Isak Andic’s heirs will not open the Mango founder’s will until spring

The death of Andic sobbedfounder of Mango and one of the richest men in Spain, has left behind an inheritance that may be around 8,000 million euros, divided between the majority stake in the company and an extensive real estate asset. Despite this, his three children, Jonathan, Judith and Sarah Andic, have decided to postpone the opening of the will for at least two more months, as progress is made. The Confidential.

The postponement is due to the need to accurately evaluate the assets and liabilities of the fortune. According to Spanish law, heirs have six months to accept an inheritance, a period that can be extended by another six months if requested. Although the family does not want to exhaust the legal deadline, it will not rush to make decisions that could affect financial or fiscal stability.

Among the most significant assets is Mango, whose turnover in 2023 reached 3,104 million euros with a net profit of 172 million. Sources from the financial sector value the company at 4,000 million, with 95% of the shares in the hands of Isak Andicwhile the remaining 5% belongs to Toni Ruiz, current CEO and acting president.

However, the biggest challenges are in real estate assetsalso valued at around 4,000 million euros. This includes a portfolio of properties in Europe, America and Asia, as well as premises rented to Mango.

Jonathan Andic, the son who accompanied his father on the day of the tragedy and with whom he had arranged to make peace after some disagreements, is the one most closely linked to the company, directs Mango Man and holds a key position on the board of directors. and the steering committee. The company employs more than 15,000 people, 77% of them women.

Mango’s family and management have insisted on preserving the company’s image as a solid, functioning business. By March, when the company is expected to present 2023 results, it seeks to reinforce its stability before making decisions about inheritance.

In tax terms, Andic’s business participation will enjoy a 95% bonus, which means that only 5% of its value will be taxed. However, The remaining real estate assets will be subject to the general inheritance regimethe collection of which will correspond to the Generalitat of Catalonia, given that the tax is transferred to the autonomous communities.

Before his death, Andic was working on the creation of a foundation that would have facilitated the management of his assets and reduced the tax burden. However, the project did not come to fruition, which adds more complexity to the distribution of the inheritance.

Continuity above all

The postponement of the opening of the will underlines the desire to prioritize the continuity of Mango over the spectacular volume of Isak Andic’s personal fortune. With solid results and a strategy focused on business stability, heirs and management work to preserve the businessman’s legacy while facing one of the most complex succession processes in the Spanish business landscape.