Amancio ORTEGA GAONA

Primary Position Founder Age 80
Primary Company Industria de Diseno Textil (Inditex) Birthday 28 Mar 1936
Estimated Net Worth At least $70.3 billion Residences A Coruna, Galicia, Spain
Source Self-Made
Hometown
Busdongo, Castilla y Leon, Spain
Religion Christian
Ethnicity Caucasian
Alternative Names Amancio Ortega
Marital Status Married

Biography

Spanish native and fashion industry pioneer; Ortega's father, a railway worker, moved the family to the Iberian textile capital, A Coruna, where Ortega left school at the age of fourteen to begin working as a delivery boy for a local shirt maker. He later became a draper's and tailor's assistant. In the late 1960s, while managing a local clothing shop, he started designing dressing gowns, housecoats and lingerie from home. In 1963, opened his first factory, and two years later, in 1965, established Confecciones Goa, a textile manufacturer and marketer. In 1975, with ex-wife, Rosalia Mera, co-founded Zara, a retail textile store which focused on the distribution of designer fashions at reasonable prices. In 1985, founded Inditex, which was to serve as a holding company for Zara and other chains; the group grew as Zara expanded internationally beginning in the late 1980s and as Ortega launched new retail concepts, among them Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterque. Inditex, which went public in 2001, has become one of the largest fashion retail groups in the world and reported revenues of more than $19 billion in 2013. Ortega, who stepped down as Chairman in 2011, continues to serve as Founder, Member of the Board and majority shareholder at Inditex. He also owns Pontegadea Inversiones, a holding company through which he holds his stake in Inditex. Ortega is also the founder of the Amancio Ortega Foundation, a non-profit organization which promotes cultural, educational and social causes; and serves as a Co-Founder of the Paideia Galiza Foundation, a non-profit entity which donates primarily to the mentally and physically challenged. Ortega has three children, two with ex-wife Rosalia Mera and one with his current wife, Flora Perez Marcote. The couple currently reside in A Coruna, Galicia, in northwestern Spain.

Education History

Institution Name Qualification Name Education Type Start Date End Date

Interesting Facts

Ortega owns the luxury waterfront condo and hotel, Epic Residences & Hotel in Miami, Florida, through his real estate arm, Pontegadea Immobilaria. In December 2012, he purchased the Torre Picasso skyscraper in Madrid from billionaire Spanish businesswoman Esther Koplowitz and in January 2015, a nine-story building at 32 Gran Via, also in the Spanish capital, for a reported $450 million.
Reportedly a man of modest habits, Ortega is said to usually wear a simple uniform of a blue blazer, a white shirt and grey trousers (none of which are Zara products), and to eat lunch with his employees in the company's cafeteria.
Ortega was born into modest circumstances; his father was a railway worker and his mother worked as a housemaid.
Ortega asserted that "Zara's aim was to democratize fashion. In contrast to the idea of fashion as a privilege, we offer accessible fashion that reaches the high street, inspired by the taste, desires, and lifestyle of modern men and women" in Inditex's first Annual Report in 1999.
In February 2015, Inditex banned the sale of garments made from angora wool, after activists from People for the Ethical Treatment of Animals (PETA) highlighted the cruel treatment of rabbits by farms where they were raised.
In February 2014, Ortega announced a plan to list his property holdings in Pontegadea Inmobiliaria, worth more than $6 billion, in a real estate investment trust (known in Spain as a SOCIMI, an instrument which offers tax perks). The public listing of the holdings was aimed at providing liquidity for Ortega's heirs.
Ortega and his daughters are passionate about horses; he owns an equestrian center in Larin, La Coruna, which has served as a venue for international competitions.
Ortega appears to lead a private life, rarely attending official events and reportedly having ever granted interviews to only three journalists. There appear to be very few photographs of him; newspaper archives were said to include a single portrait, which appeared in Inditex's first annual report, in 1999. He is often referred to as a "publicist's nightmare" by the press.
In December 2013, Ortega reportedly bought 'Devonshire House', an office building opposite the Ritz Hotel in London's West End, for approximately $670 million.
Ortega coined the Inditex slogan, "We seek to democratize fashion, in contrast to the idea of fashion as privilege."
Ortega stepped down as Chairman of Inditex in 2011; he wrote a brief memo to his 98,000 employees announcing his retirement and was succeeded in the position by Pablo Isla, his Deputy Chairman.
In December 2012, Ortega reportedly paid half a million dollars to prevent paparazzi from publishing photos from the honeymoon of his daughter Marta and her husband, Sergio Alvarez, in Cambodia and Australia.
In 2009, Ortega was awarded the "Grand Cross of the Order of Civil Merit" by the Spanish Ministry of Foreign Affairs.
Ortega is a primary school dropout and has had no formal higher education.
Company legend has it that Ortega's first project was to remake a popular but expensive dressing gown. He reportedly cut the pattern himself, then, with the help of his brother and sister, began producing the dressing gown at his sister's kitchen table. His first customer was a former employer at a shirt-maker's shop.
In September 2015, Ortega purchased all the properties in a block-long stretch of Lincoln Road in Miami Beach, Florida, which included an Apple Store, the Gap, Intermix, Athleta and a forthcoming Nike location, for $370 million.
Inditex began textile manufacturing operations in 1963. In 1972, Ortega founded Confecciones Goa, the group's first garment-making factory, and three years later, Zara, its first clothing distributor and retailer. The brand commenced an international expansion beginning in the late 1980s, which included the successive launch of new retail concepts such as: Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterque.
Ortega made one of his first public appearances in 2000, as part of Inditex's initial public offering on the Madrid Stock Exchange - it prompted headlines in the Spanish financial press. His discreet lifestyle has led to the publication of books such as "Amancio Ortega: De Cero A Zara" (From Zero to Zara).
In February 2014, it was reported that Occidental Hotels & Resorts, a hotelier owned by Ortega and Banco Bilbao Vizcaya Argentaria, had attracted interest from companies including AMResorts and Playa Hotels & Resorts, and that a sale of Occidental might fetch as much as $700 million.
Reported to be a workaholic, to love his work and to rarely take a vacation.
In May 2015, Ortega, through his investment company Pontegadea Inversiones, purchased the flagship store of clothing retailer Primark on London's Oxford Street, in a deal valued at more than $600 million.
It was reported in March 2014 that Ortega had quietly amassed a a real estate empire worth as much as $10 billion and that he was emerging as a competitor for prime properties from London to Beverly Hills. The report added that his purchases rely on all-cash bids through which he has been able to outbid some of the world's biggest institutional funds and professional property investors.

