Last Updated:December 15, 2024, 12:09 IST

Isak Andic, the founder of the global fast-fashion brand Mango, passed away at the age of 71 following a tragic hiking accident near Barcelona.

Isak Andic Net Worth: His wealth primarily stemmed from Mango, which he co-founded in 1984 with his brother Nahman Andic.

Isak Andic Net Worth: Isak Andic, the founder of the global fast-fashion brand Mango, passed away at the age of 71 following a tragic hiking accident near Barcelona. His death, announced by the company on Saturday, December 14, 2024, has sent ripples across the fashion and business communities. Known for his entrepreneurial vision, Andic transformed Mango from a small Spanish store into an international fashion powerhouse.

Isak Andic’s Net Worth

At the time of his death, Isak Andic’s net worth was estimated at $4.5 billion, according to Forbes. His wealth primarily stemmed from Mango, which he co-founded in 1984 with his brother Nahman Andic. The company operates 2,700 stores across 120 markets worldwide and achieved a record-breaking €3.1 billion ($3.2 billion) in sales in 2023. Beyond Mango, Andic held investments in Banco Sabadell, one of Spain’s leading banks, contributing further to his impressive financial portfolio.

Mango’s Global Success

Starting with a single store in Barcelona, Mango grew to become one of the world’s leading fashion retailers under Andic’s leadership. Known for its stylish yet affordable clothing, the brand thrives in over 120 markets and continues to expand, particularly in the United States, with plans to establish 65 stores there by 2025.

Tributes and Legacy

Spain’s Prime Minister Pedro Sánchez commemorated Andic’s contributions to the country’s business landscape, praising his vision and hard work. Despite his significant fortune and achievements, Andic was known for his low-profile lifestyle, focusing on innovation and sustainability within the fashion industry.

Isak Andic, the non-executive chairman and founder of Mango, passed away on Saturday. Toni Ruiz, the chief executive officer of the Spanish retailer, confirmed that the cause of death was an accident. Andic was 71 years old. Media reports indicate that Andic tragically fell nearly 500 feet in a cave in the Montserrat mountain range near Barcelona, Catalunya, Spain, during an excursion with his family.

Ruiz expressed his deep sorrow in a letter, stating, “Isak has been an example to all of us. He dedicated his life to the Mango project, leaving an indelible mark through his strategic vision, inspiring leadership, and unwavering commitment to values that he himself instilled in our company. His legacy reflects the achievements of a business venture marked by success, as well as his humanity, approachability, and the care and affection he always showed to the entire organisation.”
Andic founded Mango in 1984, a company offering menswear, womenswear, childrenswear, and a home collection. The first store was located on Paseo de Gracia in Barcelona, Mango’s hometown. In 1992, the brand began expanding internationally with the opening of two stores in Portugal.
“His passing leaves a huge void, but we all, in some way, are his legacy and the testimony of his accomplishments. It is our responsibility, and the best tribute we can pay to Isak, to ensure that Mango remains the project Isak envisioned and one he would be proud of. In these extremely difficult times, we share the family’s grief as our own,” concluded Ruiz.
Marta Ortega Perez, chair of Zara’s parent company Inditex, expressed her condolences, saying, “This is such tragic news for all those who were lucky enough to know Isak Andic. It is also a huge loss for the Spanish business world and the global fashion sector – in both worlds his contribution has defined an era. Sending my deepest condolences to his family, friends, and everyone who is part of the great company he created and which we at Inditex admire so much.”

On X, Spanish Prime Minister Pedro Sánchez praised Andic’s “great work and business vision, which transformed his Spanish brand into a global point of reference in fashion.”
Born in Istanbul, Turkey, in 1953, Andic’s family emigrated to Barcelona in 1969. Andic’s success in building an international giant is evident, with Mango reporting a turnover of more than 3.1 billion euros in 2023, a 15 percent increase from 2022. Net profit more than doubled to 172 million euros. Earlier this year, Mango unveiled a new, two-year strategic plan called 4E.
The goal is to achieve sales exceeding 4 billion euros by 2026. The company plans to reach this target by opening more than 500 new stores and elevating the brand’s value.
Mango currently employs over 15,500 people and operates around 2,800 stores in more than 120 markets worldwide. The brand’s online activity is significant, and international business accounts for nearly 80 percent of its turnover.
In April, Mango launched a high-profile collaboration with Victoria Beckham, which featured a collection of tailoring, slip dresses, knitwear, and accessories designed in a muted palette of summery “island” colours.