Here is the world’s largest fashion clothing retailer. In 2012, Bloomberg noted that it had interviewed only three journalists. According to Bloomberg, Iman Seo Ortega, the founder of clothing retailer Zara, is the sixth richest person in the world. The 83-year-old Spaniard is valued at 62 62.9 billion with 970 stores in 76 markets around Europe, the Middle East, Africa, Asia, and South America. Ortega’s life really exemplifies the story of a wealthy man. She is the founder of Zara, the world’s largest fashion retailer. Ortega launched Zara in 1975 and by 2012 it had grown to 1,500 stores in 70 countries.
Born in 1936, he started delivering shirts at the age of 12 after leaving school because his family needed money. He learned how to make a dressing gown and lingerie with his first wife, Rosalia Meera, with whom he had two children. As his knowledge of the garment industry grew, so did his desire. This is the story of how Ortega missed the opportunity to start his own small clothing business, making it one of the most successful retail businesses in the world.
In 1963, Amancio Ortega recruited local women into a thousand different cooperatives and formed a company called Confectionations Goa, which sold their dressing gowns, home coats, and lingerie. Ortega’s siblings and soon-to-be wife Rosalia Meera also sewed some handicrafts in her home. In 1975, she and Rosalia opened a retail store in which they called Zara, which quickly spread to the Spanish glaciers. Zara attracted sales because she sold designer fashion at reasonable prices.
By the mid-1980s, Ortega had spread Zara throughout Spain. Over time, he incorporated the brand into a holding company called Inditex Group and bought 59.29% of the group’s shares, making it its largest shareholder. Inditex SA operates as Europe’s leading fashion retailer and includes brands including Massimo Dotti, Utrecht, Zara Home, Stradivarius, Brisca, Osho, and Pull & Bear.
To date, the Spanish-based company has more than 88,000 employees and operates more than 7,400 stores in 96 markets worldwide. In its nine-month interim report, which ended in October 2019, the company reported a gross profit of 11 11.5 billion, up 8% year-over-year.
The 1990s were the decade when Ortega amassed a fortune by acquiring the Mesimo Doti, Utrecht, and Stradivarius fashion designs, as well as the Pul & Beer and Brisca brands. Ortega distanced itself from competitors by restricting advertising, controlling most of its supply chain, and expanding as wide as possible. He chose prudently when investing in Index, which French fashion designer Louis Vuitton called “possibly the most innovative and destructive retailer in the world.” When the Spanish stock market sank, the index benefited, giving Ortega about € 41.3 billion.
By the end of 2010, Ortega had diversified its investments, owning premium offices and retail properties in major Spanish cities, parts of Europe, and the United States. There were three acquisitions in the epic accommodation and hotel in Miami, Florida. Torre Picasso Skyscraper in Madrid And a nine-story building in Madrid, which he bought for € 413 million. Ortega also acquired a 21.6% stake in La Coruna, an equestrian center in Lauren, Spain. In 2016, it made real estate investments in Madrid, London, Chicago, Barcelona, New York, and Miami.
Ortega doesn’t have its own office. He sat at a desk at his headquarters in A Correa to meet with his core designers and staff. Ortega is living a humble life. He avoids publicity, is a workaholic, and has gone on vacation for 25 years. He eats in the company cafeteria with his employees and goes to the same corner cafeteria every day. In fact, Ortega still has an office. Instead, he works from different design areas and factories. Ortega’s first interview was in 2000 when she promoted Zara. The only published photo of billionaires in 1999 was an old national identity.
His latest major real estate purchase came in late 2019. When he bought an office building in Seattle via Facebook, along with the “Troy Block” complex in the same city. Which is part of Amazon’s headquarters. million 720 million. He is among the famous fashion clothing retailer.
Ortega is very private. In 2012, Bloomberg noted that it had interviewed only three journalists. None of which was Zara’s products. He goes to the same coffee shop every day and eats lunch with his employees in the company’s cafeteria. Fashion clothing retailer follows him.
His immense wealth has allowed him to work with celebrities and royalties. The couple is now the king and queen of the country. Ortega resigned as chairman of Inditex, Zara’s owner in 2011. But he still owns 59% of the world’s fashion retailers. As well as other well-known fashion brands such as Massimo Dutti and Barshaka.