Amancio Ortega

This name uses Spanish naming customs: the first or paternal family name is Ortega and the second or maternal family name is Gaona.
Amancio Ortega
Born Amancio Ortega Gaona
(1936-03-28) 28 March 1936
Busdongo de Arbás, León, Spain
Residence A Coruña, Spain
Nationality Spanish
Occupation Businessman
Known for Co-Founder of Inditex Group
Net worth US$74.6 billion (November 2016)[1]
Board member of Inditex (CEO) Daez (COO)
Spouse(s)
Children
Parent(s) Antonio Ortega Rodríguez
Josefa Gaona Hernández
Signature

Amancio Ortega Gaona (Spanish pronunciation: [aˈmanθjo orˈteɣa ɣaˈona]; born 12 March 1936) is a Spanish business magnate. He is the founder and former chairman of Inditex fashion group, best known for its chain of Zara clothing and accessories retail shops.

He is currently the richest person in Europe, and the second richest person in the world, with an estimated net worth of US$74.6 billion as of 7 November 2016.[1]

Biography

The youngest of four children, Ortega was born in Busdongo de Arbás, León, Spain to Antonio Ortega Rodríguez and Josefa Gaona Hernández from the province of Valladolid and spent his childhood in León.[2]

He left school and moved to La Coruña at the age of 14, due to the job of his father, a railway worker. Shortly after, he found a job as a shop hand for a local shirtmaker called Gala, which still sits on the same corner in downtown A Coruña, and learned to make clothes by hand.[3] In 1972, he founded Confecciones Goa (his initials in reverse), selling quilted bathrobes which Ortega produced using thousands of local women organised into sewing cooperatives.[4]

In 1975, he opened his first Zara store with his wife Rosalía Mera,[5] so called because his preferred name Zorba was already taken.

Today, Zara is part of the Inditex group (Industrias de Diseño Textil Sociedad Anónima), of which Ortega owns 59.29%, and aside from over 6,000 stores includes the brands Zara, Massimo Dutti, Oysho, Zara Home, Kiddy's Class, Tempe, Stradivarius, Pull and Bear, Bershka and has more than 92,000 employees.[6]

Ortega keeps a very low profile and, until 1999, no photograph of Ortega had ever been published and is known for his preference for a simple lifestyle. He refuses to wear a tie and typically wears a simple uniform of a blue blazer, white shirt, and gray pants, none of which are Zara products.[7] He is also said to take a very active part in the production and design process in the company.

When he made a public appearance in 2000 as part of the warm-up prior to his company's initial public offering on the stock market in 2001, it made headlines in the Spanish financial press. However, he has only ever granted interviews to three journalists[7] and his secrecy has led to the publication of books, such as Amancio Ortega: de cero a Zara (From Zero to Zara).

In 2011, Ortega announced his imminent retirement from Inditex, parent company of the Zara chain, stating that he would ask Inditex vice-president and CEO Pablo Isla to take his place at the helm of the textile empire. In 2012 Ortega donated about 20 million euro to Caritas Internationalis, a Roman Catholic relief organisation.[8][9]

Ortega lost $6 billion as a result of Britain's decision to leave the European Union in June 2016.[10]

See also

Bibliography

References

  1. 1 2 "Amancio Ortega". Forbes. 7 November 2016. Retrieved 7 November 2016.
  2. ↑ Zara: Visión y estrategia de Amancio Ortega By David Martínez.
  3. ↑ Meet Amancio Ortega
  4. ↑ "Amancio Ortega Success Story". Retrieved 16 February 2016.
  5. ↑ Dennys, Harriet (16 August 2013). "Rosalia Mera". Daily Telegraph. London.
  6. ↑ "Inditex Group Annual Report 2009" (PDF). Inditex Group. Archived from the original (PDF) on 2 June 2012. Retrieved 26 May 2012.
  7. 1 2 Meet The Secretive Spanish Billionaire
  8. ↑ Amancio Ortega Foundation donates 20 million euros to charity. Thinkspain.com. Retrieved on 14 July 2013.
  9. ↑ The richest man in the world according to Forbes became the founder of Zara Amancio Ortega
  10. ↑ Fox, Emily Jane (23 June 2016). "BREXIT CHAOS CAUSED THE WORLD'S RICHEST PEOPLE TO LOSE $99 BILLION IN ONE DAY". Vanity Fair. Retrieved 3 November 2016.

External links

Wikimedia Commons has media related to Amancio Ortega.
Business positions
New title President of Inditex
1985–2011 		Succeeded by
Pablo Isla
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