(Forbes) - The billionaire founder of Spanish fashion retailer Mango, Isak Andic, died at the weekend after a hiking accident near Barcelona, after the 71-year-old slipped and fell from a 500 ft cliff while hiking with relatives.
El País newspaper said Andic’s son was at the scene of the accident, in the Montserrat caves near Barcelona, and law enforcement was called at about 1pm local time.
Mango chief executive Toni Ruiz said in an official statement posted on the retailer's website: “It is with deep regret that we announce the unexpected death of Isak Andic, our non-executive chairman and founder of Mango, in an accident that occurred this Saturday.
“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.
“His departure leaves a huge void but all of us are, in some way, his legacy and the testimony of his achievements. It is up to us, and this is the best tribute we can make to Isak and which we will fulfil, to ensure that Mango continues to be the project that Isak aspired to and of which he would feel proud.
Isak Andic Mango Launch
Andic opened the first Mango store in the city in 1984 and his family net worth was estimated at $4.5 billion upon his death. He was non-executive chairman of the company when he died.
Andic was born in Istanbul, Turkey and moved to Spain at 13-years-old with his family to the Catalonia region in the 1960s. While at Barcelona’s American high school he started selling T-shirts to fellow students and subsequently started a wholesale business, selling apparel in Barcelona’s Balmes Street market, before opening a store.
Mango recorded record sales of $3.39 billion in 2023 and recently committed to further expansion in the U.S. as the company pledged to open around 500 stores globally by 2026. Online turnover also soared to approximately $1.1 billion, its highest yet, which accounted for around a third of the group’s total revenues.
Last month it said that it had achieved its U.S. expansion plan goal for 2024 "ahead of time" and that it plans to exceed its target by the end of the year. With the opening of a store El Paso, Texas, the company has reached 40 owned stores in the U.S. and plans to open two more, thus reaching 42 own stores at the close of 2024.
In 2025, Mango plans to further increase its presence in the country with more than 20 new stores, resulting in around 65 company owned stores. Mango also expects to double its workforce to more than 1,200 employees across the U.S. by 2025.
Mango U.S. Expansion
“This achievement represents a moment of pride for the entire Mango team and reaffirms our deep commitment to the U.S. market, a fundamental pillar in our global strategy,” Mango’s Director of Expansion and Franchising, Daniel López, said. “Reaching 40 owned stores is a testament to the hard work and dedication of our employees, as well as the positive reception of our differential value proposition by our customers in the U.S., a key market for us that is experiencing double digit growth.”
In 2025, Mango will target the Sun Belt and the northeast regions of the U.S., with new store including in Washington, Illinois and Nevada with stores in the Bellevue Square shopping center, Michigan Ave, Chicago, and Fashion Show Las Vegas shopping center. Mango also plans to open stores for the first time in Connecticut, Arizona, Ohio, Oregon and Louisiana. In addition, the company will increase its presence in California, with focus on the San Francisco area, and in Texas with a store in Houston Galleria.
In October, the Spanish retailer opened a flagship store in Downtown Washington D.C.
All of the store openings will incorporate its Mediterranean-inspired New Med store concept, which conceives the Mango store as a Mediterranean style house, but now against the backdrop of the tragic loss of Isak Andic.
By Mark Faithfull
December 16,2024
