(MENAFN- IANS) Madrid, Dec 15 (IANS) Isak Andic, the founder of the global fashion chain Mango, passed away after falling off a cliff in Spain, the company announced.

The 71-year-old billionaire reportedly slipped and fell 150 metres while walking with his wife and son in the Salitre de Collbato caves, close to Barcelona, at around 13.00 local time (1200 GMT).

"It is with deep regret that we announce the unexpected death of Isak Andic, our non-executive chairman and founder of Mango, in an accident that occurred this Saturday," said Mango Chief Executive Toni Ruiz in a statement, Xinhua news agency reported.

Ruiz praised Andic's lifelong dedication to Mango, saying that his departure 'leaves a huge void'.

Spain Prime Minister Pedro Sánchez paid tribute to Andic on social media, lauding his“hard work and business vision that transformed a Spanish brand into a global fashion leader.”

Born in Istanbul, Isak Andic immigrated to Spain from Turkey at the age of 13. He began his career by selling T-shirts to classmates which culminated in the establishment of Mango's first store in Barcelona in 1984.

At the time of his death, Andic had an estimated net worth of $4.5 billion, according to Forbes.

Andic, who relocated to Catalonia from Turkey with his family during the 1960s, established Mango in 1984, transforming it into one of the most prominent fashion brands globally. Under his guidance, Mango experienced swift expansion, initially launching stores throughout Spain and subsequently extending its reach internationally, starting with Portugal and France.

Mango operates 2,700 retail locations across 120 markets globally. In 2023, the company achieved a record sales figure of 3.1 billion euros (approximately $3.2 billion). Currently, it is in the process of expanding its presence in the US, with plans to establish 65 stores by the conclusion of 2025.

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