Isak Andic, founder of fashion chain Mango, dies in accident

Isak Andric (Pic: AFP)

Isak Andic, the founder of Spanish fashion retail giant Mango, died on Saturday in an accident, the company revealed.

While they did not provide further details on the cause of death, Spanish media reports stated the 71-year-old died after falling down a ravine while hiking in the mountains near Barcelona with several family members, AFP reported.

"It is with deep regret that we announce the unexpected death of Isak Andic, our non-executive chairman and founder of Mango," Mango CEO, Toni Ruiz, said in a statement.

"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," he added.

About Isac Andic

According to Forbes, Andic was one of Spain's richest men, with the estimated net worth of the family being $4.5 billion.

Born in 1953 in Istanbul, Andic moved to Barcelona with his family when he was 14. He opened his first shop on the Paseo de Gracia, Barcelona's famous shopping street in 1984 with the help of his older brother Nahman.

Andic quickly opened dozens of more stores in Spain and then abroad, starting in neighbouring Portugal and France, all under the name Mango.

Mango is one of Europe's largest fashion groups, with nearly 2,800 stores worldwide. Andic laid the foundation of the clothing chain and was instrumental in driving it to the success it enjoys today. At the time of death, Andic was serving as the non-executive chairman of the group.

(With inputs from AFP)