet/Ultra Long Range. Additional costs include airport landing fees. PHOTOGRAPHY: ISTOCK, WILFRID BUCH CAMPDENFB.COM 83

It’s Mental Health Awareness Week Mental health problems can affect anyone, any day of the year, but this is a great time to show your support for better mental health and focus on your own wellbeing too. Why not have a go at one of these six relaxation tips Listen to some music Try a breathing exercise Your favourite tunes can Gently breathe in through your nose and out help you to switch off. through your mouth, keeping the pace slow and Tracks with a slower regular. Slowly tense then relax all the muscles tempo, or designed with in your body, starting at your toes and working relaxation in mind, might up to your head. Afterwards just take some time be a good choice. to be still and focus on how your body feels. Pause for thought Try active relaxation Introduce small moments of relaxation into your Gentle exercise like yoga, day. Take a moment to stop and look around, or tai chi or pilates, or a stroll close your eyes and listen to the sounds you can in the fresh air, can all hear. Mindfulness techniques like this can help give you time to unwind you to feel calmer and more in the moment. your body and mind. Exercise also releases Where are you happiest? ‘feel-good’ hormones, which can help reduce A tropical beach? The depression and anxiety. park on a sunny day? Imagine you’re there. Keep practising Think of the sounds and smells around Try not to worry if relaxing doesn’t come easily. you, and how you Set aside some time every day, or as often as feel. This can bring you can, to try relaxing. Find a quiet, warm space back nice memories where you won’t be interrupted, to help keep and help you to unwind. your mind focussed and free from distractions. Find out more at: mind.org.uk/MHAW19 FF#iMonlledonwtoa:ul@Ht emmailnothdrAcewhaaartrietymneinssdW.oeregk.uk/MHAW19 #MentalHealthAwarenessWeek

legacyPhilanthropy, impact investing, sustaining traditional values 86 92 A PRIVATE OF BOTTLES CULTURE AND BULLDOGS OF GIVING Philanthropy is part of Why charity the Hoare family after begins at home 300 years of operating for Asia’s wealthy England’s oldest philanthropists privately owned bank PHOTOGRAPHY: ISTOCK 96 ICON: BLAKE NORDSTROM Gone too soon, the fourth-gen co-president who saved his family’s retail dynasty CAMPDENFB.COM 85

LEVELLINGWith more billionaires now than any other region, Asia has the potential to become a world leader in philanthropic giving, but is it really that easy? Susan UPLingeswaran explores the intricacies of giving among the world’s fastest-growing economies ISSUE 75 | 2019

LEGACY W hen legendary Hong Kong actor Chow Yun-Fat—of Crouching Tiger, Hidden Dragon and Pirates of the Caribbean: At World’s End fame—announced plans in late 2018 to give away his entire $715 million fortune to charity after his death, the country’s media went into overdrive. One Hong Kong newspaper called the announcement one of the biggest events in philanthropy to date. Another declared Chow, 63, the most selfless actor in the world and demanded other ultra-high net worth individuals in the region follow suit. Commentators waded in, pointing out the need for philanthropic giving at a time when the country’s wealth gap has been at its widest for nearly half a century. Some questioned why, with the number of Asian billionaires exploding in the past few years, were there not more ultra- wealthy people in the region helping the less fortunate. However, this episode wasn’t the first time the generosity of the region’s wealthy had been called into question. In 2010, when US billionaires Bill Gates and Warren Buffett held a banquet in China to urge fellow tycoons to donate their fortunes to charity, many of their targets didn’t turn up. The incident sparked a fierce debate on social media: were China’s super rich really so stingy? IT’S A MISUNDERSTANDING By some measures, they had been. The World Giving Index 2015, which ranked countries THAT ASIAN PEOPLE HAVE according to their charitable giving, named NOT BEEN PHILANTHROPIC (and shamed) China and India as two of the UP TO NOW least generous countries in the region across all segments of society, even though they had the second and third highest number of billionaires respectively. China was ranked 144 out of the 145 countries, with only 8% of the nation-wide sample donating to charities, while India ranked 106, with only 20% donating to charities. Consultancy Bain calculated donations of 10 crore rupees ($1.5 million) and above have declined 4% in India since 2014 even as the proportion of the ultra-rich — those with a net worth of over $50 million — grew by 12%. The Global Family Office Report 2018 by Campden Research and UBS found the average Asian family office gave an average of only $1.3 million to philanthropic causes—almost five times less than Europe’s average of $6.4 million. But with a lack of widespread data available, and no institutional means to collect it, have the accusations levelled at the region been fair? NUMBERS GAME The numbers don’t tell the full story, according to Johnny Hon, Hong Kong-based philanthropist and chairman of international venture capital company the Global Group. Since establishing Global Group in 1997, Hon has donated to more than 180 charities worldwide and served in senior PHOTOGRAPHY: ISTOCK CAMPDENFB.COM 87

