MADRID — Isak
Andic, the founder of the global fashion chain Mango, passed away after falling
off a cliff in Spain, the company announced.
The 71-year-old billionaire reportedly slipped and fell 150
metres while walking with his wife and son in the Salitre de Collbato caves,
close to Barcelona, at around 13.00 local time (1200 GMT).
"It is with deep regret that we announce the unexpected
death of Isak Andic, our non-executive chairman and founder of Mango, in an
accident that occurred this Saturday," said Mango Chief Executive Toni
Ruiz in a statement, Xinhua news agency reported.
Ruiz praised Andic's lifelong dedication to Mango, saying
that his departure 'leaves a huge void'.
Spain Prime Minister Pedro Sánchez paid tribute to Andic on
social media, lauding his “hard work and business vision that transformed a
Spanish brand into a global fashion leader.”
Born in Istanbul, Isak Andic immigrated to Spain from Turkey
at the age of 13. He began his career by selling T-shirts to classmates which
culminated in the establishment of Mango's first store in Barcelona in 1984.
At the time of his death, Andic had an estimated net worth
of $4.5 billion, according to Forbes.
Andic, who relocated to Catalonia from Turkey with his
family during the 1960s, established Mango in 1984, transforming it into one of
the most prominent fashion brands globally. Under his guidance, Mango
experienced swift expansion, initially launching stores throughout Spain and
subsequently extending its reach internationally, starting with Portugal and
France.
Mango operates 2,700 retail locations across 120 markets
globally. In 2023, the company achieved a record sales figure of 3.1 billion
euros (approximately $3.2 billion). Currently, it is in the process of
expanding its presence in the US, with plans to establish 65 stores by the
conclusion of 2025.
