Michael Otto (businessman)

Michael Otto
Born	(1943-04-12) April 12, 1943 Chełmno, West Prussia
Occupation	Businessman
Known for	Chairman of the supervisory board of Otto Group

Michael Otto (born 12 April 1943) serves as the chairman of the supervisory board for Germany's Otto Group, recognized as one of the leading global mail order enterprises, which reported revenues amounting to €15.6 billion in 2021.

Early life

He earned doctoral degrees from both the University of Hamburg and the University of Munich.

Career

Established by his father, Werner Otto, in 1949 in Hamburg as a mail-order company, the Otto Group expanded into a major international retail conglomerate.

The family previously held ownership of Spiegel, Inc., the parent company of Eddie Bauer and the Spiegel catalog, which declared bankruptcy in 2003. Following its reorganization and rebranding as Eddie Bauer Holdings in 2005, the firm is now predominantly owned by Commerzbank, with no remaining stake held by the Otto Group.

The Otto family controls significant real estate holdings across Canada and the United States, owns shopping centers within Germany, and maintains partial ownership of the home furnishings retailer Crate & Barrel. Demonstrating a commitment to sustainability, Michael Otto founded the Michael Otto Foundation in 1993 to promote environmental projects through collaborative stakeholder engagement. Additionally, he is affiliated with the World Future Council.

As head of Foundation 2°, Otto advocates for a shift towards a carbon-neutral economy, perceiving climate protection as an opportunity for economic modernization that supports recovery from challenges such as the COVID-19 pandemic while addressing climate-related threats.

Personal life

Residing in Hamburg, Germany, Otto is married and has two children.

External links

• Michael Otto Foundation