management and advisory positions on 30 Johnny Hon, coupled with a lack of major charities. Hong Kong-born government regulations founder and in the sector, says Ruth “It’s a misunderstanding that Asian chief executive Shapiro, chief executive people have not been philanthropic up to of the venture of Hong Kong-based now,” Hon says. capital Global non-profit Centre for Group, set up Asian Philanthropy and “Such a sense of obligation is deeply a charitable Society (CAPS). rooted in traditional Chinese culture and in foundation for Islam also, zakat—essentially charitable children with CAPS chose to rely on giving—is one of the pillars of the religion. congenital non-governmental heart disease organisations (NGOs) and “The issues have been that, from the in China’s social enterprises, rather beginning of the 19th century until Heilongjiang than philanthropists to fill out the surveys for their relatively recently, the region has been Province, among inaugural Doing Good Index (DGI) in 2018. These poor compared to the west and also, his philanthropic limitations, she says, have made it difficult to chart the Eastern philanthropy has been more efforts. exact scale and scope of philanthropy in the region. focused on one’s extended family, “Any report that tells you actual numbers coming from clansmen, village, or hometown.” this part of the world, really needs to be questioned,” Shapiro says. It is a view many ultra-wealthy tycoons “Most giving has been low-key and done through agree with. At the height of the Gates and companies of donors so it is hard to pin down real numbers Buffett’s dinner criticism, one invitee, Zong about the sector. Qinghou retorted that giving should be a “However, it is starting to change because people are private choice and objected to being more aware that they themselves can be influential in shamed by the West into “giving for the changing the marketplace—you’ve got Jack Ma at Alibaba sake of publicity”. and Pony Ma at Tencent retiring to become full-time philanthropists, saying, ‘We’re engaged in philanthropy in Data gathering in the space is difficult a big way, and so can you’.” due to the desire to be more private, Indeed, such is the appetite for philanthropic giving among Asia’s wealthy, that Shapiro’s research into the WE DO NOT GO OUT LOOKING FOR region’s charitable giving is being funded by a handful of FUNDING APPLICATIONS—PEOPLE leading philanthropists, including Ronnie Chan, Daniel COME TO US FROM TIME TO TIME Tsai, and Ratan Tata, keen to improve the quality and quantity of philanthropy in the region. 88 CAMPDENFB.COM ISSUE 75 | 2019

