Amancio Ortega steps down from legal role in 53 Inditex subsidiaries

Amancio Ortega has given up his status as attorney-in-fact in up to 52 subsidiaries of the Inditex Group, according to documents filed with the Bulletin of the Mercantile Registry of A Coruña.

The founder and majority shareholder of the fashion empire, with a 59.29% stake equivalent to 1.84 billion shares, has ceased to be listed as a legal representative of Bershka, Lefties, Oysho, Pull & Bear, Stradivarius, Tempe Design, Zara Home Logistica, Zara Diseño, Massimo Dutti and others. He was an attorney-in-fact of 53 Inditex companies.

According to sources familiar with the matter, this was purely an administrative measure with no impact on the group’s companies, reported Europa Press. Amancio Ortega handed the group’s executive leadership to Pablo Isla in 2011.

The founder of Inditex is the richest man in Spain and one of the wealthiest in the world, worth 70 billion euros. His wealth is equivalent to the combined wealth of the next 51 millionaires in the list, according to Forbes Spain.
The fashion tycoon paid himself a hefty dividend in November, increasing the total amount of money he has received from the company by 1.256 billion euros in 2017.

His departure from the group’s subsidiaries comes after Inditex revealed a net profit of 2.341 billion euros for the first nine months of its financial year (from February 1 to October 31), which represents an increase of 6% on the same period the previous year.

Sales reached 17.96 billion euros, up 10% on the same period last year, when they grew by 11%, while EBITDA was up 6% to 3.81 billion euros.

Meanwhile, store and online sales between November 1 and December 11 increased by 13% on a constant currency basis.