Hassan Khosrowshahi ( fa, حسن خسروشاهی) , is an

Iranian-Canadian Iranian Canadians or Persian Canadians are citizens of Canada whose national background is traced from Iran or are people possessing Iranian and Canadian dual citizenship. From the 2016 Canadian census, the main communities can be found in Southe ...

business magnate A business magnate, also known as a tycoon, is a person who has achieved immense wealth through the ownership of multiple lines of enterprise. The term characteristically refers to a powerful entrepreneur or investor who controls, through perso ...

investor An investor is a person who allocates financial capital with the expectation of a future Return on capital, return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some specie ...

, and

philanthropist Philanthropy is a form of altruism that consists of "private initiatives, for the Public good (economics), public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private goo ...

. He founded

Future Shop Future Shop was a Canadian electronics store chain. It was established in 1982 by Hassan Khosrowshahi. By 1990, the chain had become the country's largest retailer of computer and consumer electronics. In January 2013, the company operated 139 l ...

, a Canadian

consumer electronics Consumer electronics or home electronics are electronic (analog or digital) equipment intended for everyday use, typically in private homes. Consumer electronics include devices used for entertainment, communications and recreation. Usually r ...

chain store A chain store or retail chain is a retail outlet in which several locations share a brand, central management and standardized business practices. They have come to dominate the retail and dining markets and many service categories, in many pa ...

that was acquired by

Best Buy Best Buy Co. Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. Originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music, it was rebra ...

in 2001 for c.$580 million. He currently invests via his

family office A family office is a privately held company that handles investment management and wealth management for a wealthy family, generally one with at least $50-$100 million in investable assets, with the goal being to effectively grow and transfer w ...

, Persis Holdings Ltd. Khosrowshahi had an estimated

net worth Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities. Since financial assets minus outstanding liabilities equal net financial assets, net ...

of $1.16 billion in 2016.

Early life

Hassan Khosrowshahi was born into a wealthy family in

Tehran Tehran (; fa, تهران ) is the largest city in Tehran Province and the capital of Iran. With a population of around 9 million in the city and around 16 million in the larger metropolitan area of Greater Tehran, Tehran is the most popul ...

in 1940. His father, Ali Khosrowshahi, founded the Minoo Industrial Group, a conglomerate specializing in

pharmaceutical A medication (also called medicament, medicine, pharmaceutical drug, medicinal drug or simply drug) is a drug used to diagnose, cure, treat, or prevent disease. Drug therapy (pharmacotherapy) is an important part of the medical field and re ...

cosmetics Cosmetics are constituted mixtures of chemical compounds derived from either natural sources, or synthetically created ones. Cosmetics have various purposes. Those designed for personal care and skin care can be used to cleanse or protect ...

, and

food distribution Food distribution is the process where a general population is supplied with food. The Food and Agriculture Organization (FAO) considers food distribution as a subset of the food system. The process and methodology behind food distribution varies ...

under both its own brands and under license for major international brands. He was educated in

Iran Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmeni ...

and

England England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe b ...

and obtained his degree in law and economics from the

University of Tehran The University of Tehran (Tehran University or UT, fa, دانشگاه تهران) is the most prominent university located in Tehran, Iran. Based on its historical, socio-cultural, and political pedigree, as well as its research and teaching pro ...

. In 1961, at the age of 21, he joined the

family business A family business is a commercial organization in which decision-making is influenced by multiple generations of a family, related by blood or marriage or adoption, who has both the ability to influence the vision of the business and the willingn ...

. In 1979, during the

Iranian Revolution The Iranian Revolution ( fa, انقلاب ایران, Enqelâb-e Irân, ), also known as the Islamic Revolution ( fa, انقلاب اسلامی, Enqelâb-e Eslâmī), was a series of events that culminated in the overthrow of the Pahlavi dynas ...

