- What Is Ortega’s Net Worth?
- Statistics on Clothing and accessories in France
- These days, Amancio Ortega is the 23rd-richest person in the world, with an estimated net worth of $53.9 billion.
- Ortega also owns some residential property. He and his wife live in La Coruna, Spain, near a major port of the Atlantic Ocean.
Arnault is growing richer at a faster rate than many other billionaires. Since the beginning of 2019, his fortune has fallen by $17.2 billion, according to Bloomberg Billionaires Index. LVMH is the parent company of 75 household names, including Louis Vuitton, Christian Dior, Sephora, and Bulgari, and, as of November 2019, jewelry giant Tiffany & Co. Amancio Ortega made his $60 billion fortune through the Spanish fashion retail group Inditex, which he founded with his ex-wife Rosalia Mera in 1975. François Pinault is the founder and owner of Kering luxury group, which includes iconic fashion houses such asGucci and Alexander McQueen.
Shortening the product life cycle means greater success in meeting consumer preferences. If a design does not sell well within a week, it is withdrawn from shops, further orders are canceled and a new design is pursued. Zara has a range of basic designs that are carried over from year to year, but some fashion-forward designs can stay on the shelves less than four weeks, which encourages Zara fans to make repeat visits.
Ortega owns 59% of Inditex, which is now the world’s largest clothing retailer. Inditex owns a portfolio of fast-fashion brands, including Zara, one of the best-known and most successful fashion brands in the world with nearly 3,000 stores in 96 countries … He is the founder and former chairman of Inditex fashion group, best known for its chain of Zara and Bershka clothing and accessories shops. As of November 2022, Ortega had a net worth of $62.9 billion, making him the third-wealthiest person in Europe after Bernard Arnault and Francoise Bettencourt Meyers, and the 18th-wealthiest in the world. For a brief period of time in 2015, he was the richest man in the world, surpassing Bill Gates when his net worth peaked to $80 billion as Zara’s parent company, Inditex’s, stock peaked. Ortega is a major owner of Inditex, the largest clothing retailer in the world.
Bestseller is the parent company of 11 fashion labels that include Vero Moda, Only, and Jack & Jones. Including the brands Anta, Fila, Amer Sports and Descente, the company made $3.6 billion in 2018, according to Bloomberg Billionaires Index. Former chair and CEO of Kohl’s, Larry Montgomery was known for his efforts to make the company a national chain store. Mukesh Ambani heads Indian conglomerate Reliance Industries Limited, a Fortune Global 500 company and the largest private sector company in India. In 2001, Ortega founded the Amancio Ortega Foundation, a charitable organization focused on education and social welfare. Fast fashion—the massively successful business model that Ortega had first developed in the 1960s—was off and running.
What Is Ortega’s Net Worth?
One of its most influential but not official endorsers is Kate Middleton who was seen wearing Zara on some occasions. Middleton is not officially signed by the company to wear its clothes. Inditex the owner of brands such as Zara and Bershka is now producing protective face masks.
In April 2022 it was reported that Zara had taken legal action against “Tara Sartoria”, a small clothing company owned by Vietnamese citizen Tara Nguyen. Ms Nguyen’s company sells products made by disadvantaged women in Indonesia and Vietnam. In November 2017, customers shopping at Zara stores in Istanbul, Turkey, found handwritten notes purportedly from Turkish workers in the pockets of in-store garments asking shoppers to pressure Zara into paying them unpaid wages. The company clarified the unpaid wages were due to a third-party manufacturer Bravo Tekstil, who had failed to pay their employees. The company said they would help to provide compensation to employees who weren’t paid. In the agreement, only factory-floor employees were compensated, with “white-collar” employees not covered by the agreement.
She holds a Bachelor of Science in Finance degree from Bridgewater State University and helps develop content strategies for financial brands. “The current chief executive Carlos Crespo has moved over to become chief operating officer, so it’s not like he’s leaving the company. And they say Oscar Maceiras is good at team building.” Instead the man known as “The Boss” has remained very much involved in the company. Though now aged in his 80s, it’s a fair bet he’ll remain so, even with the appointment of the new executive team. But the new chief executive and chairwoman are unlikely to be steering the Inditex ship without the help of founder Amancio.