LEGACY PICK YOUR BATTLES Top: Christopher trying to do and they are doing Lavender, it in a way that is intelligent, Unsurprisingly, philanthropy in the 15 director of a thoughtful and cost efficient’— economies included in the DGI differed Hong Kong- those are the ones we support.” greatly. Noor Quek, founder and chief based family executive of Singapore-based multi family foundation, Christopher Lavender, office NQ International says the differences which has about director of a Hong Kong-based tend to be based on the economic 100 community family foundation, says like development of the country in question. projects in Bennett, his foundation prefers rural areas of to support local NGOs because “In India, for example, there is poor developing they can be relied upon to put sanitation in rural areas so philanthropists Asian countries. their fund to best use at the wanting to donate in that country will tend Above: Noor point of need. to lean towards basic needs. In more Quek, founder developed countries such as Singapore, of family-office “We found international Japan, and Korea, giving is more towards wealth advisory NGOs to be bureaucratic, education, advanced health, the arts, and NQ International wasteful and sometimes rather inefficient. All the major environment,” Quek says. say the wealth funding problems we have had in the last 22 years have all management been with NGOs because they have been somewhat distant “You would not get someone flying in to sector has been from the actual implementation on the ground and things treat cataracts in those countries because it suffering from have gone wrong,” Lavender says. is not necessary, but you would find that in “too much His foundation now focuses on working with small Vietnam or Laos.” salesmanship domestic NGOs on about 100 community projects in rural and too little areas in developing countries in South-East Asia, Nepal, One overarching trend CAPS’ DGI found, stewardship.” Burma, India, Bangladesh, China, and Hong Kong. however, is many traditional donors in the When finding NGOs to work with, Lavender says rather region—tycoons giving away tens or even than wading through funding applications, his foundation hundreds of millions of US dollars—are prefers to use personal networks and recommendations. working with local NGOs to tackle poverty “We do things a bit differently—we decided early on not and inequality in the region. to have a foundation website because we did not want people ‘hitting’ on us, we wanted to be proactive and target Peter Bennett, founder of the Hong the ones whose goals we shared,” Lavender says. Kong-based Peter Bennett Foundation, says “Now so many people know us, and know what we like, growing up in Hong Kong in the 1950s and and the standards we like, they refer possible partner 1960s made him acutely aware of the NGOs to us.” disparity of wealth around him. Like other And Lavender is not alone. Relying on personal networks wealth holders in the region, he was taught and family connections to find local charities to work with to “give back” to the less fortunate. is the go-to approach in the region, Quek says. “For [Asian] philanthropists, relationships are often “Going to a local school I was taught that we all need to be aware that we are part of a community and we need to take care of everyone in the community—it’s a lesson I believe all children from this region are exposed to and we carry that with us into adulthood,” Bennett says. After a successful career in banking and hedge fund management, he founded his family foundation to reduce poverty. Bennett’s foundation supports 10 charity organisations in Hong Kong and six in South-East Asia, who all pitched themselves to the foundation and he personally reviewed. “We do not go out looking for funding applications—people come to us from time to time and we will have a look and see if it is worthwhile to visit,” Bennett says. “The small number we think, ‘Wow, these guys are genuine in what they are ISSUE 75 | 2019 CAMPDENFB.COM 89

LEGACY the only means by which one can conduct Top: The philanthropy is bringing business practice into the process, due diligence,” she says. inaugural our bottom lines are social rather than financial but they ASEAN Social are clearly identified and measurable by milestones built “There are a lot of trust issues so using Impact Awards into the proposal. personal networks and family connections were presented is what most donors fall back on.” in Singapore in “We distribute funding on a six-month basis and our 2018. partner NGOs are required to put in a financial and narrative A FINE BALANCE Above: The report before we release the next set of funds,” he says. launch of Asia The biggest issue preventing many Philanthropy Well aware of the potential pitfalls in the sector, philanthropists from giving more Circle’s governments across Asia have also started to reform is a lack of trust in the social sector, Indonesia their laws and tax codes, strengthen non-profit says Shapiro. Education Giving Guide: transparency mechanisms, Out of the 15 economies in the DGI, Catalysing and provide more tax 10 of them said they had front page Productive incentives for charitable scandals in the last two years, which had Livelihood, in giving, all with the aim of significantly affected giving. Jakarta in 2017. boosting local philanthropy. “The problem with the region is that there China’s recent NGO Law are not really any formal mechanisms to do placed foreign donor’s due diligence on the supply or demand side activities under close state of philanthropy and both are very opaque,” supervision and created she says. additional layers of regulations to navigate. At the same time But Lavender says, most dangers can the government put in place a be largely avoided by using a hands-on new Charity Law, which approach to control the progress of focuses on domestic philanthropy and charities. It was largely a project. welcomed by local NGOs for making the previously opaque rules more transparent. “The problem in all the countries we Meanwhile, Hong Kong has given less tax subsidies, but fund in is that there are varying degrees gives philanthropists the freedom to donate to any cause they of corruption so we spend a lot of time want. This has led to many top universities in the US and UK making sure we are working with good benefitting from donations, but has been criticised for not partners—checking their references, encouraging local causes. making regular field visits, encouraging Stacey Choe, director of the Asia Philanthropy Circle, says frequent communication and building the stark differences in approach show Asian governments confidence, to ensure that the agreed have been “doing a dance” with philanthropy and the social project objectives are being met,” sector to find the right balance between too much and too Lavender says. little regulation. “Regulation is like cholesterol—there is good regulation and Lavender says his foundation uses there is bad regulation,” Choe says. customised application forms that seek “Governments tightening regulation will help the sector clear objectives and milestones they can use become more transparent, but they also have to be careful to evaluate progress. they do not make things so difficult that donors decide to go elsewhere. “My view is that the hallmark of better “On the other hand, letting philanthropists do whatever they want could lead to foreign firms funding terrorism and money being laundered all under the guise of charitable giving.” THE PROBLEM IN ALL THE COUNTRIES WE FUND IN IS THAT THERE ARE VARYING DEGREES OF CORRUPTION 90 CAMPDENFB.COM ISSUE 75 | 2019

