world's forth richest person

1. ASSIGNMENT
SUBJECT: PRICIPLE OF MANAGEMENT
NAME: MUNIRA A. VOHRA
ROLL NUMBER :25
SEMESTER 1 MBA
BATCH: GIA (2017-2019)
GUIDED BY: DR. JAY BADIYANI
DEPARTMENT OF BUSSINESS ADMINISTRATION
MAHARAJA KRUSHNAKUMARSINHJI BHAVNAGAR UNIVERSITY

2. AMANCIO ORTEGA
SIGNATURE:

3. Amancio Ortega Gaona is a Spanish business tycoon. Heis the founder and former
chairman of Inditex fashion group, best known for its chain of Zara
clothing and accessories retail shops.Amancio is the wealthiest retailer in the
world.
FULL NAME AMANCIO ORTEGA GAONA
BIRTHDATE 28TH
MARCH ,1936
OCCUPATION FORMER CHAIRMANOF INDITEX FASHIONGROUP (ZARA)
NATIONALITY SPANISH
BOARD
MEMBER OF
Inditex(CEO), Daez (COO)
SPOUSES Rosalía Mera (m. 1966; div. 1986)
Flora Pérez Marcote (m. 2001)
CHILDREN Sandra Ortega Mera, Marcos Ortega Mera, Marta Ortega P’erez
NET WORTH US$78.7 billion (October 2017)
PLACE IN
WORLD
SCENARIO
Richest man in Spain and 4th
richestperson in world.
CHILDHOOD:
o Ortega was born in Busdongo de Arbás, León, Spain, spent his childhood in
León. They lived in a beggarly houseat the railway workers’ quarters. His
mother employed as a housemaid, Amancio heard her pleading for credit at
local stores, unable to afford essential items, which made him leave school
and startworking at the age of 14. Amancio Ortega’s firstjob was a shop
assistantat a local company, called Gala, wherehe learned to make clothes
by hands. Frozen in time, Gala, a conventionalshirts maker, is still active
and open on one of La Coruña’s downtown corners. Selling traditional
shirts, caps and cardigans, JoséMartínez, who inherited the Gala business
fromhis father, has recently reported that the visitors never buy, they
simply ask about his youth friend, Amancio.
o Working hard at his teens, Amancio Ortega enjoyed riding his bicycle
around the town, whenever he had free time. His brilliant business idea

4. could have come during one of such rides and Ortega realized that to earn
good money, one should give customers whatthey want. At the age of 16,
Amancio Ortega was pondering on how to figureout potential client desires
and, what is even more important, meet that demand. In the 1950s, an an
autonomous community of Spain, Galicia, was a perfect spot for his
business plan: poor job alternatives in combination with numerous single
women who could sew pretty good. Ortega started to organizewomen into
sewing cooperatives. The productline included: lingerie, babywear, and
nightgowns. Ex-employees of the sewing cooperatives ran by Ortega shared
with media how thrilled the Galicia ladies wereto get that job with great
conditions, and how excited they were to see their boss being very close to
the workers.
o In 1963, having gained ten years of managing sewing cooperatives
experience, Amancio Ortega Gaona founded his firstcompany,
Confecciones GOA, S.A. (his initials if to read backward). Thefounder of the
bathing robes business organized Confecciones GOA into a family company.
Amancio was responsiblefor developing new fashion trends, Antonio (his
brother) was heading the commercial issues, Josefa (his sister) was
responsiblefor bookkeeping, and Rosalía Mera Goyenechea (January 28,
1944 – August15, 2013) was performing as his business partner. In 1966,
Amancio Ortega married Rosalía Mera.
START UP OF BUSINESS:
o In 1975, heopened his firstZara store. Today, Zara is partof the Inditex
group, of which Ortega owns 59.29%, and asidefromover 6,000 stores
includes the brands Zara, Massimo Dutti, Oysho, Zara Home, Kiddy's Class,
Tempe, Stradivarius, Pulland Bear, Bershka and has morethan 92,000
employees.
o Ortega keeps a very low profile and is known for his preferencefor a simple
lifestyle. Until 1999, no photograph of Ortega had ever been published. He

5. refuses to wear a tie and typically wears a simple uniformof a blue blazer,
white shirt, and gray trousers, noneof which are Zara products.
o His public appearancein 2000, as partof the warm-up prior to his
company's initial public offering on the stock market in 2001, made
headlines in the Spanish financial press. However, hehas only ever granted
interviews to three journalists.Known to Be An Incognito.
DEDICATION TOWARDS BUSINESS:
In 2012, Ortega asked the vice presidentof Inditex, Pablo Isla, to take his place of
the Inditex’s CEO. However, atthe age of 79-years-old Amancio Ortega travels
daily to the headquarters, 10 miles away fromhis home place, showing no sign of
being less interested in the further international expansion of his brands. Despite
his wealth, Ortega has never had his personaloffice, as he enjoys working
together with other designers in the open-plan space developing new trends and
discussing new colors and fabrics.
He remains open to all employees, as there are no memos and lack of computers
in this hierarchically flat company and Inditex’ employees do not haveto fix
appointments with Ortega long beforehand. Moreover, Loreto García Falque,
Head of Zara Studio at Inditex, reports that they never attend fashion shows, but
listen to customers spotting new tastes. Amancio Ortega is still performing as the
main muse and inspiration for the whole corporation.

