Hristo Raykov – An Entrepreneur ànd Industrialist (1896–1967)

Ivan Postompirov ()
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Ivan Postompirov: Regional Historical Museum – Gabrovo, Bulgaria

Proceedings of the Centre for Economic History Research, 2021, vol. 6, 374-390

Abstract: Hristo Raykov is an example of a rapidly getting rich industrialist. He was born in the village of Dalboki Tomchevtsi, Tryavna region, Dryanovo district, in 1896 in a poor family. From a very young age he focused on independent trade in wool and fabrics. In 1924 he settled permanently in Gabrovo. Having accumulated enough capital, the ambitious entrepreneur directs his interests to the industry to close the cycle of supply and processing of wool to the final product. In 1927 he was already a major shareholder and director of a textile factory. Hristo Raykov walked the path to wealth for twenty years – from a small trader, he managed to become the owner of factories in Gabrovo, Sliven and Sofia, for which companies work throughout the country. In 16 years he has increased its capital from BGN 5 million to BGN 200 million. Hristo Raykov is a man without special education, but with great ambition, will and energy, a man who does not trust accountants and directors. With the famous Gabrovo thrift, he personally manages his enterprises, knows the production in detail, knows what is done in every corner of his factories, always strives to be first. Maybe that’s why he earned the nickname “The Bulgarian Henry Ford” of his time. The nationalization on December 23, 1947 found him with assets of over BGN 1 billion. In the 1940s, Hristo Raykov was considered the most successful industrialist in Gabrovo and one of the richest people in Bulgaria.

Keywords: Gabrovo; trade; industrialists; entrepreneur; wool textile enterprise; auctions; Bulgarian Army; The Great Depression in Bulgaria (search for similar items in EconPapers)
JEL-codes: N14 N64 N94 (search for similar items in EconPapers)
Date: 2021
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