Hassan Khosrowshahi

Hassan Khosrowshahi (Persian: حسَن خُسروشاہی‎) CM OBC, is an Iranian-Canadian business magnate, investor, and philanthropist. He founded Future Shop, a Canadian consumer electronics chain store that was acquired by Best Buy in 2001 for c.$580 million. He currently invests via his family office, Persis Holdings Ltd.

Hassan Khosrowshahi

CM OBC
BornMarch 1940 (age 80)
Tehran, Iran
CitizenshipCanadian
Alma materUniversity of Tehran
OccupationEntrepreneur, Philanthropist
Years active1982–present
Known forFounder of Future Shop
Net worth US$1.16 billion[1]
Spouse(s)Nezhat Khosrowshahi
Children2
RelativesDara Khosrowshahi (nephew)
Websitepersisholdings.com

Khosrowshahi had an estimated net worth of $1.16 billion in 2016.[1]

Early life

Hassan Khosrowshahi was born into a wealthy family in Tehran in 1940. His father, Ali Khosrowshahi, founded the Minoo Industrial Group, a conglomerate specializing in pharmaceuticals, cosmetics, and food distribution under both its own brands and under license for major international brands.[2] His family name is derived from Khosrowshah and the Khosrowshah District, areas in the East Azerbaijan Province of northwest Iran, which were in turn named after Khusrau Shah, king of the Justanids during the 10th century. The words "Khosrow" and "Shah" are both Iranian words that mean "king".

He was educated in Iran and England and obtained his degree in law and economics from the University of Tehran. In 1961, at the age of 21, he joined the family business. In 1979, during the Iranian Revolution, Minoo Industrial Group was nationalized and the family was targeted for its wealth. The family fled the country and settled in Vancouver in 1981.

Career

In 1982, in Vancouver, Khosrowshahi founded Inwest and its subsidiary, Future Shop. By 1996, the company was the largest computer and electronics retailer in Canada.[2] It tried to expand into the United States but was unsuccessful and suffered significant losses.[3] In 2001, the company was acquired by Best Buy for C$580 million.[2] In 2015, Best Buy shut down Future Shop.[4]

After the sale of Future Shop, Khosrowshahi focused on real estate development, pharmaceuticals, investments, and philanthropy through his family office, Persis Holdings Ltd.[2]

Khosrowshahi has served as a director of the Bank of Canada, Canada Post, been an executive committee member of the Business Council of B.C., and has served as chairman and is a director of the Fraser Institute.[2]

Controversy

In 2015, one of Khosrowshahi's real estate development companies acquired land from the government of British Columbia for $85 million, which was $43 million below the assessed value of the land. Critics such as the New Democratic Party suggested that the reduced sales price was a result of donations by Khosrowshahi to the British Columbia Liberal Party.[5][6]

Personal life

Khosrowshahi is married to Nezhat Khosrowshahi, also from a wealthy Iranian family,[2] and they have two children.[4] His son, Behzad, runs DRI Capital, a pharmaceutical royalty firm, and his daughter, Golnar, founded Reservoir Media, a music licensing business.[4][1] He lives in a mansion in West Point Grey that had an assessed value of $45.7 million in 2017.[7]

His nephew, Dara Khosrowshahi, is the chief executive officer of Uber.[8] He is also related to Darian Shirazi, the founder of Radius and the first intern hired by Facebook.

Accolades

In 2012, he received the Order of British Columbia for his entrepreneurial and philanthropist efforts.[9]

In June 2016, he was appointed into the Order of Canada with the grade of "member", one of Canada's highest civilian honors.[10]

References
  1. "Canada's Richest People: Hassan Khosrowshahi". Canadian Business.
  2. Hume, Stephen (March 10, 2017). "Canada 150: Hassan Khosrowshahi, Future Shop founder, a top philanthropist". Vancouver Sun.
  3. LEE, JENNY (March 31, 2015). "Vancouver-based Future Shop dominated the market". Vancouver Sun.
  4. Brownell, Claire (April 3, 2015). "From Bananarama to pharma: How Future Shop's founder built an empire outside the spotlight". Financial Post.
  5. Kines, Lindsay (April 14, 2015). "Taxpayers 'hosed' in Coquitlam land sale to Liberal donor: NDP". Times Colonist.
  6. Kieltyka, Matt (April 14, 2015). "B.C. Liberals 'gave away' public land to donor in 'pathetic' land deal: NDP". Metro International.
  7. JANG, BRENT (June 22, 2017). "The $63-million Vancouver mansion with a view". The Globe and Mail.
  8. Bort, Julie (August 28, 2017). "The amazing life of Uber's new CEO Dara Khosrowshahi — from refugee to tech superstar". Business Insider.
  9. 2012 Recipients: Hassan Khosrowshahi – Vancouver
  10. "Olympians, jurists, researchers among 113 new appointments to Order of Canada". CBC News. June 30, 2016.
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