, Minoo Industrial Group was nationalised and the family was targeted for its wealth. The family left the country and settled in

Vancouver Vancouver ( ) is a major city in western Canada, located in the Lower Mainland region of British Columbia. As the List of cities in British Columbia, most populous city in the province, the 2021 Canadian census recorded 662,248 people in the ...

in 1981.

Career

In 1982, in Vancouver, Khosrowshahi founded Inwest and its subsidiary,

. By 1996, the company was the largest computer and electronics retailer in Canada. It tried to expand into the United States but was unsuccessful and suffered significant losses. In 2001, the company was acquired by

for C$580 million. In 2015, Best Buy shut down Future Shop. After the sale of

, Khosrowshahi focused on real estate development, pharmaceuticals, investments, and philanthropy through his

, Persis Holdings Ltd. Khosrowshahi has served as a director of the

Bank of Canada The Bank of Canada (BoC; french: Banque du Canada) is a Crown corporation and Canada's central bank. Chartered in 1934 under the ''Bank of Canada Act'', it is responsible for formulating Canada's monetary policy,OECD. OECD Economic Surveys: Ca ...

Canada Post Canada Post Corporation (french: Société canadienne des postes), trading as Canada Post (french: Postes Canada), is a Crown corporation that functions as the primary postal operator in Canada. Originally known as Royal Mail Canada (the opera ...

, been an executive committee member of the Business Council of B.C., and has served as

chairman The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

and is a director of the

Fraser Institute The Fraser Institute is a libertarian-conservative Canadian public policy think tank and registered charity. The institute describes itself as independent and non-partisan. It is headquartered in Vancouver, with additional offices in Calgary, T ...

Personal life

Khosrowshahi is married to Nezhat Khosrowshahi, also from a wealthy Iranian family, and they have two children. His son, Behzad, runs DRI Capital, a pharmaceutical royalty firm, and his daughter, Golnar, founded Reservoir Media, a music licensing business. He lives in a

mansion A mansion is a large dwelling house. The word itself derives through Old French from the Latin word ''mansio'' "dwelling", an abstract noun derived from the verb ''manere'' "to dwell". The English word '' manse'' originally defined a property l ...

West Point Grey West Point Grey is a neighbourhood in the northwest of the city of Vancouver, British Columbia, Canada. It is located on Point Grey and is bordered by 16th Avenue to the south, Alma Street to the east, English Bay to the north, and Blanca Street ...

that had an assessed value of $45.7 million in 2017. His second cousin,

Dara Khosrowshahi Dara Khosrowshahi ( fa, دارا خسروشاهی, ; born May 28, 1969) is an Iranian-American businessman and the chief executive officer of Uber. Khosrowshahi was previously CEO of Expedia Group, a company that owns several travel fare aggreg ...

, is the

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

Uber Uber Technologies, Inc. (Uber), based in San Francisco, provides mobility as a service, ride-hailing (allowing users to book a car and driver to transport them in a way similar to a taxi), food delivery (Uber Eats and Postmates), package ...

. His brother, Nasrollah Khosrowshahi, is one of the handful of Iranians who have won judgements in the Hague tribunal for damages incurred by the Islamic Revolution.

Accolades

In 2012, he was inducted into the

Order of British Columbia The Order of British Columbia (french: Ordre de la Colombie-Britannique) is a civilian honour for merit in the Canadian province of British Columbia. Instituted in 1989 by Lieutenant Governor David Lam, on the advice of the Cabinet under Premier ...

for his entrepreneurial and philanthropist efforts. In June 2016, he was inducted into the

Order of Canada The Order of Canada (french: Ordre du Canada; abbreviated as OC) is a Canadian state order and the second-highest honour for merit in the system of orders, decorations, and medals of Canada, after the Order of Merit. To coincide with the ...

with the grade of "Member", one of Canada's highest civilian honours.

References

{{DEFAULTSORT:Khosrowshahi, Hassan 1940 births Exiles of the Iranian Revolution in Canada Living people Iranian businesspeople Iranian emigrants to Canada Members of the Order of British Columbia Members of the Order of Canada People from Tehran