Meet Amancio Ortega, the fiercely private Zara founder who built a $77 billion fast-fashion empire

Amancio Ortega
Amancio Ortega in 2017.
  • Amancio Ortega, the 86-year-old Spanish founder of clothing retailer Zara, is worth around $54 billion. 
  • Ortega owns 59% of Inditex, the world's largest clothing retailer. Besides Zara, he owns Pull&Bear, Bershka, Massimo Dutti, Stradivarius, among others.
  • Here's how he got his start, built a fast-fashion empire, and became one of the world's wealthiest moguls.
The 86-year-old Ortega was born in northwestern Spain in 1936, the son of a railroad worker and a stay-at-home mother.
Amancio Ortega

Source: Bloomberg

He started making clothes with his siblings and future wife, Rosalia Mera, in their home in the early 1960s. In 1975, Ortega and Mera opened the first Zara store in downtown La Coruna, Spain.
zara La Coruna
A Zara store in La Coruna, Spain, in 2012.

Source: Bloomberg

"Zara" wasn't his first choice for the store's name. He was planning to name it Zorba after the film "Zorba the Greek," but there was already a local bar with the same name. Because he'd already bought molds of the letters Z-O-R-B-A, he made do with what he had and ended up with the name Zara.
Shoppers walked by a closed Zara store at a Moscow shopping mall on March 26.
Shoppers walked by a closed Zara store at a Moscow shopping mall on March 26, 2022.

Source: Bloomberg

Ten years later, in 1985, Ortega incorporated Zara into a holding company called Inditex. He and Mera separated around that time, but she remained the company's second-largest shareholder.
inditex spain
Inditex headquarters in La Coruna, Spain, in 2012.

Source: Bloomberg

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 ...
Zara store in Spain

Source: Bloomberg, Forbes

... Pull&Bear, a teen-focused retailer with more than 970 stores in 76 markets around Europe, the Middle East, Africa, Asia, and South America ...
pull&bear

Source: Insider

... Bershka, which is the second-largest chain by store count in Inditex's entire operation, with its sales representing 9% of the total revenue for the group ...
Shoppers walk past Bershka storefront

Source: Insider

... plus Massimo Dutti, Stradivarius, Oysho, Uterqüe, and Zara Home.
Woman carrying Zara shopping bag walks past Massimo Dutti storefront

Source: Insider

Inditex has grown into a fast-fashion behemoth. The company reported 27.7 billion euros in revenue – $29.1 billion at current exchange rates – during the 2021 fiscal year and online sales surged, nudging the company closer to becoming one of the world's largest e-commerce sellers.
Zara shop store London

Source: WWD

In August 2013, Ortega's ex-wife, Rosalia Mera, who had become Spain's richest woman, died at age 69.
rosalia mera
Rosalia Mera in 2010.

Source: AP

Mera and Ortega's daughter, Sandra Ortega Mera, inherited the title of Spain's richest woman after her mother's death.
sandra ortega mera
Sandra Ortega Mera at her mother's funeral on August 17, 2013, in Oleiros, Spain.

Source: Bloomberg

Worth an estimated $6.67 billion, Ortega Mera controls 5% of Inditex, though she's not involved in the company.
sandra ortega mera
Sandra Ortega Mera and her husband at her mother's funeral.

Source: Bloomberg, Forbes

Ortega has been married to his second wife, Flora Perez, since 2001.
flora perez amancio ortega
Flora Perez and Amancio Ortega at a party in La Coruna, Spain, in November 2018.

Source: Bloomberg

Ortega and Perez share two children, including a daughter, Marta, who manages fashion merchandise at Zara.
marta ortega
Marta Ortega at Paris Fashion Week in January 2019.

Source: Brides, 

She married top Spanish equestrian Sergio Álvarez Moya in February 2012, but the couple separated in 2015.
marta ortega
Sergio Álvarez Moya and Marta Ortega the night before their wedding in February 2012.

Source: Brides, ThinkSpain.com

In November 2018, Marta married Carlos Torretta,— then a modeling agent and son of designer Roberto Torrettain — at her family's home in Galicia, Spain. Spanish publications called the ceremony, which reportedly included a socialite-studded guest list, the "wedding of the year."
marta ortega
Carlos Torretta and Marta Ortega at their wedding pre-party in November 2018.

Source: Brides, W Magazine

Marta Ortega was long considered a favorite to follow in her father's footsteps and lead Inditex. He stepped down as Inditex's chairman in 2011 and handed the reins to executive president Pablo Isla, but in 2022, Marta Ortega took over as Inditex's chairwoman.
amancio ortega marta ortega
Amancio and Marta Ortega.

