15 Things You Didn't Know About Amancio Ortega

Welcome to ALUX.com! The place where future billionaires come to get inspired. Hello Aluxers and welcome back to another amazing video. This time we're taking a look into the life of one of the biggest retail giants in the world, Armancio Ortega. Spanish business tycoon Armancio Ortega is the founder of Intidex Fashion, He has an unbelievable net worth of $72.8 billion, which makes him the second richest person in the world and the richest in Europe. He may be 80 years old, but he's still directly involved in the running of all of his Intidex brands and continues to dominate the European fashion industry. Alux.com is dedicated to becoming the world's best resource It would be just wrong if we missed out on the richest man in Europe. Here are 15 things you didn't know about Armancio Ortega. Ortega's family were far from wealthy, which led him to having to leave school at 14 years old because his father's railway worker salary wasn't enough to keep him there. He went on to work for a shirt maker, where he learned to sew shirts by hand. His parents' poverty proved to be his introduction to the business of fashion. He didn't start his first business until he was 37. The Spaniard had a relatively late start in business, establishing his first when he was 37 years old. His first business was called Confecciones Goa, and he specialized in quilted bathrobes produced by local women in different sewing cooperatives. He and his wife would make the garments by hand in their living room before they could afford to hire a team of seamstresses. His first Zara store was called Zorba, but he had to change the name. The first Zara store was opened in 1975 under the name Zorba, but a restaurant a couple of streets away had taken the name already. Ortega and his then-wife Rosalia Mera changed the name to Zara to avoid any confusion. Within eight years, Zara had opened in nine separate locations. Just like Facebook CEO Mark Zuckerberg, Amancio doesn't like to complicate his life with lots of different shirts and jackets, so he wears the same thing every day. His blue blazer, white shirt, and gray trousers have become his trademark, and he can be seen in the Intidex headquarters wearing just that each and every day. Surprisingly, you won't see him in Zara Man anytime soon. He might be the richest man in Europe, but he's still known for his humble lifestyle. According to a report in The Telegraph, his life has remained fairly similar to how it was before he secured his astronomical wealth. He still goes into the office every day, has lunch with his colleagues in the cafeteria, and shares desks with designers, buyers, and fabric buyers. In his downtime, he raises chickens on his rural country estate. Yes, really. Zara is arguably the biggest high street fashion brand in the world, partly because of its unbeatable fashion product logistics. Conception to design and delivery to store can take just three weeks, so the brand is always up to date and changing its stock. The majority of their garments are made in Spain, close to their headquarters, and they take customer feedback into account to constantly develop their designs. In comparison, it can take H&M five months to launch one item. Ortega hardly spends any money on advertising his brands. Zara doesn't have an advertising budget because the big boss doesn't believe it's necessary. Its marketing department is particularly thin on the ground, too. There are no flashy campaigns, no billboards, and no TV adverts, unlike a lot of their rivals. They manage to be at the top of their game by delivering fast fashion, so that's what the brand focuses on. Ortega might not prioritize advertising, but real estate is a major focus of his. He deliberately chooses sites for Zara stores that are close to luxury brands such as Prada, Gucci, and even the most high-end luxury brands like Cartier and Hermes. The logic behind this is to get close to these luxury brands in terms of footfall and to attract the same customers. Their New York flagship store became the most expensive retail site ever sold in Manhattan. If you need to get your luxury fashion fix, find out more about one of Italy's biggest high-fashion labels in our video about Versace. In 2015, Ortega officially overtook Bill Gates as the second richest man in the world for about a day. In 2016, Amancio Ortega briefly became the richest man in the world, overtaking Microsoft founder and philanthropist Bill Gates. By the next morning, though, Gates had reclaimed his place, overtaking the Spanish businessman by a relatively paltry $0.3 billion. Ortega is a simple man with a simple life, so we doubt he's too worried about his place on the rich list. His management style is partly influenced by his lack of formal education. Former colleagues have spoken out about Ortega's unique management style and how he likes to do things. He prefers oral communication over written, likes discussing things in small groups, delegating paperwork to his staff, and listening rather than writing things down. He rarely speaks in public, is notoriously introverted, and even shies away from his staff singing happy birthday to him. He lives in a discreet apartment building overlooking the sea. Ortega married his second wife in 2001, and they share an apartment in La Coruna in Galicia, Spain. He opened his very first Zara store in this town, and their headquarters are still close by. His home reflects his humility and privacy, as it's far from opulent and quite modest. His children are definitely set to get some pretty incredible inheritances because this man clearly doesn't like to flash the cash. He pays for 500 Spanish students to go to college in America and Canada every year. Ortega's philanthropy is less bold and high-profile than his contemporaries, but just as worthwhile. He pays for 500 students' tuition, perhaps to right the wrongs of his own lack of education. He also helps to fund various Catholic charities. In particular, he gave €20 million to Caritas Internacionales, a charity that provides global relief. He bought the former tallest skyscraper in Spain for $536 million. The 515 Torre Picasso Tower in Madrid was bought by Ortega. Construction was finished in 1988 as part of Madrid's expansion plan, and it had 43 floors of office space. It was the tallest building until 2007, but Ortega clearly saw the potential in it regardless. Ortega owns a complex in Miami that includes a hotel and luxury apartments. One of the most luxurious hotels in the US, Epic Residences and Hotel, is a complex right on the water in Miami. With a choice of penthouses and suites, as well as state-of-the-art security and a 24-hour valet service, it's the hotel of choice for Miami's visiting elite. No doubt Ortega is offered the best room in the place when he decides to visit. Whether he'd accept special treatment, though, is another matter. One of Ortega's more lavish purchases is a Bombardier Global Express BD-700 private jet. It's one of the finest corporate jets in the world. With a comfortable interior and 14,750 pounds of thrust, it's top speed is Mach 0.86 and can seat 18 passengers and 4 crew. Ortega is unlike many business people. He wears the same clothes, he doesn't share his latest extravagant purchases on Instagram, and he's had no formal education. What he does have, though, is an incredible business model that has dominated the high street fashion industry and given new meaning to fast fashion. If you had to build a business like Intidex, would you share Ortega's management style? Or would you not be able to help yourself and be desperate to rock up to the office in a Bentley? Oh, you're still here? Well, here's something else you probably didn't know about Amancio Ortega. His biographer, Cavadonga O'Shea, revealed that his mother was shamed by a shopkeeper when she was refused credit at his grocery store. She couldn't buy groceries for the family because she didn't have enough money. This moment has been attributed to why Ortega has so much humility when it comes to wealth. He knows what it's like to have nothing. Thank you for spending some time with us Aluxer. Make sure to subscribe so you never miss a video. If you want more we handpicked these videos you might enjoy or head over to alux.com for the best in fine living content on the planet. Be a part of the largest community of luxury enthusiasts in the world and tell your story.