Monday 18 December 2017

Zara founder to receive €1.26bn payout after bumper year for fashion chain

The Spaniard's net worth stands at $72bn
The Spaniard's net worth stands at $72bn

Ravender Sembhy

The man behind fashion chain Zara is to receive a €1.26bn payout after another bumper year of sales.

Amancio Ortega has been awarded the cash as part of his share of an overall €1.9bn dividend paid out by the retailer's parent firm Inditex.

Mr Ortega owns nearly 60pc of the group and the Spanish retailer has ramped up its dividend 13.3pc to 0.68 euros per share.

The payout means Mr Ortega, one of the world's wealthiest men, has pocketed more than €6bn since 2010.

According to Forbes' billionaire league table, the Spaniard's net worth stands at $72bn, ranking him in fourth place behind Jeff Bezos, Warren Buffett and Bill Gates.

Inditex, the world's biggest clothing retailer and also the owner of Massimo Dutti and Bershka, saw like for likes sales rise 10% in the year to January 31, with net revenue climbing 12pc to €23.3bn.

Net income rose 10pc to hit €3.2bn.

Inditex chief executive Pablo Isla said: "These are a positive set of results against a backdrop of strong prior-year performance.

"This is a direct result of the commitment, spirit and ambition of all the professionals comprising the group, their dedication to the company, passion for fashion and focus on sustainability".

The group now operates 7,292 stores in 93 markets.

Press Association

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