Isak Andic's Net Worth and Accomplishments
Isak Andic, a Spanish entrepreneur, boasts a net worth of $5.8 billion. Along with his brother Nahman Andic, he co-founded the renowned clothing company Mango in 1984. Since then, Mango has flourished, with 82% of sales generated outside Spain and approximately 2600 stores in 109 countries, including the Dutch Antilles and China.
Growth and Evolution of Mango
Mango, known for affordable and trendy women's clothing, has strategically expanded by opening 800 "corner" stores within other retailers in recent years. Despite challenges like declining sales and profits, particularly in 2011, Mango has implemented significant changes. These include a 20% price reduction, a return to simpler designs, and shifting clothing production in-house to streamline operations and enhance profitability.
Leadership and Brand Endorsements
Isak's son, who is poised to inherit the family business, oversees "He by Mango," the men's line, and has held the title of Deputy President since 2012. The brand recently transitioned its celebrity endorsement from Kate Moss to Australian model Miranda Kerr, reflecting Mango's evolving marketing strategies.
Other Ventures and Personal Life
Besides Mango, Andic holds shares in Banco Sabadell, one of Spain’s major banking institutions. Originally from Turkey, the media-shy entrepreneur and his family relocated to Spain in the 1960s. Now, as one of the wealthiest individuals in Spain, Isak Andic enjoys sailing on his yacht, the Nirvana, during his leisure time.
