Hassan Khosrowshahi

Hassan Khosrowshahi
CM OBC
Born March 1940 (age 77)
Tehran, Iran
Residence Vancouver, British Columbia, Canada
Citizenship Canadian
Alma mater University of Tehran
Occupation Entrepreneur, Philanthropist
Former Chairman & CEO of Future Shop
Years active 1982–present
Net worth Increase US$ 1.46 billion
Spouse(s) Nezhat Khosrowshahi
Relatives Dara Khosrowshahi
Behzad Khosrowshahi (Son)
Darian Shirazi
Ali Khosroshahi
Website Persis Holdings

Hassan Khosrowshahi (Persian: حسن خسروشاهی‎‎) CM OBC, is an Iranian-Canadian business magnate, investor, and philanthropist. He is noted for being the founder of Canadian electronic store chain Future Shop. Born in Iran, Khosrowshahi earned degrees in economics and law from the University of Tehran. He and his family founded the Persis Group of Companies in 1981, focusing initially on retailing and real estate and then on pharmaceutical and entertainment industries.

Early life

Hassan Khosrowshahi was born into a prominent industrial and merchant Khosroshahi family in Tehran in 1940. He was educated in Iran and England and obtained his degree in law and economics from the University of Tehran.

He joined his family company, the Minoo Industrial Group founded by his father Ali Khosrowshahi, in 1961. Minoo Industrial Group was a major manufacturer and distributor of food products, pharmaceutical and cosmetics with sales over US $350 million in 1978. Minoo Industrial Group produced products under its own brand names and under license for major international companies such as Beatrice Foods, Sandoz, United Biscuits, L'Oréal Group, Boots, and G. D. Searle & Company. In addition, the Khosrowshahi family, through various companies which they controlled, had been the exclusive distributors for Nestlé S.A. in Iran from 1954 until 1981.[1]

Career

The Khosrowshahi family immigrated to Canada following the Iranian Revolution. Hassan Khosrowshahi settled in Vancouver in 1981. He founded Persis Holdings in 1981, today the holding company for the Khosrowshahi family. Formerly known as Inwest Investments, the firm has made substantial investments in retail, real estate and pharmaceutical businesses in Canada and United States.

In 1982, Khosrowshahi founded Canadian electronics retailer, Future Shop. The chain expanded throughout western Canada and Ontario in the late 1980s and early 1990s. The chain later expanded further into Quebec and Atlantic Canada. By 2006, the chain was operating a total of 118 stores in all ten Canadian provinces. After an ill-fated attempt to expand into the United States, which lasted about a decade, all US locations closed in 1999. In March 2001, American-based Best Buy acquired Future Shop for C$580 million.

In April 2007, Khosrowshahi became chairman of The Fraser Institute’s board of trustees. Khosrowshahi is also a Member of the Executive Committee of the Business Council of British Columbia, and he sits on the board of the Leading Edge Endowment Fund.

Wealth

Khosrowshahi had an estimated net worth of $940 million in 2012.[2]

Personal life

Khosrowshahi is married to Nezhat Khosrowshahi, and they have two children.[3] In 2012 he received the Order of British Columbia for his entrepreneurial and philanthropist career; being an immigrant from Iran to Canada, he personifies the ‘great Canadian dream.’[4] In 2016, he was appointed into the Order of Canada with the grade of member, one of Canada's highest civilian honours.[5]

References

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