Belfast Telegraph

Zara founder Amancio Ortega to receive £1.1bn payout after sales success

The man behind fashion chain Zara is to receive a 1.26 billion euros (£1.1 billion) payout after another bumper year of sales.

Amancio Ortega has been awarded the cash as part of his share of an overall 1.9 billion euros dividend paid out by the retailer's parent firm Inditex.

Mr Ortega owns nearly 60% of the group and the Spanish retailer has ramped up its dividend 13.3% to 0.68 euros per share.

The payout means Mr Ortega, one of the world's wealthiest men, has pocketed more than 6 billion euros since 2010.

According to Forbes' billionaire league table, the Spaniard's net worth stands at 72 billion US dollars, ranking him in fourth place behind Jeff Bezos, Warren Buffett and Bill Gates.

Inditex, the world's biggest clothing retailer and also the owner of Massimo Dutti and Bershka, saw like for likes sales rise 10% in the year to January 31, with net revenue climbing 12% to 23.3 billion euros.

Net income rose 10% to hit 3.2 billion euros.

Inditex chief executive Pablo Isla said: "These are a positive set of results against a backdrop of strong prior-year performance.

"This is a direct result of the commitment, spirit and ambition of all the professionals comprising the group, their dedication to the company, passion for fashion and focus on sustainability".

The group now operates 7,292 stores in 93 markets.