From the good folks at Bloomberg: Inside Inditex SA (concrete-and- glass headquarters in the
Spanish town of Arteixo, a lithe woman slips into a dress that a seamstress
working amid buzzing sewing machines stitched together just minutes earlier. In weeks, this and hundreds of others
creations inspired by pop culture or couture catwalks will fill the company’s
more than 1,600 Zara stores in 85 countries on six continents. Since opening
the first shop in his seaside home of La Coruna in 1975, billionaire founder
Amancio Ortega has built the world’s largest clothing retailer -- and a fortune
exceeding Warren Buffett’s, Bloomberg Markets magazine reports in its December
cover package.
Ortega’s wealth is soaring even as his country battles an
economic meltdown. Spain’s unemployment is hovering around 25 percent as the
country suffers its second recession since 2009 and a debt crisis roils Europe.
Standard & Poor’s cut Spain’s debt rating to one level above junk on Oct.
10. With the global economy growing the slowest in three years, Ortega’s cost-
conscious lines are ringing up sales….
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