Isak Andic, the founder of Spanish clothing retailer Mango, one of Europe's largest fashion groups with around 2,800 stores worldwide, died on Saturday in an accident, the company announced.
While the company did not provide further details, Spanish media reported that Turkish-born Spanish billionaire, 71, died after falling while hiking with several family members near Barcelona in the Saltpeter Caves of Collbató.
"It is with deep sadness that we announce the sudden passing of Isaac Indic, non-executive chairman and founder of Mango," Toni Ruiz, chief executive of the Barcelona-based company, said in a statement. "Isaac was an example to all of us. He dedicated his life to Mango, leaving an indelible mark thanks to his strategic vision, inspiring leadership and unwavering commitment to the values he instilled in our company."
Born in Istanbul to a Sephardic Jewish family, Andic moved with his family to Barcelona in northeastern Spain when he was 14. He opened his first store on Paseo de Gracia, Barcelona’s most famous shopping street, in 1984 with the help of his older brother Nachman. The store became a huge success.
Spain had just emerged from a decades-long dictatorship that ended with the death of General Francisco Franco in 1975, and consumers were desperate for modern clothing.
“He saw that people needed colour and style,” Cesar de Vicente, the company’s global retail director, told AFP in an interview in March 2024.
Andic quickly opened several more stores in Spain, then expanded abroad, starting with Portugal and France, all under the Mango name.
The company has established itself as one of the world’s leading fashion groups, with a presence in more than 120 markets worldwide and 15,500 employees, according to its website, and ended 2023 with revenues of €3.1 billion.
Like its main domestic rival Inditex, the world’s largest fashion retailer and owner of the famous Zara brand, Mango is looking to quickly adapt its production to meet the latest fashion trends while offering reasonable prices.
Mango has only one brand and no factory, outsourcing its production mainly to lower-cost Turkey and Asia.
“Inditex realized that having the same name and brand in all its stores would contribute to strengthening the concept even more,” said De Vicente.
The media-shy entrepreneur was one of Spain’s richest men, with Forbes estimating his and his family’s fortune at $4.5 billion.
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