Our origins can be traced back to the end of the 19th century, when Giovanni Agnelli founded Fabbrica Italiana Automobili Torino, or FIAT. He grew Fiat over the following decades by innovating, expanding internationally and investing in new industries and, in 1923, he acquired Juventus. The acquisition of this football club, founded a few years earlier in Turin, marked the beginning of the longest uninterrupted ownership of a sports franchise in the world. In recognition of his achievements, Giovanni Agnelli was awarded the highest honour the Italian parliament could grant, becoming Il Senatore.

In 1927, Il Senatore established Istituto Finanziario Industriale, or IFI, a holding company that brought together his shareholdings in Fiat and in many other sectors including food (Cinzano), consumer goods (Società Anonima Manifattura Pellami e Calzature), financial services (Sava), airlines (Società Aviolinee Italiane), industrials  (RIV, Vetrocoke, Società Idroelettrica Piemontese-SIP) and real estate (Sestriere). At around this time, he also acquired La Stampa, one of the most prestigious Italian daily newspapers.

Industrial development and new acquisitions went hand in hand during the following years. FIAT was not only launching successful cars, including the famous Topolino, it also made heavy engines for the navy and built a variety of planes, trains, tractors and lorries (“Earth, Sea and Sky”). IFI, meanwhile, acquired new companies in the food and cement sectors.

This cycle of rapid expansion was interrupted by the war, but post war reconstruction triggered a new cycle of investments and development. Istituto Commerciale Laniero Italiano (later renamed IFIL) was acquired and IFINT (IFI International) was established in 1964 to bring together the group’s international investments. In 1969, an agreement with Enzo Ferrari heralded the beginning of a partnership between two entrepreneurial families that saw the Prancing Horse grow to become the most admired and famous brand in the world.

The companies continued to grow, and new acquisitions were made, throughout the rest of the 20th century. In the 1990s, a number of world-famous names were added to the portfolio including Chateaux Margaux, Club Méditerranée, and the iconic Rockefeller Center in New York City. Towards the end of the decade, IFINT acquired Exor Group and extended its reach globally with investments in Asia.

The turn of the new century, however, was marked by a crisis in FIAT. The Agnelli family responded to this by making changes in top leadership and injecting new capital, which enabled both the company’s turnaround and its later merger with Chrysler to create FCA.

Alongside these changes, work began to simplify the group’s structure and shape our current profile: Exor became the sole holding company for all the group’s companies, completed the acquisition of PartnerRe, one of the world’s leading reinsurance companies, and acquired a substantial shareholding in The Economist newspaper.

A century on from Il Senatore’s founding of Fiat, the entrepreneurial spirit and financial discipline that enabled us to build great companies are as alive and as strong as ever and continue to guide us in everything we do.


1899 - 1920

Giovanni Agnelli together with eight entrepreneurs found Fabbrica Italiana Automobili Torino (FIAT).
Painting by Lorenzo Delleani.


Just a year after its founding Fiat has a workforce of 150 people located in the factory in Corso Dante, Turin. In 1916 (see picture) Fiat counts 9410 employees.


Fiat produces its first small car: the “Zero” Model, which enables the company to achieve a significant increases in production through the rationalization of labor.


Fiat increases the production of agriculture equipment, giving a key contribution to the development of mechanized farming in Italy.


1921 - 1940

On July 24 the Agnelli family joins the Juventus Football Club. It’s the start of the family’s ties with the club which are still in place today: this represents the longest lasting ownership of any sports franchise, globally.


IFI-Istituto Finanziario Italiano is formed by Senator Giovanni Agnelli to bring together and manage the participations in Fiat and in various other companies: RIV, SAVA, Cinzano, Sestriere, Vetrocoke, Società Anonima Manifattura Pellami e Calzature, Società Aviolinee Italiane, Società Idroelettrica Piemontese - SIP (see picture), as well as numerous agricultural and real estate properties.


IFI raises its stake in Cinzano and buys its subsidiaries in Italy and in other countries. Also, the Compagnia Generale Italiana della Grande Pesca (Genepesca) is formed and the activities of SAVA are developed to finance the purchase of motor cars.


IFI invests in the agricultural sector purchasing the Veneria rice production estate in Vercelli and an interest in Società Anonima Le Gallare, a farming company located in Ferrara.


1941 - 1960

IFI invests in the cement industry forming the companies Adriaportland and Dalmatia di Spalato, creating the Cementerie Riunite di Spalato.


IFI directs its investments towards post-war reconstruction: the motor vehicle production and mechanical engineering plants are repaired and the Manifattura Pellami plants are rebuilt. Vetrocoke resumes production of glass, coke and fertilizers.


The Fiat 600 revolution: this small car, presented at the Geneva Auto Show, marks the beginning of the mass motorization of Italy, one of the main engines of the so-called “economic miracle”.


1961 - 1980

At the end of the ’60s, building on a long-standing working relationship, Ferrari enters the Fiat galaxy, while still maintaining its autonomy.


IFINT is listed on the Luxembourg Stock Exchange and opens branches in the U.S.A., France and Switzerland. In the following years, it acquires investments in the U.S.A., including Southland Financial and Blackwell Land, Moog Automotive, a company manufacturing car components and spare parts, and Bantam Books (pictured).


1981 - 2000

IFIL acquires a controlling interest in Toro Assicurazioni, one of the largest insurance companies in Italy, and buys the department store chain La Rinascente.


IFIL forms an alliance with the French group BSN (later Danone) purchasing an interest of 5.4%. A number of investments in the food industry then follow, including those in Gruppo Sangemini, Birra Peroni, Star and Saint Louis.

Archivio Storico Birra Peroni
Archivio Storico Birra Peroni


IFINT acquires an interest in and later launches a public offer for the French company Exor S.A.; this concludes successfully resulting in IFINT owning the company Chateaux Margaux and a number of real estate properties in the center of Paris (SFL).


Exor increases its participation in Club Méditerranée – which dates back to 1974 – and becomes its largest shareholder, supporting the relaunch the famous all-inclusive holiday resorts French company.


2001 - today

IFIL acquires control of Cushman & Wakefield, the largest US unlisted company in the real estate services sector


In October Fiat and Chrysler merge to create Fiat Chrysler Automobiles: its shares are traded both on Milan and New York Stock Exchanges


By acquiring Pearson Group’s participation in the Economist Group, Exor becomes the largest shareholder of the UK-based “newspaper” founded by James Wilson in 1843.



Exor completes its largest ever investment to acquire the reinsurance company PartnerRe.