An announcement about the daughter of Zara’s billionaire founder caused stock bloodshed this week — but there’s one important detail we all missed.
When the billionaire founder of Zara announced that his daughter would be heading the fashion empire, it shocked the industry.
Amancio Ortega founded Zara in 1975 and is now the richest man in Spain – and the 11th richest person on the planet – with a net worth of $78.9 billion.
The 85-year-old controls nearly 60 percent of Inditex’s shares and Inditex’s stock peaked in 2015, when his vast fortunes were overtaken by Bill Gates and Warren Buffett.
This week, parent company Inditex – which includes Zara as well as the Massimo Dutee, Pull & Bear, Bershka and Stradivarius brands – made a big bang, revealing that Mr. Ortega’s glamorous daughter Marta will take over as chairman from April 2022. .
Starting as a shop assistant at 23, despite working for the family business for 15 years, the 37-year-old has never been a member of the board she will lead in just a few months.
Although the appointment was made by Inditex as part of its “generational handover process”, and was made with the blessings of Amancio Ortega and current chairman Pablo Isla, to say that investors were intimidated by the rogue announcement was an understatement.
Within hours, Inditex shares fell an astonishing 6 percent, wiping away more than $3 billion from Amancio Ortega’s assets.
Experts were quick to weigh in, with the calls described by insiders as “moving backward”, “bad news for Inditex” and “moderately negative”.
And it’s easy to see why he took such a pessimistic view.
Mr Isla, who himself took over from Ortega after retiring in 2011 – although he has been heavily involved in the business since – has overseen the massive expansion.
He is celebrated for making Inditex a €88 billion company with nearly 7000 stores worldwide, and for ensuring it not only survived and thrived despite the devastating COVID pandemic, which has crushed countless competitors.
However, there is one important detail that has so far been overlooked by the negative speculation surrounding Ms. Ortega’s promotion – her potential and success, described as Zara’s “secret weapon” as recently as August .
‘Secrets of Zara’s Success’
that month, NS wall street journal published a rare, exclusive interview with the socialite, introducing her as the brand’s secret weapon and revealing her ambitious plans for Zara’s future.
While she remained silent about her emerging executive role, the publication detailed how the mother-in-law was almost single-handedly responsible for Zara’s dedicated work on Zara’s brand image in recent years. Unicorn-like ability to mix high fashion with attainable prices.
Feature-wise, Ms. Ortega Perez has managed to solidify Zara’s reputation as a go-to for the budget-conscious, looking for cutting-edge style and quality.
,[Marta] Independent creative director Fabian Baron told the publication, “Like the underlying voice of the brand.”
“She brings a layer of sophistication to Zara that Zara probably didn’t have before…. Her father built a business, and [Marta] Building a community that will help take the company to another level.”
And in a more recent feature in the UK WireThe young mother employs “big-name photographers” to shoot supermodels, employing “commercially savvy decisions such as placing stores on streets dominated by designer boutiques” to differentiate Zara’s image from that of its high street competitors. and was credited with launching Zara’s “more high-end”. SRPLS Line”.
In other words, Ms. Ortega Perez has helped grow Zara to where it is today – and based on that impressive track record, the company should be in capable hands.
The glamorous life of the Zara heiress
Marta Ortega is the third child of Pérez Amancio Ortega, and the only child with his second wife, Flora Pérez.
The 85-year-old also has a daughter, Sandra, and son, Marcos, the late Rosalia Mera from his first marriage, though neither of them is involved in the company.
Educated at a Swiss boarding school, where she excelled at horse riding, a passion she took up in adulthood, Ms. Ortega Pérez also traced her love for fashion to a Zara shoot with supermodel Kate Moss as a teenager. ran away.
She went on to study business management in London, and her first role was that of a humble shop assistant at Bershka on King’s Road, London – a former favorite haunt of Kate Middleton.
“The first week, I thought I wouldn’t survive,” she added NS wall street journal Her first fashion gig.
“But then you get addicted to the shop. Some people never want to leave. It’s the heart of the company.”
She’s a regular fixture at the front lines of fashion shows, walking side-by-side with fashion icons like Anna Wintour and Diane von Furstenberg.
In 2018, she married second husband, Carlos Torreta, who works in the public relations department of Inditex, in a lavish ceremony that was featured in the pages of the Society of Europe’s glossy magazines.
Ms Ortega has a son with her ex-husband Sergio Alvarez Moya, and they welcomed their first child, daughter Matilda, with Mr Toretta in 2020.