Today, the company has 6,600 stores and $16.7 billion in annual sales. The Spain-based multinational clothing company, Inditex (Industria de Diseño Textil, S.A.), is the leading clothing and accessories retailer in the world. While the Group, headquartered in Galicia, is active worldwide, the majority of its revenue comes from Europe. Inditex has over 165 thousand employees working across thousands of stores on a global scale. The Group also maintains a prominent online presence with over 90 million followers on Instagram and around 67 million followers on Facebook. In 2021, the leading constituent company of the Inditex Group in terms of net sales was Zara, with sales for the Spanish fast fashion retailer amounting to over 19.5 billion euros.
Statistics on Clothing and accessories in France
An average high-street store in Spain expects customers to visit three times a year. Povlsen, who is the second-richest person in Denmark, also has “significant stakes” in online clothing retailer ASOS and payments company Klarna, according to Forbes. In the early 1960s, Ortega developed the business model that would later be called fast fashion—and when the first Zara boutique opened in 1975, it revolutionized the retail fashion industry.
Starting November 2022, Russians will be able to order products online from a range U.S. and European brands, including Nike, Zara and H&M, according to an announcement from Russia’s postal service. Most of the products Zara sells are manufactured in Spain, Portugal, Turkey, Morocco, Bangladesh and more recently – Armenia. While some competitors outsource all production to Asia, Zara manufactures its most fashionable items – half https://1investing.in/ of all its merchandise – at a dozen company-owned factories in Spain , Portugal and Turkey. Clothes with a longer shelf life, such as basic T-shirts, are outsourced to low-cost suppliers, mainly in Asia. Zara has a policy of zero advertising; the company preferred to invest a percentage of revenues in opening new stores instead. His first shop was in central A Coruña, in Galicia, Spain – where the company is still based.
The Group’s Bershka brand registered net sales worth over two billion euros and Pull & Bear recorded about 1.88 billion euros in annual sales. The only brand with net sales under one billion euros that year was Oysho. Amancio Ortega, the wealthiest person in Spain and one of the wealthiest people in the world, is the Founding Chair of retail giant Inditex, the parent company of Zara, the largest global fashion retailer.
- When Inditex went public in 2001, Ortega established a family office, Pontegadea Inversiones, as the vehicle through which the Ortega family operates as majority shareholders of Inditex.
- Yanai later changed the name of the company to Fast Retailing in the early 1990s in order to reflect his fast-fashion business strategy.
- The wealthiest person in fashion is Bernard Arnault, the chairman of LVMH, the world’s largest maker of luxury goods that’s behind brands such as Louis Vuitton, Dom Perignon, Christian Dior, and as of November 2019, Tiffany & Co.
- NEW YORK, United States — Spanish retailer Amancio Ortega is the newest challenger to Bill Gates’ position as the richest person in the world.
- The business also announces profits of €3.64bn despite a €287m hit to inventories.
Inditex, whose brands also include Pull&Bear and Stradivariusm, has come to dominate High Streets around the world, with more than 6,600 shops globally. Spain’s Princess Letizia and Crown Prince Felipe stand next to chairman of Spanish global fashion group Inditex, Amancio Ortega , during a visit to an Inditex factory in Coruna, northern Spain December 2, 2008. He is one of the richest men in Europe despite several losses recently. Ortega is very private about his personal life, and as of 2012 he has only given three interviews to journalists. 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 as head. In 2012 Ortega donated about €20 million to Caritas Internationalis, a Roman Catholic relief organisation.
These days, Amancio Ortega is the 23rd-richest person in the world, with an estimated net worth of $53.9 billion.
Yanai, the richest person in Japan, began his career at his father’s roadside tailor shop in suburban Japan, according to Bloomberg. Yanai later changed the name of the company to Fast Retailing in the early 1990s in order to reflect his fast-fashion business strategy. Leonardo Del Vecchio is the founder of eyewear giant Luxottica, which went on to acquire Sunglass Hut, Ray-Ban, and Oakley and make glasses for brands including Chanel and Bulgari, according to Forbes. The Swedish fast-fashion business has about 4,900 stores in 73 markets. Anders Holch Povlsen is the CEO and sole owner of Danish fashion retailer Bestseller. Povlsen’s parents started the company in 1975 and he was only 28 when his father, Troels Holch Povlsen, made him the sole owner of the company in 1990.
