The family office of Spanish billionaire Amancio Ortega, founder and main shareholder of fashion group Inditex, posted net profit of €666 million in 2020, down 62.5 percent from €1.778 billion in 2019, as pandemic measures hit its main businesses.
Pontegadea, the Ortega family investment vehicle, controls a 59.29 percent stake in Inditex and manages a portfolio of property investments.
Like other fashion groups, Inditex, whose brands include clothing chains Zara and Massimo Dutti, suffered heavily last year as lockdown measures brought retail to a halt for months.
Inditex paid Pontegadea a total dividend of €646 million for 2020, down from €1.626 billion the year before, the group said in a statement.
Pontegadea donated €163 million to the Amancio Ortega Foundation last year, the company added.
By Corina Pons; Editor: Jason Neely
Amancio Ortega has put a majority stake in the firm that owns the Zara fashion chain into a holding company to ensure family control remains unassailable after he dies.