Spanish businessman, Amancio Ortega, the fashion billionaire and proprietor of Inditex, the wealthiest clothing retailer globally, has witnessed a surge in his net worth by $4 billion within the last 24 hours.
According to Forbes data, Ortega, who holds approximately 59% of Inditex, the world’s largest clothing retailer, saw his net worth rise from $106.9 billion on Monday morning to $110.9 billion by the close of market trading.
Ortega’s control over his stake in Inditex is facilitated through Arteixo, Spain-based holding companies Pontegadea Inversiones and Partler, as outlined in Inditex’s 2022 annual report.
What you should know
Artexio, the parent company of Zara along with seven other retail brands, operates a vast network of more than 7,400 stores and achieved revenue of 35.9 billion euros ($38.9 billion) in the fiscal year ending January 31, 2024.
The recent increase in net worth is closely linked to the market performance of Inditex. Inditex’s shares traded at €45.79 on Tuesday, April 23rd, marking a 2.55% increase compared to the previous trading session. Over the past four weeks, Inditex experienced a modest gain of 0.07%, while its price surged by an impressive 46.20% over the last 12 months.
Since Inditex’s initial public offering in 2001, Amancio Ortega has received dividends exceeding 9 billion euros ($10 billion), as per an analysis of company filings and Bloomberg data. A significant portion of these dividends has been allocated to investments in commercial real estate through closely held entities, Pontegadea and Partler.
Media reports and registry filings indicate that Ortega has acquired properties across Europe and North America through Pontegadea, totaling approximately $1.2 billion since the end of 2022.
These investments are assumed to have been made in cash, considering they are treated as separate assets, distinct from Pontegadea’s 2022 financial results.
About Amancio Ortega
Ortega launched Zara outlet back in 1975. Ten years later, he amalgamated the chain into a conglomerate known as Inditex. Concurrently, he underwent a separation and subsequent divorce from Mera, with the latter retaining the position of Inditex’s second-largest shareholder until her demise from a brain hemorrhage in August 2013. Between 1988 and 1990, Ortega broadened his horizons to encompass Portugal, France, and the US. Over the ensuing decade, he ushered in the Pull&Bear and Bershka brands, in addition to acquiring Massimo Dutti and Stradivarius. In a milestone move, Inditex accrued 2.4 billion euros ($2.7 billion) through a public offering in 2001. The company’s footprint expanded to encompass more than 5,000 stores across 77 countries by 2010.
Following his resignation as chairman in 2011, speculation has intensified regarding the potential succession by his daughter, Marta Ortega Perez, who embarked on her Inditex journey in a humble capacity as a salesperson.
