Spanish fashion chain Zara today saw shares soar on its first day as a quoted company, making its founder Amancio Ortega one of Spain’s richest men.
The international chain, which has seven stores in the UK, floated on the Madrid Stock Exchange and was greeted by a flurry of activity.
Shares, which were priced at an initial ¬14.7 (£8.88), soared during the day to value the group at an estimated £7bn.
The company – which is overall called Inditex – was founded 26 years ago by Ortega, and has grown into a chain encompassing five international brands: Zara, Massimo Dutti, Pull & Bear, Bershka and Stradivarius.
Today’s stock market listing will see Ortega and his family an estimated £1.5bn the richer.
Inditex’s success comes in stark contrast to that of Marks & Spencer, which yesterday recorded another sharp decline in profits – and is itself valued at around £7.3bn.
EGi News 23/05/01
