Isak Andič, the founder of the chain of fashion stores Mango, died as a result of an accident in a cave

Isak Andic, the billionaire founder of street fashion chain Mango, died Saturday in an accident while exploring caves near Barcelona.

Spanish media reports that a 71-year-old man fell into a ravine to his death while hiking in caves that are part of a mountain range.

Andic was with his son and other family members when he collapsed, El Pais newspaper reported, prompting a large emergency response.

A businessman of Turkish origin founded Mango with the help of his brother Nachman, in Barcelona in 1984, and now the chain operates almost 3,000 outlets in 120 countries. Forbes estimated Andik’s net worth at $4.5 billion (£3.6 billion).

Andic reportedly fell into a 150-meter ravine while hiking in the Montserrat Mountains, known for its deep caves.

At around 13:00 local time (12:00 GMT), the police were called, a helicopter and a specialized mountain squad were dispatched to the scene, El Pais reports.

Mango CEO Tony Ruiz said in a statement: “His passing leaves a huge void, but we are all, in a way, his legacy and a testament to his achievements.

“It’s up to us, and it’s the best tribute we can pay Isaac and we’ll do it to ensure Mango continues to be the project Isaac strived for and would be proud of.”

Spanish Prime Minister Pedro Sánchez confirmed that Andic died in an accident in the Salnitre de Collbató caves.

“All my love and recognition for your great work and business vision that has turned this Spanish firm into a world leader in fashion,” Sanchez said.

The president of the Catalan government, Salvador Ilia Rocca, said he was “shocked by the loss” and called Andic a “dedicated businessman” who “contributed to make Catalonia great and present it to the world.”

Andic moved to north-eastern Spain’s Catalonia in the 1960s with his family and was non-executive chairman of the company when he died. In 2023, Mango’s turnover was €3.1bn (£2.6bn).

He was believed to be competing with Zara founder Amancio Ortega, another Spanish fashion billionaire.

The brand’s popularity in the UK increased in 2011 when British model Kate Moss was announced as the face of Mango.