The daughter of Inditex’s founders has declared a 5% ownership stake in the multi-billion dollar Spanish fashion company, best known for its retail chain Zara.
Sandra Ortega owns the stake through holding vehicle Rosp Corunna, which she inherited following her mother’s death from a stroke last year.
Ortega’s parents, Rosalia Mera and Amancio Ortega founded Zara, their flagship brand, in their home in 1975. Last year it had annual revenues of €16.7 billion and includes brands such as Bershka, Massimo Dutti and Pull and Bear.
Only a fifth of group sales come from Inditex’s struggling home market, and aggressive international expansion, especially in Asia, has helped it to weather the worst of the Spanish recession.
Ortega has declared a holding of 157.47 million shares. At market close on Wednesday, her stake was worth €3.4 billion.
The fashion empire is Spain’s second largest family business. Santander, where fourth-gen Ana Botin was recently appointed chair, is the largest family business with revenues of €39.8 billion.
Ortega does not play an active role in Inditex, but her father is a member of the board.
Her half sister, Marta, on her father’s side, is vice president at two Inditex holding companies, Gartler and Partler, which together control almost 60% of stock. They account for Amancio’s stake and make him one of the richest men in the world, worth $58.4 billion, according to Forbes.
A third sibling, Marco, was born with a severe disability, which was the impetus behind the family’s Fundacion Paideia Galiza. The charitable organisation aims to better integrate people with disabilities into society and Ortega is vice president.