Mango clothing chain founder Isak Andic dies in mountain accident | Business and Economy News

The 71-year-old businessman slipped and fell from a cliff while hiking with relatives near Barcelona, Spain.

Isak Andic, the founder and owner of Mango, Spanish clothing retailer with nearly 2,800 stores worldwide, has died in a mountain accident, according to the company and police.

The 71-year-old businessman slipped and fell more than 100 metres (328 feet) from a cliff while hiking with relatives in the Montserrat caves near Barcelona on Saturday, a police spokesperson said.

“It is with deep regret that we announce the unexpected death of Isak Andic, our non-executive chairman and founder of Mango,” the Barcelona-based company’s CEO, Toni Ruiz, said in a statement.

“Isak has been an example for all of us. He dedicated his life to Mango, leaving an indelible mark thanks to his strategic vision, his inspiring leadership and his unwavering commitment to values that he himself imbued in our company,” he added.

Born in Turkiye’s Istanbul, Andic moved with his family to the northeastern Spanish region of Catalonia in the 1960s and founded Mango in 1984.

He was worth $4.5bn, according to Forbes.

The company has consolidated its position as one of the leading international fashion groups, with a significant presence in more than 120 markets and 15,500 employees worldwide, according to its website.

The company closed 2023 with a turnover of 3.1 billion euros ($3.26bn).

‘Leaves indelible mark’

The head of the regional government of Catalonia, Salvador Illa, hailed Andic as “a committed businessman who, with his leadership, has contributed to making Catalonia great and projecting it to the world”.

“He leaves an indelible mark on the Catalan and global fashion sector,” he added in a post on social network X, offering his condolences.

Like its main domestic rival Inditex, the world’s biggest fashion retailer and owner of the popular Zara brand, Mango strives to quickly adjust its production to the latest fashion trends while offering affordable prices.

Mango has just a single brand and it does not own any factory, outsourcing its production mainly to lower-cost Turkiye and Asia.