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Inditex Founder Family Office Pontegadea Posts 2020 Profit Fall

Amancio Ortega. Shutterstock.

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

Learn more:

Zara Founder Shields Inditex Stake to Maintain Family Control

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.

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