WORKING TOGETHER Below: Ruth their work, but believes the relationship Shapiro is the can develop further. Such efforts by Asian governments to encourage founder and chief philanthropic giving are relatively new. In the past, executive of the “Informally the government already government officials, especially in China, often questioned Centre for Asian encourages us to contribute by giving the need for philanthropy, believing it to be the Philanthropy and a tax deduction—that’s their way of government’s role to provide basic services to the people. Society, which saying, ‘Yes, we want you to be doing identifies and this’,” says Bennett. But now governments are coming to realise that supports best private money can help them achieve their public service practice efforts “But beyond that, our work can goals and have started working with philanthropists on in the social be mutually beneficial because certain projects. investment sector [philanthropists] have the chance to take across Asia. risks with our giving and support new In India, the government enacted the Indian Companies models of change that government cannot. Act 2013 requiring companies with annual revenues of more than $150 million to give at least 2% of their net “So we can take those risks for them, profits to specific charities. put up the initial costs to get a project up and running and, if it goes well, the Leena Dandekar, founder of India-based Raintree government can then step in and match Family Foundation, says while there were initial funding or take it over themselves.” criticisms over the law, six years later it is now seen as a positive tool that has encouraged a culture of giving. And this is where the role of philanthropists now lies, says Shapiro. “Since the law came into effect, there has been over $7 As the region witnesses a growing gap billion raised for charitable between rich and poor, governments projects and long-term previously hesitant about the role of initiatives have been set up,” private players in the delivery of much- Dandekar says. needed social services, are now looking to philanthropy to help fill the gaps. “This law is purely a corporate endeavour to give “There is an enormous potential to back to society rather than do more in the region and, as we can see, traditional philanthropy, but there is new energy and enthusiasm in the government the sector among governments and championing it has given philanthropists wanting to make [philanthropists] meaningful change,” she says. encouragement.” “With both sides looking to improve Bennett agrees that the space together, and more wealth in governments play a big the region than ever, Asia can definitely role in encouraging be a world leader in philanthropy.” philanthropists to continue ISSUE 75 | 2019 CAMPDENFB.COM 91

LEGACY WEALTH & PURPOSE FUNDING SOCIAL 1672IMPACT SINCE While some families have one vehicle for their charitable giving, the 11th-generation Hoare family channel their generosity and financial acumen into a suite of philanthropic ventures. James Beech speaks to Alexander Hoare Mary Rose Gunn, The family behind England’s family business founder and father of 17 is chief executive of oldest privately-owned bank children, once hung outside his bank’s The Fore, the dynamic have been giving to charitable original goldsmith’s business on the City venture-capital style causes for more than three of London’s bustling Cheapside. grant funder for nascent hundred years. Now, both its charities, and its principal and millennial scion Alexander Hoare says the family bank umbrella philanthropic are investing their time and talents into tithes to the family trust, which has organisation, the a fresh initiative to support early-stage granted more than £22.8 million ($29.8 Bulldog Trust, backed social enterprises at the grassroots, where million) since its foundation to a wide by the Hoare family the need is greatest. range of causes, from education and health, to environmental sustainability, Alexander Hoare, 57, is the eleventh- and social investment. In the year to generation partner and director of the September 2017, the bank donated £7.2 British banking dynasty C. Hoare and million to the trust which made £1.7 Co., and the award-winning keeper of million ($2.3 million) worth of grants to the flame of the family’s philanthropic 344 beneficiaries, 27% of whom were traditions, which date back to the bank’s new recipients. foundation in 1672. The Golden Bottle Trust was not A patron of Royal Trinity Hospice the family’s first foray into formalised and a founder partner in the impact philanthropy. Alexander’s fellow tenth- investment partnership Project Snowball, generation cousin, Richard Q Hoare, charity begins at home with Hoare in founded and originally chaired the his role as trustee of the family’s own Bulldog Trust two years earlier in 1983. Golden Bottle Trust. The charitable The Bulldog Trust continues to support trust was set up by the partners of the and advise charities facing immediate bank in 1985. The trust was named after financial difficulties with Richard’s son, the sign that Sir Richard Hoare, the Charles, as chairman since 2013. 92 CAMPDENFB.COM ISSUE 75 | 2019

