Amancio Ortega is a Spanish entrepreneur and comes under the sixth richest person in the world according to the Forbes 2019. The full name of Ortega is Amancio Ortega Gaona who was born on 28 March 1936 in Busdongo de Arbas, Leon Spain which was a small Spanish locality. They are four siblings and Ortega was a young one.
Childhood life of Amancio Ortega
He belongs to a very poor family and his father was a railway line worker. After his father transfer his family was shifted to Coruna Spain. His father earning was not sufficient to fulfill the basic needs of the family. So also his mother stared working and due to financial issues, his mother often had to borrow from the local retailers & shopkeepers to feed his children.
One day a local shopkeeper insulted his mother and refuse to help and this deeply affected Ortega after that Amancio left the school at the age of 14 and found a job in a shirt maker company.
Working on a cloth shop
In the beginning, he was worked as a delivery boy and deliver the clothes to the local retailers & sellers also. He started to learn to make clothes by hand also he manage the customer in the shop. Later he became a Senior manager in that store.
In his free time he used to go to his sister’s house to make modifications in popular designs of the cloths leftover by shopkeepers to make new and cheaper clothes and sell that to the retail shop.
Also Read : Interesting Facts about Amancio Ortega
When he began to get good demand from the market in 1972. Ortega gathered the local women into different cooperative and formed a company called Confecciones Goa which provides the best environment to the women. And this company sold the dressing gowns and baby wears.
The initial investment for this company was about 25 dollars in 1963. Ortega siblings and his wife Rosalia Mera became partners in this venture. The work in Confecciones Goa was for other retailers they had no brands of their own.
Inditex and Zara
After gaining good experience in the field Ortega and Rosalia opened a retail store they called Zorba. The name of the store which based on the couple’s favorite movie, However, when they found the local liquor store also operating under the same name after that they changed the name to Zara. And quickly expanded to multiple stores across Spain. Zara attracted the sale because he sold designer fashionable clothes at reasonable prices. In time he incorporated with the clothing company named Inditex and bought 59.29% shares and became the largest shareholder of the company.
Ortega expanded his wealth by acquiring many brands and started various fashion designs. He limited advertising, controlled supply chain because Ortega believes in making good quality of cloths and develop as per the customer requirement also update the product or fashion every 2-3 weeks. And that’s the region he doesn’t believe in the advertising of his products.
Success of Inditex
The company spread to the United States of America, Europe, and other nations also. The Spain based company has hired more than 92,000 employees, operates more than 7000 stores, and reported earning is approx 22.7 billion dollars in January 2016.
The company’s success is attributed to the business model in which the customer gets the best product along with which includes design production, distribution, and sales through there extensive retail network.
By the end of 2000, Ortega owned premium office and retails properties in major cities Spain, Europe, and the United States. Moderation, focus, and hard work are the three reasons by which Amancio Ortega gets his success. Over the years Zara has to remain faithful for his values expressed simply in the same keywords that define his beauty, clarity, functionality, and sustainability.
In 1966, he married Rosalia Mera who was his business partner and divorced with Rosalia Mera in 1986. Mera died at the age of 69 in August 2013. And later on Ortega married in 2001 with Flora. Now he has three children Marta Ortega, Marcos Ortega Mera, and Daughter Sandra Ortega Mera. At present he lived in Coruna Spain with his wife Flora.
Ortega is a very simple kind of person also he doesn’t want to wear branded cloth and always wears his white shirt, gray trousers, and blue blazer. Also, he doesn’t want to publish any kind of photography in magazines and newspapers ever.
Lifestyle of Ortega
Ortega has an apartment in La Coruna, Spain also he has a farmhouse in Galicia, Spain, and also has goats and chicken at his country home. He also purchased the Picasso tower for 536 million dollars moreover Cepsa tower for 551 million dollars. Ortega also purchased Devonshire House for 523 million dollars and an entire block on Miami Beach, FL for 370 million dollars.
Amancio has a car Audi A8 which he bought in 90,000 dollars. He has his private jet Bombardier BD-700-1A10 for 50 million dollars on 21 November 2001. The jet has seats of 18 passengers along with 4 executives. Moreover he had Valoria yacht of 7 million dollars which length is 31.50 meters. He loves Horse riding owns a horse riding club in Galicia, Spain.
Net worth & donations
The current net worth of Amancio Ortega is 62,700,000,000 US dollars and he is the sixth richest person in the world according to Forbes 2019. He donates 11.6 million dollars as an education fund also 344 million dollars for providing cancer screening in public hospitals.
So this was the entire life of Amancio Ortega related to his life, success, childhood, Inditex and Zara, personal life, net worth, donation wife & family and lifestyle.