Jeronimo Arango's Net Worth and Business Ventures
Jeronimo Arango is a renowned Mexican businessman with a net worth of $4.4 billion. He, along with his younger brothers Manuel and Placido, founded the Aurrerá chain of supermarkets in 1958. This venture began after Arango observed long lines at discount stores during a trip to New York.
Founding and Expansion of Grupo CIFRA
The Aurrerá business started with just one discount store, but it quickly flourished into Grupo CIFRA, encompassing the largest supermarket chain in Mexico. This expansion included Aurrerá and Superama supermarkets, VIPs and El Portón restaurants, and Suburbia fashion stores.
Partnership with Wal-Mart
In 1991, Arango made a strategic partnership with Sam Walton's Wal-Mart empire. This collaboration was a game-changer and eventually led to the introduction of Wal-Mart retail stores in Mexico.
Significant Financial Milestones
Six years after the partnership, the Arango brothers made a pivotal financial move by selling their stake in Grupo CIFRA to Wal-Mart de México, in a deal worth over $2 billion. This sale significantly boosted their fortunes.
Current Endeavors and Personal Life
Today, Jerónimo's brother Manuel is the president of the Mexican Center for Philanthropy and other non-profit organizations. Jeronimo lives a quiet life in Los Angeles with his wife, who is the president of the Mexican Folk Art Museum. Apart from his business accomplishments, Jeronimo Arango is also known for winning an Academy Award for producing a documentary on pre-Hispanic life.
