Zara founder moves majority stake in parent company to ensure long term family ownership
Main page News, European Union

Zara founder and multi-billionaire Amancio Ortega has moved a majority stake in the firm that owns the global clothing retailer into a holding company to ensure the firm remains in his family after his death.

The 81-year-old moved 50.01 percent of Zara's parent company Inditex into Pontegadea Investments in December 2015, Reuters reports citing corporate filings in Spain's Mercantile Registry.

Ortega also moved more than $6.5 billion in commercial real estate into the holding company.

His heirs now stand to inherit stakes in Pontegadea, which holds assets worth more than $60 billion.

A source told Reuters "the absolute priority for Ortega is to guarantee the future of the company, to ensure a controlling stake in Inditex that will not be diluted".

Amancio Ortega is the richest person in Europe and the fourth richest in the world with a net worth of $74.1 billion, according to Bloomberg.

Over the past 40 years he has grown his retail empire from a single Zara store in his hometown of La Coruna to a global clothing group with more than 7000 stores and 150,000 employees.

A spokesman for Pontegadea declined to comment and an Inditex spokesman said the company did not comment on matters related to its shareholders.

Reuters

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