“Reclusive”, “secretive” or “reserved” are the usual descriptions for Ortega, a man occasionally seen at equestrian competitions with his family, who manages to maintain his privacy partly thanks to living in the rainy city of A Coruna in northwest Spain, 300 miles (500 km) from the capital.īiographers who say they have had access to him tell a rags-to-riches story: Ortega left school when he was 12 to work as a shirt-maker’s delivery boy, to help support his poor family. Ortega became Spain’s richest man when Inditex listed on the stock exchange but he did not attend the inaugural ringing of the bell at the bourse and never goes to shareholder meetings. His daughter Marta is widely expected to take over the fashion empire one day and has undergone training at Inditex, including working in a store, although the firm won’t confirm she will be the successor. “To Amancio Ortega: he didn’t open any doors, nor did he close any windows,” wrote one biographer in a dedication.Īccording to the Spanish press, Ortega lives in a comfortable but not lavish apartment with his second wife, Flora. The nation’s most successful entrepreneur routinely turns down interviews. He has guarded his privacy so jealously that the company has only released one photograph of him, when the company listed in 2001. Yet surprisingly little is known about Ortega, despite the best efforts of Spain’s intrusive celebrity press. His Zara stores are often positioned in premium locations near other more luxurious brands as part of his marketing strategy. He has also largely defied the gloom in Spain’s property sector through clever purchases and management of real estate. Ortega, a stocky 76-year-old who favours blue blazers, open-necked white shirts and casual trousers, took home 666 million euros in gross dividends thanks to his 59 percent stake in Inditex, which is worth 38 billion euros at current prices. The shares rose 67 percent last year, bucking a slump in consumer spending in Spain. Ortega’s empire is a cash-rich business with a market capitalisation of 65 billion euros that is thriving amid the deep economic gloom that is engulfing its home country. Inditex says it does not advertise, and with celebrities such as Kate Middleton - wife to Britain’s Prince William - wearing Zara clothes, it may not have to. It is the world’s biggest fashion retailer ahead of Gap and Hennes & Mauritz, making 840 million garments a year. The aggressively managed Inditex has more than 6,000 stores in some 90 countries and includes such brands as Ortega’s flagship Zara, Zara Home, Massimo Dutti and others. Ahead of Ortega are Mexican telecoms boss Carlos Slim at No.1, followed by Microsoft co-founder Bill Gates. investor Warren Buffett and luxury group chief Bernard Arnault of France to become the third richest person on Forbes’ 2013 annual ranking of billionaires on Monday. In a country with sky-high unemployment and businesses going to the wall, Spain’s richest man is a rare self-made mogul amid a corporate culture dominated by family dynasties. The now-global strategy also encourages shoppers to return frequently to see new ranges and trends. The “fast fashion” tycoon’s estimated net worth of $57 billion is built on a formula of endless renewal, with dresses and blouses displayed in thousands of Zara stores worldwide for only a few days before they are taken off the rails and replaced with an even newer line of must-have garments.Ĭustomers know they have to buy the clothes quickly if they want them because they will not be available for long. Amancio Ortega, chairman of Spanish global fashion group Inditex, laughs during a visit of Spain's Princess Letizia and Crown Prince Felipe to his factory in Coruna, northern Spain December 2, 2008.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |