Simultaneously with Inditex, mango prepares his own generation change. The textile company includes the three children of its founder, Isak Andic, to the board of their holding company, from which they control 100% of the company’s assets. Additionally, Mango has announced some changes to its governing bodies in the coming months.
In addition to owning Mango, Isak Andic’s holding company, tip wellhas a significant portfolio of real estate assets around the world valued at around 1.2 billion euros. Without a doubt, one of the most important assets of Spain, which is now facing a generational change.
Andic’s Firstborn, Jonathan Andic, is the most recognizable face among Mango’s heirs for his work at the helm of the company’s menswear division. He also temporarily held the executive vice-presidency of the company with Dani López before Mango began professionalizing management with the appointment of Toni Ruiz as CEO.
Jonathan Andic will share the baton at the Punta Na property with his two sisters, Judith and Sarah. Despite the age difference between the two (they are 39 and 24 respectively), both have experience in the fashion industry and will be important assets in Mango’s future management.
Founded in 1984 by Isak Andic, Mango has managed to grow into a large multinational in the fashion industry. The company, headquartered in the province of Barcelona, has more than 15,000 employees all over the world, distributed more than 2,700 branches in 105 countries.
Although there is no official data yet, Mango’s forecasts for mid-2021 should surpass its €21 million revenue from 2019, the year before the pandemic. The key to growing the business is through the channel on-linewhich account for 46% of sales the company.
With these results Mango’s valuation exceeds $800 millioncorresponding the kantar brand z ranking. This number, which will be added to Isak Andic’s real estate portfolio, will be made available to his three heirs an inheritance of 1,600 million euros. Undoubtedly a great fortune to manage.
The big entrepreneurs are beginning to take over from the new generations
Mango’s change at the helm is another example of a trend gaining traction among big Spanish entrepreneurs. It’s a generational shift that gives the heirs, who are theoretically better prepared than their parents, an opportunity to make their mark in the national entrepreneurial ecosystem.
The clearest case is Martha Ortega, the youngest daughter of the Inditex founder, who will succeed Pablo Isla next April and serve as president of the textile giant. One of the biggest challenges Ortega will find is strengthening the channel on-line and restructuring some of its brands will be key.
In addition to Mango and Inditex, other large Spanish companies are also starting to think about an inevitable generational change given the age of their founders. We could be included in this group Juan RoigOwner of Mercadona, but also to other well-known businessmen, such as e.g Pepe HidalgoFounder of Air Europa and Globalia.