Agnelli Family: Steering the Wheels of Fortune and Influence

The Agnelli family, a prominent Italian dynasty, is renowned for their influential business ventures. From Fiat Chrysler Automobiles to Juventus Football Club and their historic connection with Ferrari, the Agnellis embody wealth and influence in Italy. This piece explores the Agnelli dynasty, focusing on their origins, their automotive empire, and the strategic expansion into media led by the current leader, John Elkann.

• Giovanni Agnelli, born into a privileged family in 1866 in Villar Perosa, Italy, played a crucial role in Fiat's success. After a career as a cavalry officer, Agnelli co-founded Fiat (Fabbrica Italiana Automobili Torino) in 1899. Under his leadership, Fiat became Italy's largest automaker by 1910.

• Giovanni Agnelli's vision and leadership propelled Fiat to significant heights, leading to the acquisition of brands like Lancia, Alfa Romeo, and Chrysler.

• Giovanni Agnelli's grandson, John Elkann, continued the family legacy by becoming CEO of Exor and Chairman of Stellantis.

• The Agnelli family has had a longstanding relationship with Ferrari, acquiring a controlling stake in 1969. Though their majority ownership decreased over time, culminating in a significant share sale through an IPO in 2016, the family remains the largest shareholders of Ferrari.

Our story begins in the small society Villar Perosa, just outside Turin in Italy, where Giovanni Agnelli was born into privilege in 1866, his family owning vast lands. Giovanni played a pivotal role in shaping Fiat's success. After completing his education at the Collegio San Giuseppe in Turin, he served as a cavalry officer until 1893. It was during this time that Agnelli first learned about the "horseless carriage," an invention that sparked his interest. Recognizing an opportunity to apply his engineering and entrepreneurial skills, Agnelli joined a group of investors to establish Fabbrica Italiana Automobili Torino (later known as Fiat) in 1899.

Fiat's first factory opened in 1900 and employed 35 individuals. Despite being the junior member of the founding trio, Giovanni's contributions quickly propelled him to the leading position in the company. He assumed the role of managing director already in 1902. Under his leadership, Fiat surged to become Italy's largest automaker by 1910. In 1920, Agnelli was appointed Chairman of the board and continued to steer the company's growth. Inspired by his visits to America, Agnelli began to plan what he called “a great new American-style factory.” The plant, which opened in 1923, was the first Fiat factory to use assembly lines, and allowed for a flurry of new products that helped establish Fiat as one of the top industrial companies in Italy.

Under Giovanni’s leadership and determination, Fiat would grow to encompass several legendary brands such as Lancia, Alfa Romeo, and Chrysler, and is today synonymous with Italian excellence and the automotive industry.

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Giovanni Agnelli's passing in 2003 marked the end of an era, but a new one dawned with his grandson, John Elkann. Combining heritage with modernity, Elkann took the helm as CEO of Exor (the family holding company) and Chairman of Stellantis (formed through Fiat Chrysler Automobiles' merger with Groupe PSA).

While Fiat's engines roared in the background, John Elkann set his sights on unexplored territory. The Agnellis now entered the realm of media. Elkann orchestrated Exor's acquisition of the Economist in 2015, gaining a significant 43.4 percent stake. Additionally, they already owned La Stampa and held the largest share in RCS MediaGroup. This move showcased Elkann's visionary leadership, breaking the mold and exploring new avenues.

Gianni Agnelli, John's legendary grandfather, was an enigmatic figure who charmed European high society, mingling with the likes of Henry Kissinger, the Rothschilds, and the Kennedys. In contrast, John Elkann emerges as a reserved and calculated individual. Born in New York in 1976, Elkann's rich cultural heritage includes Italian, French, and American influences. He may not command high society as his grandfather did but his influence is arguably equally powerful, as the Agnelli family continues to be viewed as the closest thing to royalty in Italy, further solidifying their enduring power.

Yes, the Agnelli family does have a historical connection with the renowned luxury automobile brand, Ferrari. However, it is essential to note that the family does not currently own the majority of Ferrari. In 1969, the Agnellis acquired a controlling stake in Ferrari, which they held for several decades. Over time, their ownership stake decreased, and in 2016, they sold a significant portion of their shares to the public through an initial public offering (IPO). Nonetheless, the Agnelli family still remains the largest shareholders of Ferrari.

Further reading: Pricing Power Through Scarcity: A Cast Study of Ferrari

The Agnelli family has built an impressive fortune over the years through their various business endeavors. Their immense wealth stems from their ownership stakes in several companies, including Stellantis and the family holding company Exor. While it is challenging to pinpoint the precise net worth due to fluctuating market conditions, it is estimated to be around $20 billion as of 2023.

The Agnelli family's rich history and enduring impact on the business world have solidified their place among the most influential dynasties of our time. From their involvement with Ferrari and Juventus Football Club to their diverse business ventures, the Agnelli family has exemplified the success of a family-owned business. Led by iconic figures such as Giovanni Agnelli and John Elkann, the family's legacy continues to thrive. The Agnelli family's remarkable journey serves as an inspiration to aspiring entrepreneurs and a testament to the power of determination, innovation, and visionary leadership.