Isak Andic, the billionaire founder of the European fashion brand Mango, passed away on Saturday at the age of 71. Andic, who served as the company’s non-executive chairman, died following an accident, as confirmed by Mango CEO Toni Ruiz in a press release.
“Isak has been an example for all of us. He dedicated his life to Mango, leaving an indelible mark with his strategic vision, inspiring leadership, and unwavering commitment to the values he instilled in our company,” Ruiz said in the statement.
Ruiz also praised Andic for the “care and affection he always had” for the company.
Spanish Prime Minister Pedro Sánchez stated in a post on X that Andic died in an accident at the Salnitre Caves in Collbató, just outside Barcelona.
Multiple reports suggest that Andic fell into a ravine while hiking through the caves with his family. The ravine is reported to be over 320 feet deep, according to CNN, citing local police.
On Sunday, Mango’s website featured a tribute to Andic on its homepage, with photos showing flags at the company’s headquarters in Barcelona flying at half-mast.
Andic founded Mango in Barcelona in 1984. The company now operates in over 120 markets and has a strong online presence. Forbes reports that Andic and his family are worth $4.5 billion.