Opposite top: Goldsmith- “We wish to be good bankers and open access to funding and professional banker Sir Richard Hoare good citizens, so that should hopefully expertise for exceptional young social (1648-1719) was known and inspire young staff and young customers, enterprises by bringing together funders recognised for good works, and guide management,” Alexander who otherwise work alone. The Golden including his support of the Hoare says, from London’s Two Temple Bottle Trust became a venture capitalist in Naval Hospital at Greenwich Place. The neo-gothic mansion on the philanthropy with The Fore dedicated to and Christ’s Hospital UK capital’s Thames Embankment funding start-up charities. School, of which he became was bought by the Bulldog Trust for its president in 1713 headquarters in 1999. Mary Rose Gunn, chief executive of the Above: Alexander Hoare Bulldog Trust, says The Fore “is about and fellow partners at “Why do we want that? Because it has finding exciting, smaller, earlier-stage C. Hoare and Co. continue worked jolly well for 300 years. We have organisations. That means charities and the philanthropic traditions of done a lot of giving, a tremendous record social enterprises, where the money that the Hoare family, as well as going back, so I believe what goes around we give makes a tangible difference and encourage the private bank’s comes around.” creates transformational change within customers to give effectively the organisation.” Philanthropy’s angel investor WE WISH TO BE The Golden Bottle and Bulldog Trusts Hoare says some traditional giving does GOOD BANKERS AND became founding partners of The Fore in good, but quite a lot does not. GOOD CITIZENS, 2017, with C. Hoare and Co. as one of its SO THAT SHOULD core funders and Golden Bottle donating “Where it goes well for both the donor HOPEFULLY INSPIRE £300,000. The mission of The Fore is to and donee is if you get engaged and you YOUNG STAFF AND start giving time as well as money and YOUNG CUSTOMERS, experience and contacts and connections, AND GUIDE then giving money can be very powerful,” MANAGEMENT he says. “We saw this opportunity with The Fore where the Bulldog Trust has this fabulous network of professional contacts, people willing to give time and expertise. We had cash which was not reaching the smallest, best, neediest charities in the land, and so there was quite a natural coming together, especially as we knew each other.” The Fore runs three 12-week funding rounds to coincide with the academic calendar each year. Thousands of applications are made for each funding round, but Gunn says, unlike most other funding bodies, The Fore is “sector and geographically agnostic” and is in the mindset of looking to provide small business loans. “We keep the filter very open because it means that we can get the organisations that are run by the best people who are going to spend our money most effectively,” she says. “Whereas when you have quite specific criteria, which a lot of funders do, when you’re working with small charities, it means that essentially you end up funding charities that have the best fundraisers because they know ISSUE 75 | 2019 CAMPDENFB.COM 93

LEGACY how to navigate your systems.” people who are retired, on a career break, Above left: Richard Q Hoare Of a typical 100 applications for or pursue portfolio careers, Gunn says. OBE is the founder and past chairman of the Bulldog development funding and strategic advice at Those assessors, among them a chief Trust The Fore, 30 go to the due diligence stage. operating officer of a Swiss private bank Above: Two Temple Place, About 5% are proposed for funding and and an economics lecturer at Oxford, give near London’s Victoria the top 3% end up being funded. A point start-up philanthropists the benefits of Embankment, is the elegant of difference is that The Fore’s funders, their strategic advice to achieve the best headquarters for the Bulldog including the Hoare staff and family, are sustainable impact for both the applicant Trust and an occasional sitting on those funding panels and making and The Fore. public gallery the final decisions. Applicants who are not Right: Rennie Hoare funded are given helpful feedback. Millennial expectations joined the family bank The Fore sees a growing need from small- in 2016 and was invited Approved start-up charities are awarded scale charities for more funding, yet the to join the partnership in grants of up to £30,000 over one to three public are inclined to donate to the big 2018. He serves as Head years. As part of The Fore’s assessment brands in the charity sector. Gunn says it of Philanthropy and has process, applicants are required to suggest is the “harshest irony” that people give to responsibility for the bank’s some organisational key performance trustee service. This includes indicators (KPI) for The Fore to judge the the bank’s donor advised success of its funding against. fund (DAF), the Master Charitable Trust “Those KPIs are discussed and honed with their assessors, so they are not overpromising and not underpromising, and it means our funding ends up completely aligned,” Gunn says. “We check in with them officially once a year and we score them against their success rate. For funders that is particularly valuable because it means they can see an update on how the money has been effectively used and spent.” For its low-bono application assessors, The Fore taps into the under-utilised talent, expertise, and professionalism of MAKING A DIFFERENCE ON THE FRONTLINE StreetDoctors stands out for family Right: principal Alexander Hoare and Mary StreetDoctors Rose Gunn, chief executive of the Bulldog teach youths Trust, among the charitable initiatives The life-saving Fore has supported because of its positive techniques real-world difference. such as CPR organisations Founded by medical students in that could join Liverpool, England in 2008, StreetDoctors the Epic portfolio recruits fellow volunteer medical students in 2015 to teach at-risk young people and young offenders how to survive traumatic injuries, while also changing their attitudes about carrying weapons. The volunteer-led organisation of more than 400 trainee healthcare professionals is backed up by a small staff and board of 94 CAMPDENFB.COM ISSUE 75 | 2019

