Amancio Ortega is the wealthiest man in Spain but it is unlikely that you will have heard of him as he is also one of the world’s most reclusive moguls. However, you probably have heard of the clothing retail chain Zara, which he started in La Coruna 35 years ago. He has recently announced his decision to step down from the business and at the age of 74 he communicated his departure in typically understated fashion, with a simple note to all of the 98,000 employees in the firm.
The Inditex group, which as well as Zara incorporates other brands such as Massimo Dutti and Bershka, has performed well despite the difficult trading conditions of the last few years. Sales have grown by up to 14% in the first three quarters of last year and amount to £7.9 billion. The significance of handing on the business in good shape is important as it clearly indicates to the market that the chosen successor — predicted to be his daughter Marta — is able to build upon the success that her father has presided over. One of the key aspects of Zara’s success as a business is its popularity with women of all ages and across a range of countries. The ability to produce good-quality, highly contemporary and flattering clothes for a range of female consumers has been the key to its success and the wealth of Ortega.
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