Amancio Ortega Unknown Facts:Īmancio Ortega met Flora Pérez while working at a clothing store in La Coruña, Spain. Low wages and long hours are alleged to be the norm in these countries for workers. Labor Rights: Inditex, founded by Amancio Ortega, has been accused by critics of exploiting its workers in Bangladesh and China. He set up a complex network of offshore companies in the British Virgin Islands to avoid paying taxes in Spain, it was revealed in 2011. Amancio Ortega Controversies: Tax Avoidance: Amancio Ortega is accused of minimizing his tax bill by using tax havens. Approximately €20 million was donated to Caritas Internationalis by Ortega in 2012. 2011: Amancio Ortega said he would ask Inditex vice-president and CEO Pablo Isla to succeed him as CEO of Zara's parent company, Inditex. He continued to serve as chairman of the company, however. 2007: Amancio Ortega stepped down as Inditex's CEO, and Pablo Isla were appointed to replace him. Spanish history was made when the company raised more than $2 billion in its initial public offering. 2001: Amancio Ortega became the richest man in the world after Inditex went public. With this move, Inditex began a global expansion that would open stores in more than 90 countries. 1988: The company expanded internationally, opening its first store outside Spain in Oporto, Portugal. As the company's first store, Zara opened in Spain, offering trendy fashion at affordable prices. 1985: Amancio Ortega founded Inditex, his most significant business venture. A factory and a network of local stores were added to the company within a short time. 1975: Amancio Ortega founded the Zara store, a company that made quilted bathrobes with his wife, Rosalía Mera. Amancio Ortega Career: 1963: Amancio Ortega initially worked as a delivery boy for a clothing store in Galicia, Spain, where he acquired invaluable fashion knowledge. However, over $70 billion is estimated to be his net worth as of 2021. As one of the most influential people in the fashion industry, Ortega is known for his low-profile and modest lifestyle. His career in the fashion industry began as a delivery boy for a local clothing store and grew into one of the world's wealthiest men. He founded the Inditex fashion group and included popular brands such as Zara, Massimo Dutti, and Pull & Bear. Ortega was born on March 28th, 1936, and became a billionaire businessman within a few years.
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