THEY ARE NO LONGER the multinational organisations because staff and customers and through his SATISFIED JUST they feel they can trust them to put their family’s investment in the Golden Bottle TO BE SEEN GIVING money to good use, despite the fact it is and Bulldog Trusts, joined The Fore. He MONEY. THEY WANT the major players which have been rocked sits on its investment committees and TO SEE THE MONEY IS by scandal. Oxfam GB was banned participates in the network of members DOING GOOD from operating in Haiti last year after its who connect with the organisations they staff were accused of sexual misconduct are especially interested in. following the 2010 earthquake. “Rennie is better trained than I ever Hoare says up-and-coming was in the field of philanthropy,” Hoare generations are also having an impact in says of his fellow partner. philanthropy. “He is a very committed member of The “They are no longer satisfied just to Fore and wants to get stuck in at a more be seen giving money. They want to see personal level than just writing a cheque.” the money is doing good. They want measures of impact, or they want to engage Gunn says Rennie is one of their best personally, or ideally they want to invest “graduates”. He has used his time on the for social and financial returns,” he says. committee to further understand the wide range of organisations working in a variety “Quite often, older trustees have not of areas to solve a huge number of issues. got a clue how the next generation is thinking and it is quite a challenge to When it comes to modern take them on to a new way of thinking. philanthropy, “families, family The Fore is a nice way they can see social foundations, family offices, and family impact is not risky, it is a sensible way of trusts are in good positions to take doing contemporary philanthropy.” risks,” Alexander Hoare says. The Fore is also enabling millennial “It is pretty hard to get a bunch of members of the Hoare family to gain fiduciaries and a quango to do something practical experience in this type of new, for all sorts of vested interest philanthropy. Rennie Hoare, 33, the reasons. But a family that has made their bank’s head of philanthropy is the most money making widgets can equally well recent addition to the crop of 11th give the money away in an innovative generation partners. He oversees the way, which may or may not work. It philanthropic activities of the family, is risky, but all progress results from unreasonable people taking risks.” trustees. They run interactive sessions to you stab someone, you could potentially IT DOES NOT MATTER give participants the chance to practice kill them.” WHERE YOU STAB CPR, the recovery position, and manage SOMEONE, YOU blood loss at a time when lethal knife In January 2013, The Fore awarded COULD POTENTIALLY crime in the UK is rising. StreetDoctors a £30,000 ($48,000) KILL THEM grant, which enabled the hiring of its Gunn says StreetDoctors realised that first member of staff, a part-time chief talking with at-risk young people about executive, and the means to contract with immediate trauma management not only youth offending institutions and teams. meant they could potentially save their friends’ lives, but they also were changing StreetDoctors has expanded from four their attitudes to violence. teams in Liverpool, Greater Manchester, Nottingham, and London since The Fore “One of the questions they are began involvement in 2013, to 15 cities always asked in these workshops across the UK and, since 2017, a team in is, ‘Where a safe place to stab Dublin, Ireland. somebody is?” she says. “An absolutely magnificent cause,” says “The groups are continuously shocked Hoare. by the answer that there is no safe place to stab someone. It does not matter where “The need was appalling, and it has had a very measurable impact.” ISSUE 75 | 2019 CAMPDENFB.COM 95