Source: Reuters

These days, Amancio Ortega is the 23rd-richest person in the world, with an estimated net worth of $53.9 billion.
Amancio Ortega

Source: Bloomberg

Since Inditex's initial public offering in 2001, Ortega has received more than 9 billion euros, or about $10 billion, in dividends, according to Bloomberg.
Amancio Ortega

Source: Bloomberg

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.
picasso tower madrid spain

Source: Reuters

And in 2016, he purchased another Madrid skyscraper, Cepsa Tower, for $551 million.
cepsa tower madrid

Source: Reuters

He invested in the Epic Residences and Hotel, a luxurious, 54-story skyscraper in Miami ...
A view from below of the Epic Hotel and Residences in Miami, a luxury skyscraper

Source: Forbes

... in 2015, he paid $370 million for an entire block of prime property in Miami Beach ...
miami beach
A view of Lincoln Road in Miami Beach.

Source: Miami Herald

... he reportedly bought an office block in London's affluent Mayfair neighborhood that borders Hyde Park ...
mayfair london
Mayfair in London.

Source: Reuters

... and a property on London's prime shopping street, Oxford Street.
oxford street london
Oxford Street in London.

Source: Reuters

In 2015, he bought the historic E.V. Haughwout Building in SoHo, New York City, for $145 million.
View of the EV Haughwout & Company building in New York circa 1974
The EV Haughwout & Company building circa 1974.

Source: Reuters, The Real Deal

Ortega picked up another New York property in 2016, this time a hotel at 70 Park Avenue in Murray Hill for $67.6 million.
Subway platform at 33rd street in New York City's Murray Hill neighborhood
A subway platform in New York's Murray Hill neighborhood.

Source: The Real Deal

In 2019, Ortega went on a real estate spending spree, acquiring a downtown Chicago hotel for $72.5 million, as well as a building in central Washington D.C. and two office buildings in Seattle that Amazon had leased, for a combined $1.1 billion.
South Lake Union neighborhood, Amazon.com Office Buildings Exterior, November 2018
The exterior of the Amazon office buildings in Seattle's South Lake Union neighborhood.

Source: Bloomberg

Ortega also owns some residential property. He and his wife live in La Coruna, Spain, near a major port of the Atlantic Ocean.
La Coruna, Galicia, Spain

Source: Forbes

At one point, Ortega owned the Pazo de Dodro farm and estate near La Coruna. The estate was the site of his daughter Marta's first wedding, but it's unclear whether Ortega still owns it.
la coruna ortega estate

Source: El Mundo

In 2012, it was reported that Ortega drove an Audi A8 luxury sedan.
Amancio Ortega
Amancio Ortega at a horse jumping competition in Spain in 2013.

Source: Elite Choice

Ortega also owned an $84 million superyacht named Drizzle, but he reportedly put it up for sale in 2022.
Amancio Ortega sitting inside car

Source: Daily Mail, AutoEvolution

But he rarely jets off on vacation anyway — in fact, Ortega didn't take his first vacation until 2001, after Inditex's initial public offering.
amancio ortega

Source: Bloomberg

Ortega is known for being low-key, as executives go. 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.
zara
The Zara factory in La Coruna, Spain, in 2005.

Source: Bloomberg, Adlatina

Ortega sticks to a simple uniform of a shirt and slacks and doesn't typically wear clothes from his own companies, according to Bloomberg.
Amancio Ortega walking on stone street wearing blue jacket

Source: Bloomberg

In his free time, Ortega is often seen at equestrian events. He also built an equestrian center near La Coruna, as his daughter Marta competes in show jumping.
amancio ortega
Marta Ortega and Amancio Ortega at a horse jumping competition in Spain in 2013.

Source: Getty Images, Bloomberg

Ortega founded the Amancio Ortega Foundation in 2001, a charitable organization focused on education and social welfare. In 2017, the foundation donated $344 million to Spanish public hospitals to provide the latest technology in breast cancer screening and treatment.
amancio ortega

Source: Amancio Ortega Foundation, Philanthropy News Digest

In 2020, Ortega donated roughly $68 million to help combat the pandemic, including buying ventilators, face masks, and COVID tests for the Spanish Health System.
ventilator

Source: Barron's

Despite running a major fashion retailer for four decades, Ortega is intensely private — there were no public photographs of him until 1999, and in 2012, Bloomberg noted that he had only ever granted interviews to three journalists. One Zara employee who worked with him told The Economist in 2016 that "the true story of Amancio Ortega has not been told."
amancio ortega
Amancio Ortega in 2013.

Source: Bloomberg, The Economist

Ashley Lutz, Mallory Schlossberg, and Melissa Wiley contributed to an earlier version of this story.

Correction: March 27, 2023 – An earlier version of this story misstated the amount of money that Amancio Ortega donated to combat the pandemic. He donated roughly $68 million.    

Read the original article on Business Insider


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