Amancio Ortega

Amancio Ortega founded the popular clothing brand Zara in 1975.

Amancio Ortega was born on March 28, 1936. He is a Spanish entrepreneur known for his work in the textile sector, particularly as the founder of Inditex, which includes the popular chain clothing store Zara.

On December 9, 1943, Amancio Ortega started his schooling. Education plays a crucial role in shaping individuals, and this event marked a significant step in Ortega's personal and professional development.

In 1949, at the age of 13, Amancio Ortega began working as an assistant to a luxury shirtmaker in La Coruña, where he learned the art of making clothes by hand. Over the next 14 years, he gained experience in various aspects of the business.

Amancio Ortega's decision to drop out of school was triggered by a traumatic incident where he witnessed his mother being humiliated while pleading for credit to buy groceries. This event marked the beginning of his successful retail career.

In 1963, the Spanish entrepreneur founded the company Confecciones GOA, SA, which specialized in manufacturing bathrobes. The business experienced steady growth over the next decade, expanding its distribution to various European countries.

In 1966, Amancio Ortega got married in Spain.

In 1972, Amancio Ortega established Confecciones Goa in Spain.

In 1975, Amancio Ortega developed the business model that would later be known as fast fashion, which revolutionized the retail fashion industry. This innovation played a significant role in his journey to becoming one of the world's richest individuals.

In 1977, Amancio Ortega established company headquarters and Zara's first garment factories on the outskirts of La Coruña, marking a significant milestone in the expansion of the business.

By 1983, there were nine Zara stores in shopping districts across cities in Spain, showcasing the rapid growth and popularity of the brand within the country.

In 1984, the company's first logistics center opened in the central hub outside La Coruña, enhancing the operational efficiency of Zara's supply chain.

Amancio Ortega founded Inditex Group in 1985, which has become a leading fashion retail company with popular brands like Zara, Massimo Dutti, Pull & Bear, Bershka, and Stradivarius.

In 1986, Amancio Ortega went through a divorce in Spain.

In 1988, the store in Oporto, Portugal, began its international expansion, leading to significant growth in Europe, America, Asia, the Middle East, and North Africa in the early 90s.

In 1989, Zara expanded its presence to the United States with the opening of a store in New York, tapping into one of the world's leading fashion markets.

Zara continued its international expansion by opening a store in Paris in 1990, establishing a foothold in the fashion capital of the world.

In 1991, Amancio Ortega expanded Inditex's retail portfolio by launching Pull&Bear and acquiring 65% of Massimo Dutti. This marked a significant diversification beyond the flagship Zara format.

In 1992, Zara entered the Mexican market with the opening of a store in Mexico City, expanding its presence in North America.

Inditex establishes Lefties to sell Zara clothes, expanding its presence into Mexico, Greece, Belgium, Sweden, Malta, Cyprus, Norway, and Israel in subsequent years.

In 1994, Zara expanded its presence in Europe by opening stores in Belgium and Sweden, further solidifying its position in the continent's fashion retail market.

In 1995, the company acquired Massimo Dutti, adding to its portfolio of brands.

In 1998, Amancio Ortega introduced Bershka, a new retail format targeting the young female market. This further expanded Inditex's presence in the fashion industry.

In 1999, Amancio Ortega's company, Inditex, acquired Stradivarius, a popular youth fashion chain, as part of its aggressive retail expansion and acquisition program.

Amancio Ortega made his first public appearance in 2000, ahead of the Inditex IPO, which was a significant event as he usually maintains a very private life.

In 2001, Amancio Ortega decided to take his family-owned business, Inditex, public by listing it on the Madrid Stock Exchange. The IPO was valued at €9 billion, making it one of the most successful IPOs of the year. Ortega's sale of over 20% of his stake in the company resulted in him becoming the wealthiest man in Spain with a fortune exceeding €4.6 billion.

In 2003, Inditex, led by Amancio Ortega, introduced Zara Home, its first venture into the home furnishings market, expanding its business beyond apparel.

In 2005, Castellano resigns from his position as CEO to concentrate on overseeing expansion plans. He is replaced by Pablo Isla.

In 2006, Zara experiences significant growth and achieves record sales by opening over 200 stores. Inditex, the parent company, is honored with the Wharton Infosys Business Transformation Award for its effective use of technology in the manufacturing process.

Zara Home introduces Inditex Group's inaugural online store in 2007. Additionally, two new logistics centers are established in Meco and Onzonilla.

In 2008, Inditex, the company founded by Amancio Ortega, became the world's largest fashion retailer with control over 4,000 stores in 70 countries.

In 2009, Zara became part of the Inditex group, owned by Amancio Ortega, which included various other brands and over 6,000 stores.

In December 9, 2011, Amancio Ortega resigned from the presidency of the Inditex group, as announced to the workers through a letter.

In 2012, Amancio Ortega donated €20 million to Cáritas, an international Roman Catholic charity, to provide food, medicine, housing, and school supplies to Spain's neediest people.

On October 23, 2015, Amancio Ortega overtook Bill Gates to become the world's richest person.

On December 9, 2015, Amancio Ortega became the richest person in the world, surpassing Bill Gates in wealth.

On August 29, 2017, Amancio Ortega briefly surpassed Bill Gates to become the world's richest person, only to drop back to the second spot later.

In February 23, 2018, Zara co-founder Amancio Ortega's fortune fell by $4.3 billion in one day due to forecasted sales slowdown.

In December 2019, Pontegadea purchased a 5% stake in the energy company Enagás for 281.64 million euros.

In July 2020, it was revealed that Amancio Ortega's property holdings, through his investment company Pontegadea, were worth $17.2 billion.

In July 2021, Pontegadea acquired 5% of Red Eléctrica and 12% of Redes Energéticas Nacionais, which are operators of the Spanish and Portuguese electricity grids respectively.