18 Jul '11, 1pm

Zara founder to hand over running of Inditex empire

Zara founder to hand over running of Inditex empire

MADRID : From his workship in the rugged northwestern region of Galicia, Amancio Ortega has conquered the world. But he is something of an enigma. A billionaire thanks to his Inditex retail empire, including its flagship Zara brand, on Tuesday he will pass the torch on to his number two, but as always with complete discretion. The son of a railwayman, Ortega, 75, is the richest person in Spain and seventh in the world according to Forbes magazine, with a fortune estimated at US$31 billion (22 billion euros). His humble origins meant he left school at 13, to work as a salesman in a shirt store in the city of La Coruna. Just four years later, he set up his own business, initially handling wholesales. He opened his first Zara boutique in 1975, in La Coruna. More followed, and he expanded into Portugal in 1988, the United States in 1989, France in 1990. But Spanish media have ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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