Give customers what they want and get it to them faster. Do these two basic rules ring a tune of fortune in your ears? According to the world’s fourth richest man, they should, he built his empire on this foundation.
Amancio Ortega is the Spanish fashion executive and founding chairman of Inditex, widely recognized for it’s chain of retail shops ZARA. With a net worth of $64 billion, Ortega strapped up his own boots for what turned into a world renown success. Further supporting the statement of the Wealth-X and UBS World Ultra Wealth Report 2014 that only 17% of the ultra rich fully inherited their fortune. Ortega certainly created all of his fortune spawning from humble beginnings, his mother a housemaid and his father a railway worker.
At the tender age of 16 Ortega had discovered the niche of his wealth to come – money can be made by giving customers exactly what they want, quickly. The initial concept was simple, control the supply chain and create quality product at record speed.
“Money can be made by giving customers exactly what they want, quickly.”
He and his brother founded their first company, GOA where thousands of women flooded into the sewing cooperatives. To work for Ortega was a blessing it was a family business and the conditions were good. 10 years later in between the company growing and a store front having opened Ortega founded the fashion group, Inditex. Over the years the business structure has been fine tuned but speed remains the driving force. Now semiretired Ortega nestles comfortably in his seaside residence.