Isak Andic, the founder of Spanish clothing retailer Mango, one of Europe's largest fashion groups, with nearly 2,800 stores worldwide, died Saturday in an accident, the company said.
Spanish Prime Minister Pedro Sanchez was among the first to pay tribute to the businessman's "entrepeneurial vision".
While the company did not provide further details, Spanish media reports said the 71-year-old died after falling down a ravine while hiking in the mountains near Barcelona with several family members.
"It is with deep regret that we announce the unexpected death of Isak Andic, our non-executive chairman and founder of Mango," the Barcelona-based company's CEO, Toni Ruiz, said in a statement.
"Isak has been an example for all of us. He dedicated his life to Mango, leaving an indelible mark thanks to his strategic vision, his inspiring leadership and his unwavering commitment to values that he himself imbued in our company," he added.
Sanchez wrote on social network X that Andic had "turned this Spanish firm into a world leader in fashion" with his "great work and entrepreneurial vision".
The head of Catalonia's regional government, Salvador Illa, hailed Andic as "a committed businessman who, with his leadership, has contributed to making Catalonia great and projecting it to the world.
"He leaves an indelible mark on the Catalan and global fashion sector," he added in a post of social network X.
The media-shy entrepreneur was one of Spain's richest men. Forbes estimates he and his family have a net worth of $4.5 billion.
Under his watch, to help boost sales the company hired big stars such as British model Kate Moss, Spanish actor Penelope Cruz, and French footballer Antoine Griezmann for its marketing campaigns.
"His legacy reflects the achievements of a business project marked by success, and also by his human quality, his proximity and the care and affection that he always had and at all times conveyed to the entire organisation," Ruiz said, adding "his departure leaves a huge void".
Born in 1953 in Istanbul, Andic moved to Barcelona in Spain's wealthy northeastern Catalonia region with his family when he was 14.
He opened his first shop on the Paseo de Gracia, Barcelona's famous shopping street in 1984 with the help of his older brother Nahman. It was hugely successful.
Spain had just emerged from a decades-long dictatorship that ended with the death of General Francisco Franco in 1975, and consumers were hungry for more modern clothes.
"He saw that we needed colour, style," the company's global retail director, Cesar de Vicente, said in an interview with AFP in March 2024.
Andic quickly opened dozens of more stores in Spain and then abroad, starting in neighbouring Portugal and France, all under the name Mango.
He "realised that having the same name, having the same brand in all the shops, would make the concept much stronger", said De Vicente.
The company's versatile offerings, which encompasses both professional and casual styles, have been a hit with consumers, with Mango selling nearly 160 million items of clothing and accessories a year.
It has consolidated its position as one of the leading international fashion groups, with a major presence in more than 120 markets and 15,500 employees worldwide, according to its website.
The retailer closed 2023 with a turnover of 3.1 billion euros.
Like its main domestic rival Inditex, the world's biggest fashion retailer and owner of the popular Zara brand, Mango strives to quickly adjust its production to the latest fashion trends while offering affordable prices.
Mango does not own any factory, outsourcing its production mainly to lower-cost Turkey and Asia.
As part of its latests strategic plan, Mango aims to have more than 3,000 stores worldwide by 2026.
