The legacy of Mango founder, Isak Andic, remains a mystery. The opening of the will of the Catalan businessman, who died on December 14 in a mountain accident, has been postponed for two months, according to reports The Confidential.
This has been explained by sources from the company Punta Na Holding SA, a company through which Andic controlled its businesses, although They have not detailed the specific reasons.
Isak Andic, at 71 years old, was considered the fifth largest fortune in Spain by the magazine Forbeswith a estimated equity of 4.5 billion euros. He went from being in tenth position in 2023 to entering the top 5, after increasing his fortune by 40%.
Upon his death, the man who until then was the non-executive president of the textile giant Mango, has left a business legacy with revenues of more than 3,000 million euros.
The legacy of Isak Andic
With more than 2,700 stores spread across more than 115 markets and more than 15,000 employees, Mango, the second most important textile company in Spain only behind Inditex, closed 2023 with a historical record of sales and profits, when it obtained net profits of 172 million euros and one turnover of more than 3.1 billion.
Figures that are on track to be repeated in 2024, since closed the best first semester in its history, with the highest recorded turnover, 1,543 million.
Punta NA Holding is the company that owns 95% of Mangowhile the remaining 5% is in the hands of Toni Ruiz, CEO and acting president of the fashion chain.
In it too The three children and heirs of Isak Andic, Jonathan, Judith and Sarah are presentwho have held different positions at Mango. Of the three, the oldest is the most linked to the company, where he began working in 2005, in the design area. Since 2007 he has directed the new Mango Man men’s line and since 2012 he has been part of the board of directors.
The holding company’s sources explain that the delay in opening the will is due to the complexity of evaluating all assets –and its associated liabilities– owned by Isak Andic.
Specifically, the problem comes from the assets outside the company. According to The Confidentialfinancial sources They value the chain at around 4,000 million euros, to which another 4,000 million must be added apart from Mangowhich come mostly from the rental of real estate. Thus, Isak Andic would have left a total fortune of close to 8,000 million euros.
Deadlines and taxes associated with inheritance
In Spain, the legal deadline for accepting an inheritance is six monthsalthough it can be extended for another six months if an extension is requested before the initial term expires.
From here, it is necessary to pay the taxes associated with the inheritance. In the case of Mango, as it is a family business, the heirs of Isak Andic will have a 95% bonus on inheritance taxas provided for in Catalonia, since it is a tax that is managed directly by the autonomous communities.
Therefore, to calculate the amount to be paid of the tax, only 5% of its value is taken into account. As for the The rest of the businessman’s assets will be taxed under the general regime..
