Fashion top brass Amancio Ortega built his small Spanish clothes business into a multi-billion-pound empire and become rags-to-riches. He is one of the successful businessmen in the world.But his success story begins from rural Spain. He left his school at 14 to begin his career in fashion as a shop-hand for a local shirt maker. His craftsmanship progressed at such a huge scale that it was not long until he set up his own small label in 1972, Confecciones Goa, to sell handmade bathrobes. His business expanded rapidly, and soon he employed hundreds of seamstresses.
Amancio, along with flagship brand Zara he builds up his retail empire. In 1975 Amancio’s biggest breakthrough came when he opened his first iconic Zara store with his then-wife Rosalia Mera. It was reportedly so named only because his preferred title, Zorba, was already taken. But far apart from other multi-billionaires in the world, he does not flaunt his huge wealth and he prefers to keep out of the spotlight. Until 1999, no photograph of Amancio had ever been published in the press and according to Business Insider in 2013 has only ever granted three interviews.
Although his billions do not stay hoarded and hidden, he keeps himself to himself.
Ortega made billions from his leading brand ZARA from shoppers around the world but, the world’s new richest person is a very private man.
You can calculate the gigantic personality of Amanico Ortega, 81 that he overtook tech supremo and Microsoft founder Bill Gates to become world’s richest man as reclusive Spanish high street tycoon amasses £66billion fortune. Ortega’s $85 billion fortune surpassed Gates’ $84.9 billion. He surpassed the computer whiz by just a few million dollars before share price fluctuations saw him bumped down to number two again. This was the fourth time Ortega has become No. 1.
But he streaked ahead to leave a £155million gap between him and Gates as shares in his giant retail company Inditex — owner of fashion chain Zara, Massimo dutti and Pull&Bear — jumped 1%.His huge net worth is up just shy of £1bn in the space of just a month, according to Forbes, putting him in a seemingly never-ending tussle with Amazon boss Jeff Bezos and Gates.
Amancio reportedly gave £17m to the Spanish health system in the region of Galicia — and his charity foundation is due to donate £295m to the national health service in the country.
While he no longer has a position in the day-to-day running of Inditex, 80 % of Amancio’s wealth comes from his shares in the company. Zara has become one of the high street’s biggest powerhouses, with a fast stock turnover and catwalk replicas.
The rest is raked in from property investments all over the world, including the Epic Residences and Hotel in Miami and the Torre Picasso skyscraper in Madrid. The business he co-founded is more familiar: Inditex is the parent company of millennial-favourite fast-fashion brand Zara. Ortega owns 59 % of Inditex Group – which, in addition to Zara and Zara Home, counts Massimo Dutti and Bershka as part of its design stable. His impressive 32 % surge in profits has been credited to the company’s store expansion in emerging markets, such as China.
“The success of your business is based in principle on the idea of offering the latest fashions at low prices, in turn creating a formula for cutting costs: an integrated business in which it is manufactured, distributed and sold”
7 Unknown facts about Amancio Ortega
1.He is thrifty
Ortega is a frugal person.He allegedly eats lunch in his company’s cafeteria the same coffee shop every day.
2.He avoids interviews and he is publicity shy
According to The Economist., very small number of photos of him existed, that even his investors “awkwardly confused him with other staff,”
3.He started from zero
According to CNBC, Ortega, who was born in León, Spain. He was never graduated from high school. He worked for a tailor as a boy and set out on his own in his 20s, selling bathrobes and lingerie with his late first wife Rosalia Mera.
4. He is energetic
Ortega apparently went 25 years without taking a vacation. Regardless of stepping down as chairman of Inditex in 2011, Ortega continued to go to the office every day to sit with his young designers and buyers.
5. He is a giant
In 2001, Inditex went public. Ortega owns about 59% of the company, which has a $103 billion market cap. Today, the company includes big brands like Massimo Dutti, Bershka, Stradivarius and Pull&Bear.
6. He has a personal management style
According to The Economist., as Zara grew into Inditex, which was created to house other lines as well as textile design, production and distribution companies, Ortega ” never had his own desk or desktop computer ,office, preferring to direct his firm while standing with colleagues in a design room of Zara Woman, the flagship line,” .
7. He was always innovative
Ortega and Mera opened the first Zara in 1975. By 1976, they had their first computer to track sales. It was an integral part of Zara’s quick turnaround business model, which Ortega instituted from the beginning. Early on he insisted the system be nimble enough to be able to restock any store within 48 hours and turn designs into clothing within 10 days.