• Home
  • News
  • Business
  • Zara ́s founder richer than ever: Ortega ́s fortune over 60 billion's mark

Zara ́s founder richer than ever: Ortega ́s fortune over 60 billion's mark

By Angela Gonzalez-Rodriguez

loading...

Scroll down to read more

Amancio Ortega, founder of the Zara clothing store chain, reached a new financial milestone when his fortune moved past the 60 billion euros mark for the first time on Monday, reported the Spanish journal ‘El País’.

Despite having lost one position in this year’s world’s billionaires’ ranking, Spain’s wealthiest man is richer than ever thanks to the rising share price of Inditex. Ortega still holds a 59.29 percent of the textile empire he created in 1985.

It is noteworthy that Zara´s parent group´s stock was trading at a historic high of 28.81 euros on Monday.This raised his fortune from an estimated 59.55 billion euros on Friday to 60.75 billion euros on Monday, according to Bloomberg.

The Monday upsurge reflects investor optimism ahead of the company’s corporate earnings report, due out on Wednesday.

The company's 2014 net profit rose 5 percent to 2.5 billion euros and like-for-like sales rose 5 percent, while overall sales rose 8 percent to 18.12 billion euros, meeting market expectations.

Inditex
Zara