6. SUCCESSLESSONS:
1) Introverts can thrive as entrepreneurs.
2) Be humble and modest.
3) Don’t forget your roots.
4) It’s never too late to be successful.
5) Good thingscome to those who wait.
6) Remember what drives you.
7) You can still enjoy the finer things.
8) Keep marketing to a minimum.
9) Ethics appeal.
10) Do it your way.
THOUGHTS:
 SUCCESS IN BUSINESS:"The success of your business is based in principle
on the idea of offering the latest fashions at low prices, in turn creating a
formula for cutting costs: an integrated business in which it is
manufactured, distributed and sold"
 LIFE:"You must appear three times in the newspapers: when you are born,
when you get married, and when you die"
 WORK:"I'll keep working until the end"
 WAY OF LIVING:"In the street, I only want to be recognized by my family,
my friends and people I work with"
 INNOVATION AND COMMITMENT:"Innovation and commitment towards
our customers define our corporateculture"

7.  INNOVATION:"Innovation and constantimprovement… must keep on
being the motivating idea of our Group throughoutthe 21stcentury"
 CAPACITY:"Putting our capacity for profitable growth in the long term to
the scrutiny of investors"
 HIT THE LIMITS:"We cannot limit ourselves to continuing on the path we
have already opened"
 JUST STARTED:"Die of success? Giveme a break!We’ve only juststarted!"
 SERVICE: "Attempt to seducethe customer with the latest fashion, the
finest design, and the most attentive service. "
 CUSTOMER:"The customer has always driven the business model"
INVESTMENT:
o Amancio Ortega’s business portfolio, which has madehis net worth,
includes not only fashion, but also someadditional investments, such as
gas, banks, tourism, and worldwidereal estate holdings.
o Financial magazines reportthe fashion business allowed Ortega to become
the owner of real estate holdings in London, Paris, Madrid, and Lisbon, as
well as Miami luxury accommodations.

8. CHARITY AND SOCIAL SERVICES:
 Together with his firstwife, Rosalía Mera, Ortega founded The Paideia
Foundation in 1986.This philanthropic foundation assists people with
mental and physicaldisabilities to get an interdisciplinary education and
training.
 Amancio Ortega introduced another non-profitorganization in 2001. Called
Fundacion Amancio Ortega, it is a privateNGO aiming to promote science,
research, education, social action, culture, and welfare.
OTHER INTEREST OF AMANCIO:
 horseriding a hobby, own an equestrian center in Galicia, Spain.
 He is the owner of Spanish soccer team Deportivo La Coruna.
BOOKS ON AMANCIO ORTEGA:
1) On October 21, 2008, thebook was published in the Spanish
language under the title Asíes Amancio Ortega, el hombreque creó
Zara.
2) In March 2012, thebook was published in the English language under
the title The Man fromZara: The Story of the Genius Behind the
InditexGroup.

9. SELF MADE MAN:
 Unprivileged childhood conditions and no MBA degree obtained have
apparently made Amancio the man he is: possessing an entrepreneurial
spirit, deeply involved with all the business routine, while keeping a low
profile. Despite his fashion business, Amancio Ortega has no interest in
wearing brands himself, being seemingly the only person who does not
wear Inditex’s garments. His outfits’ preferences are as modestas his
lifestyle: no tie, a simple white shirt, a blue uniformblazer, and gray
trousers, –none of those branded.
 Amancio Ortega Gaona life story shows thathe achieved his success thanks
to his self-confidence, hard work and, of course, thanks to giving to his
customers whatthey want. We hope you haveenjoyed exploring Amancio
Ortega Gaona biography and success story of the Inditex Group, and it has
inspired you to new discoveries. Its inspired mea lot.
REFRENCES:
 https://en.wikipedia.org/wiki/Amancio_Ortega
 https://successstory.com/quote/amancio-ortega
 http://www.profitmagazin.com/editions/number_038.365.html
 http://knowstartup.com/2016/11/10-success-lessons-from-amancio-
ortega/
 https://www.cnbc.com/2016/09/16/5-secrets-for-success-from-zara-
billionaire-amancio-ortega.html
 https://www.forbes.com/profile/amancio-ortega/
 https://astrumpeople.com/amancio-ortega-gaona-biography/