LEGACY GENTLEMAN ICON RETAILER Blake Blake Nordstrom, fourth- alteration services, personal stylist advice, and Nordstrom generation co-president of the returns processing, but stocked no apparel. eponymous 118-year-old US Shoppers would use in-town outlets to pick up (1960-2019) retailing dynasty Nordstrom, died items they had purchased online and were able Innovative leader unexpectedly at the age of 58— to pay by text. of US upmarket just three weeks after announcing he had retailer Nordstrom been diagnosed with lymphoma. He became president of the Nordstrom At the time, he described his condition as Group in 2000, at 39-years-old, after the 1960 treatable and said he planned to continue departure of chairman and chief executive to work at the Seattle-based Nordstrom John Whitacre—the first non-family executive BLAKE NORDSTROM BORN family business. However, soon after the to hold the position. Nordstrom’s father, IN SEATTLE, WASHINGTON announcement, his company confirmed he Bruce, became chairman in 2000, returning ON 4 OCTOBER had died. the company to full family control. He is survived by his wife, Molly; son 1982 Andy and daughter Alex; his two brothers; Although Nordstrom was sole president his father, Bruce, and other family members. for 15 years, in practice, he ran the company GRADUATED FROM Nordstrom was the great-grandson of the with his brothers, Peter, and Erik. In 2015, UNIVERSITY OF company’s founder, John W Nordstrom—a his brothers were made co-presidents WASHINGTON WITH AN Swedish immigrant who used the wealth and together they steered the company ECONOMICS DEGREE he amassed during the Klondike gold rush through one of the retail industry’s biggest to invest in Seattle shoe store, Wallin and challenges—the rise of e-commerce. 1988 Nordstrom, in 1901. Since then, the company has evolved into one of the country’s most The Nordstroms dealt with online NORDSTROM MARRIES renowned upmarket department store chains, competition by combining the company’s MOLLY A LEWIS famed for their customer service. bricks and mortar stores with technology. Blake Nordstrom worked at the company Initiatives focused on services rather than 1997 over four decades. In line with longstanding merchandise, including equipping staff family policy, he started in the company’s with mobile devices that can ring up a sale JOHN WHITACRE STEPS IN lower ranks. As a schoolboy in the 1970s, he anywhere in the store, personal stylist advice, AS THE FIRST NON-FAMILY swept stockroom floors. In high school and and same-day, curb side pick-ups of items CHIEF EXECUTIVE OF college, he progressed to stocking shelves in purchased online. NORDSTROM GROUP the women’s shoe department. After graduating with an economics They also sought to highlight the company’s 1998 degree from the University of Washington, customer service—the Nordstrom Way— Nordstrom worked his way up through introducing a generous returns policy without NORDSTROM BROTHERS management before eventually becoming being quizzed by staff and thank you notes. LAUNCH DIGITAL PLATFORM president of the company’s chain of discount NORDSTROM.COM stores, called Nordstrom Rack. There, he In its 2017-18 fiscal year, the company increased profitability and implemented generated $15.5 billion in net sales, and 2000 innovative revenue-increasing ideas. reported a 16.5% increase in digital sales One of these was opening small stores, generating $948.5 million for the third quarter WHITACRE STEPS DOWN called Nordstrom Local, which offered ending November. In 2018, the Harvard AND NORDSTROM Business Review named Nordstrom one of the NAMED PRESIDENT OF 100 best performing chief executives in 2018. NORDSTROM GROUP The business remains under family 2002 management, with Peter and Erik at the helm as co-presidents. NORDSTROM ROLLS OUT STATE-OF-THE-ART MERCHANDISING SYSTEM, MONITORING SALES MINUTE-BY-MINUTE AT ALL STORES AROUND THE COUNTRY 2015 BROTHERS PETER AND ERIK NAMED CO- PRESIDENTS ALONGSIDE NORDSTROM 2018 NORDSTROM ANNOUNCES HE HAS BEEN DIAGNOSED WITH LYMPHOMA IN DECEMBER 2019 NORDSTROM DIES IN SEATTLE ON 2 JANUARY 96 CAMPDENFB.COM ISSUE 75 | 2019