Amancio Ortega, the world’s third-richest man, widened his lead over billionaire fast-fashion rivals Stefan Persson and Tadashi Yanai last week, as strong performance from his Inditex SA gave further rise to a fortune that has risen more than 57 percent since March 2012.
- Age: 77
- Source of Wealth: Zara, self-made
- Country of Citizenship: Spain
- Marital Status: Married
- Children: 3
- He stepped down as chairman of Inditex, best known for its Zara brand, in 2011, but still owns nearly 60% of its shares, which soared 50% year-over-year on record profits.
- Ortega also has a real estate portfolio, much of it acquired at bargain prices during the financial downturn, estimated to be worth more than $4 billion. Among his properties: the iconic Torre Picasso, a 43-story skyscraper in Madrid (Google is a tenant), which he purchased from billionaire Esther Koplowitz in 2011. He also owns buildings in Madrid, London, Chicago, San Francisco and New York.
Ortega, 77, has a net worth of $61.1 billion, according to the index, a rise from $38.8 billion in March 2012 and up 6 percent in 2013. Sweden’s Persson is the world’s 16th-richest person with $29.7 billion, up 21 percent this year. Yanai is ranked 41st with $18.4 billion, a 46 percent increase.
“Inditex has managed to outdo rivals such as H&M and Fast Retailing in Ebitda because it’s better at readjusting its different brands and launching new ones,” Francisco Salvador, a Madrid-based strategist at FGA/MG Valores, said in a phone interview. “Zara is both cheap and cool. A top model or even a princess may regularly buy at Prada, but they would also be proud of wearing and showing off Zara clothes. They will probably never acknowledge wearing H&M or Uniqlo, though.”
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