There are companies that make money selling clothes, and then there is Inditex, which also has a turnover of millions of euros building nursing homes for its own founder. Zara’s parent company earned an additional \u20ac49 million thanks to the orders that Amancio Ortega placed with Goa Invest, the group’s construction subsidiary, according to the annual report<\/a>.<\/p>\n As highlighted by Vozpopuli<\/em>, what is striking is not just the amount but the financial journey of this money: it leaves Ortega’s pockets, enters the coffers of Inditex, and often returns as dividends. This movement of capital emphasizes the interconnected financial framework that underlies Ortega’s business dealings.<\/p>\n Inditex’s annual report specifies that the group charged \u20ac49 million to “Pontegadea Inversiones, Partler Participaciones, Partler 2006, or related entities.\u201d This charge was made to Ortega\u2019s real estate holding company for “provision of construction services.” Notably, this amount reflects an increase of \u20ac7 million compared to the previous year and \u20ac9 million from 2023 figures. Additionally, Ortega paid another \u20ac2 million to Inditex for other services.<\/p>\n Despite being primarily a real estate entity, Pontegadea is not focused on construction work. Therefore, a significant portion of this bill is linked to Goa Invest\u2019s projects developing seven comprehensive care centers for the elderly in Galicia. These centers are a commitment by Ortega to combat unwanted loneliness among older adults, with five of the centers already operational.<\/p>\n Interestingly, the \u20ac49 million paid to Inditex is earmarked for rent. This amount, which is \u20ac3 million more than last year, is used to pay for commercial premises owned by Pontegadea Inversiones and Partler. Together, these companies hold over 59% of Inditex’s capital. Furthermore, an additional million euros is paid to Rosp Corunna, the holding company owned by Ortega’s daughter, for rental services to Inditex brands.<\/p>\n This \u20ac49 million constitutes merely 4.5% of the total rental expenditures of \u20ac1.085 billion that Inditex incurs annually. When viewed within the company’s broader financial context, these numbers appear modest. <\/p>\n The construction initiative for senior care began in 2019 when the Xunta de Galicia, alongside Flora P\u00e9rez Marcote (Ortega’s wife at that time), signed a collaboration agreement with an initial budget of \u20ac90 million, which has since expanded to \u20ac180 million. These seven facilities are set to integrate into the public elderly care network once operational.<\/p>\n Simultaneously, the Amancio Ortega Foundation is working to combat loneliness among seniors through technology. Their program, “Network Voices,” supports 26,000 elderly individuals daily, with an initial budget of \u20ac15 million funded entirely by the foundation.<\/p>\n In the previous fiscal year, Inditex announced a record net profit of \u20ac6.220 billion, a 6% increase compared to the preceding year. Within this financial landscape, the \u20ac49 million received by Pontegadea seems quite trivial. Money may change hands, but it generally remains within the confines of Ortega’s family business ecosystem.<\/p>\nThe Flow of Money<\/h3>\n
Understanding the Figures<\/h3>\n
Major Construction Projects<\/h3>\n
The Landlord of Zara<\/h3>\n
A Drop in the Ocean<\/h3>\n
Expanding Contributions to Society<\/h3>\n
A Modest Figure in Perspective<\/h3>\n