The T-shirt was striped and featured a yellow star similar to the Star of David. Zara said the design was inspired by “the sheriff’s stars from the classic western films”. Zara removed the shirt from sale a few hours after they appeared for sale, and apologized.
To use individual functions (e.g., mark statistics as favourites, set statistic alerts) please log in with your personal account. Fourth quarter net profit fell 53% to 435 million euros out of sales of 6.3 billion euros as restrictions on shopping came back into force across much of Europe around Christmas, the company said. Around 15% of its shops worldwide were still closed due to COVID-19 restrictions as of March 8, Inditex said in a statement. Zara owner Inditex reported on Wednesday its net profit fell 70% in 2020 to 1.1 billion euros ($1.31 billion), a steeper drop than expected, after a year of global lockdowns and dampened demand caused by the coronavirus pandemic. On Tuesday, Intidex rival H&M Group reported $229 million in quarterly profits — 10 times higher than analysts had forecast.
Inditex’s low advertising spending has also allowed the company to avoid outsourcing production to third-party producers. In 2021, over half of the factories were still located fairly close to corporate headquarters, either in Spain or Portugal, Turkey, or Morocco. In addition to state-of-the-art design and production, the computerized inventory systems that linked stores to factories prevented unnecessary capital expenditure by removing the need for large warehouse inventories. For example, once each Zara store was linked to the factory system, not only was all sales information automatically sent back to headquarters in Spain, but the on-site staff also constantly monitored the stock.
Ortega also owns some residential property. He and his wife live in La Coruna, Spain, near a major port of the Atlantic Ocean.
He is a humble person who never went for holidays for a total of twenty-five years in his life. Rosalia Mera, who is the co-founder of Zara, was the wealthiest woman in the world. She has more than $6.1 billion net worth at the time of her death. Most of the products sell by Zara are manufactured in countries such as zara owner net worth Morocco, Spain, Turkey, and Portugal. Zara became one of the biggest retailers in the world who switched to the complete toxic-free production and raise awareness for the Detox Campaign. The company offers the product based on consumer trends, and all the clothing is processed through the distribution center of Spain.
In 2007, Zara withdrew a handbag from its shelves after a customer noticed a swastika on the bag’s design. The bag came from an external supplier, and Zara claimed the symbol was not visible when the handbag was chosen. Zara withdrew the product from stores, and spokesperson Susan Suett said the bag would not have been sourced had the symbol been apparent.
It is known as one of the largest apparel retailers, as well as the largest company in Inditex. In the year 2015, Zara was ranked at position 30 on Interbrand’s list of best global brands. Zara does not achieve any awards and nominations in the fashion and business industry until now, but it managed to gain a high reputation and revenue.
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But its net sales for the first half of 2020 dived by a third compared to the same period last year, even though online sales grew by 74%. Zara owner Inditex said it had reached a “turning point” after its quarterly net profit bounced back to 214 million euros ($254 million), from a loss of 409 million euros ($486 million) the previous quarter. Amancio Ortega, founder of Zara parent Inditex S.A., is $2.2 billion behind the Microsoft Corp. co-founder with a net worth of $83.3 billion, according to the Bloomberg Billionaires Index.
Stores under Inditex are not the only ones that are suffering, as Forever 21, Pier 1, Papyrus, A.C. Moore, Macy’s, and Sears have all announced store closures at some point, per Fast Company. He is currently the largest shareholder of Inditex, with almost 60%. In 1975, he opened his first Zara store with his wife Rosalía Mera. Ortega first began his career manufacturing textiles through a small family company in 1963.
Bloomberg reported in 2012 that he eschewed an office to sit among the designers and fabric experts at Zara’s headquarters, while another report said he typically ate lunch with his employees in the company cafeteria every day. Most of his cash has been reinvested in real estate through his company’s investment arm, Pontegadea. In 2011, he bought the tallest skyscraper in Spain, the 515-foot Torre Picasso in Madrid, for $536 million.