Sometimes forced by the markets – this has been the case of Grifols -, sometimes due to a thoughtful decision by the owner after a complicated stage – as happened in Mango -, the logical step of family businesses that acquire large dimensions, planetary in the case of the Spanish fashion brand, has been to separate ownership from management. It was something that Isak Andic, founder of the Barcelona-based multinational who died last Saturday in a mountain accident, learned the hard way. Now, barely two days after the tragic event – the Mossos reported yesterday that they are treating the events as an accidental death – speculation about the immediate future of the firm, especially in terms of ownership and governance, continues, sometimes with no little dose of morbidity as the deceased businessman was the first fortune in Catalonia, the fifth in Spain, with assets of 4.5 billion euros. Knowledgeable sources claim not to speculate when the content of the will is still unknown of Andic –which should be known in a few days–, although in business circles it is taken for granted that after the corporate reorganization adopted by Mango last March, with a strengthening and professionalization of its board, nothing should change too much. And this, right now, involves the continuity of its CEO, Toni Ruiz, to whom the late Andic granted all power in the firm and, in a gesture that speaks for itself, gave up 5% of the company last year. property of the brand, the only package that is not in the hands of the family. The March reorganization in fact culminated the turn of the helm in the company that had forced the return of Andic to the head of the ship after the frustrated replacement in favor of his firstborn Jonathan who in 2014, at the age of 33, was appointed successor. Questioned strategic decisions, such as betting on lower value garments and, therefore, smaller margins, led to a time of contraction; In 2017, the company declared losses for the first time since the birth of the company, in 1984. Those problematic years led the founder to decide to return, while, gradually, a discreet but effective Toni Ruiz was gaining weight, first as head of the financial area and in 2020 as the new CEO. The decision to separate ownership from management was mandatory, which was then read as a natural step to reinforce the professionalization of the firm. Jonathan was still on the council but with fewer powers, while his younger sisters, Judith and Sarah – the three fruits of his previous marriage – maintained a lower profile. The first, now professionally disengaged, the second still in the company. Andic’s current partner is the retired golfer Stephanie Knuth. The changes introduced and more effective governance were completed this March with a strengthening of its corporate governance with the incorporation of four independent directors. In this way, the new board of directors was made up of the now deceased Isak Andic, as non-executive president; Toni Ruiz, CEO; Jonathan Andic, Daniel López and Margarita Salvans, as executive directors; and the four new directors mentioned: Jordi Canals, professor and president of the Center for Corporate Governance at IESE Business School; Jorge Lucaya, founding partner of AZ Capital; Jordi Constans, director and former director of various national and international companies; and Marc Puig, president and CEO of Puig. Related News Standard obituary Yes Isak Andic, an entrepreneur against blood Salvador Sostres The businessman always boasted of paying all his taxes in Catalonia as a sign of gratitude, after building an empire that plans to reach 4,000 million in sales in 2026 Coinciding with these changes, Mango reported in March that in 2023 for the first time it had exceeded 3,000 million euros in turnover (3,104, a 15% more), a base that encouraged them to plan a new expansion phase with the aim of reaching 4,000 million in 2026. In this new stage, with Toni Ruiz at the helm, the firm intends to add 500 new store openings. Three strongly expansive years were planned –600 million in investment– after a 2023 already of great growth. Mango now has 2,700 points of sale (800 of its own) in more than 115 countries. “The work carried out is bearing fruit: we are growing above the market, we are profitable and we are financially healthy,” said Toni Ruiz during the presentation of the balance sheet, who, if there are no surprises, will continue piloting the great Mango ship. Family members and a Yesterday, a large representation of the business world said goodbye to Isak Andic, buried in the Jewish enclosure of the Les Corts cemetery in Barcelona.
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