Billionaire founder of fashion chain Mango Isak Andic dies in accident

Posted by Admin December 14, 2024 Fashion

The billionaire founder of fashion chain Mango Isak Andic has died in a mountain accident today, according to police.

The 71-year-old businessman reportedly slipped and fell from a 150-metre cliff while hiking with relatives in the Monserrat caves near Barcelona, a police spokesperson said.

His family called the emergency services at about 12.30pm local time, Spanish newspaper El Pais reports.

A helicopter and an ambulance were dispatched but they confirmed his death upon arriving at the scene of the accident.

How did Isak Andic build his fashion company?

Isak Andic, who was non-executive chairman of Mango, was born in Istanbul, Turkey.

He moved with his family to Spain’s northeastern region of Catalonia in the 60s.

In 1984, he opened his first clothing store in Barcelona before taking his company international in 1992, according to Forbes.

Since opening its 1,000th store in 2007, Mango has grown further to have 2,100 stores in 110 countries.

Mango had a turnover of 3.1bn euros (£2.6bn) in 2023 with 33% of its business online.

Mr Andic was seen as a rival to Amancio Ortega, the owner of Inditex, the world’s largest fast-fashion retailer.

He was believed to be the richest man in Catalonia and one of the wealthiest in Spain as Forbes estimated his worth at $4.5bn (£3.6bn).

Spanish Prime Minister Pedro Sanchez expressed his condolences to Mr Andic’s family in a post on X and praised the businessman saying: “All my love and recognition for his great work and business vision, which has turned this Spanish firm into a world leader in fashion.”

Mango’s CEO Toni Ruiz said in a statement Mr Andic’s death was “unexpected”.

He paid tribute to Mango’s founder saying: “Isak has been an example for all of us. He has dedicated his life to the Mango project, leaving an indelible mark thanks to his strategic vision, his inspiring leadership and his unwavering commitment to values that he himself has instilled in our company.”

The statement on Mango’s website goes on to say: “His departure leaves a huge void but all of us are, in some way, his legacy and the testimony of his achievements.

“It is up to us, and this is the best tribute we can make to Isak and which we will fulfil, to ensure that Mango continues to be the project that Isak aspired to and of which he would feel proud.”

The president of Spain’s region of Catalonia, Salvador Illa Roca, said in post on X he was dismayed by the death of Mr Andic, who “contributed to making Catalonia great and projecting it to the world”.

He added Mr Andic “leaves an indelible mark on the Catalan and global fashion sector”.