Jerónimo Arango (born 1925) is a Mexican businessman, co-founder of the Aurrerá chain of supermarkets along with his 2 younger brothers, Manuel and Placido, known for a long time as three of Mexico’s wealthiest men. His fortune was estimated at 4.6 billion United States dollars in 2006 by Forbes magazine. In the 2007 Billionaires issue Forbes new estimate is 4.3 Billion.
Career
Arango founded his Aurrerá discount stores in 1958 after a trip to New York where he witnessed people standing in long lines to obtain discounts at stores; he decided to open one that sold at discount, emphasizing cost over other niceties. The stores flourished and eventually his family’s company, Grupo CIFRA, encompassed the largest supermarket chain in Mexico (including Aurrerá and Superama stores) as well as restaurants (VIPs and El Portón) and fashion stores (Suburbia).
By 1991 Arango partnered with Sam Walton’s Wal-Mart empire, a move which eventually brought the Wal-Mart retail stores to Mexico. The Mexican chain was later renamed Walmex and became the starting point for Wal-Mart’s expansion in Mexico. By 1997 the Arango family decided to sell majority shareholding of CIFRA to Wal-Mart in a transaction worth over $2 billion.
Manuel, Jerónimo’s brother is the president of the Mexican Center for Philanthropy as well for more than ten different non-profit organizations. He won two Academy Awards in the 1970s for the production of a well-known documentary about pre-Hispanic life.
Personal life
His wife, Marie-Therese Arango, is the president of the Mexican Folk Art Museum.
Jeronimo Arango net worth: Jeronimo Arango is a Mexican businessman who has a net worth of $4.4 billion. Jeronimo Arango, along with his two younger brothers, Manuel and Placido, founded Aurrerá chain of supermarkets in 1958 after a trip to New York, where he witnessed people standing in long lines to obtain discounts at stores. Starting with only one discount store, the Arango’s business flourished, eventually turning into Grupo CIFRA that not only encompassed the largest supermarket chain in Mexico (including Aurrerá and Superama stores), but also restaurants (VIPs and El Portón) and fashion stores (Suburbia). By 1991 Arango made a partnership with Sam Walton’s Wal-Mart empire, a game-changing move which eventually brought the Wal-Mart retail stores to Mexico. Six years later, the trio made their fortune after they sold their stake in retailer Cifra to Wal-Mart’s Mexican arm, a deal worth over 2 billion dollars. Nowadays, Jerónimo’s brother Manuel is the president of the Mexican Center for Philanthropy, in addition to other 10 different non-profit organizations. While Jeronimo is said to live a quiet life in Los Angeles with his wife, who is the president of the Mexican Folk Art Museum. Apart from his business, he is also an Academy Awards’ winner for the production of a well-known documentary about pre-Hispanic life in the 1970s.
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