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Zara founder to obtain €1.26bn payout

by LLB Reporter
15th Mar 17 3:46 pm

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Amancio Ortega, the founder and biggest shareholder of Spain’s Inditex, owner of the Zara fashion chain is set to receive a payout of €1.26bn (£1.1bn) in dividends.

This is due to record sales at the company.

Inditex is the world’s largest clothing retailer, it said it would pay shareholders a dividend of €0.68 per share. This is up 13.3 per cent year on year, this means the total Ortega managed to rally up was more than €6bn since 2010.

Ortega owns almost 60 per cent of Inditex through two separate companies, these are Pontegadea Inversiones and Partler.

According to Forbes World’s Billionaires ranking, Ortega comes in as the fourth richest person and the wealthiest in Europe.

In 2016, Inditex reported a 10 per cent hike in same-store sales. This came after the firm invested money into its warehouses, technology, new stores and online expansion.

Net profits also rose by 10 per cent to €3.2bn, total sale rose to €23.3bn.

Pablo Isla, the chairman and chief executive of Inditex, said: “These are a positive set of results against a backdrop of strong prior-year performance. This is a direct result of the commitment, spirit and ambition of all the professionals comprising the group, their dedication to the company, passion for fashion and focus on sustainability.”

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