Interests, Passion, Hobbies

Hobby Name Description
Art Reportedly owns an extensive collection of modern art, including various works by Spanish painter Joaquin Sorolla, known for his portraits, landscapes and works dealing with social and historical themes.
Environment Inditex, which Ortega co-founded, dedicates a section to environmental management on its website, in which it asserts that "for years the Group has been operating an Environmental Policy and a global environmental management system that allows us to maintain the company's pace of growth while also meeting stringent environmental standards."
Aviation Owns an ultra-long range business jet, a Bombardier Global Express BD700.
Business - Entrepreneurship Founded Zara, a retail chain, in 1975, and its holding company, Inditex, in 1985.
Fashion Has been working in the fashion industry since 1963; started his entrepreneurial career designing dressing gowns, housecoats and lingerie. Co-founder of Inditex, today one of the largest retail fashion groups in the world.
Philanthropy Co-founded the Paideia Galiza Foundation, which donates primarily to the mentally and physically challenged, in 1986. Established the Amancio Ortega Foundation, which is most active in education and social services, in 2001.
Boating - Yachts Owns a $7.5 million yacht, named "Valoria", after his mother's hometown.
Animals - Horses Reportedly loves horses; owns an equestrian center, 'Casas Novas', in Larin, La Coruna, Spain.

Philanthropy

Giving Profile
Founder and President of the Amancio Ortega Foundation, a personal initiative of Ortega whose lines of action are mainly intended towards the fields of education and social aid. The foundation's principles are solidarity, understanding, commitment, hard work, genuineness and loyalty. Every year, along with the Barrie Foundation, Ortega's foundation sponsors 75 secondary school scholarships to enable students in schools throughout Galicia to spend a year studying in the United States. In October 2012, the Amancio Ortega Foundation and Caritas Spain signed a partnership agreement whereby the foundation made $22 million available for the basic assistance and primary care programs of Caritas, a charitable organization of the Catholic Church, supporting societal development and fostering the traditions of charity and social work. In 2009, the foundation co-funded the construction of new premises for the non-profit Padre Rubinos Shelter. Other notable undertakings of the foundation include: funding the construction of new premises for Proxecto Home Galicia; the construction of nine schools in the Public Network of Galicia Children Schools; an agricultural training project in Tanzania; and participation in the educational "Ponte dos Brozos Project" which encourages the use of technology as a teaching tool in classrooms. Besides, Ortega also co-founded the Paideia Galiza Foundation, which donates primarily to the mentally and physically challenged.

Clubs & Boards

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Known Associates

Total known associates: 25. Total known associates net worth: $207.5 million. To view details, sign up for Wealth-X Professional or Contact Us.

Family Details

Political Interests

Party Affiliation Unknown Political Profile Does not appear to publicly support any political party or philosophy.