Rosalia Mera, who turned a small clothing store in Spain into a multi-billion dollar retail empire – and eventually became one of the world’s richest women – died Friday after suffering a stroke.
While she did not have a household name, she was significantly richer than most of the world’s most famous women, with a net worth of $6.1 billion, according to Forbes. Her net worth was 24 times that of Jennifer Lopez ($250 million) – and she even left Oprah Winfrey ($2.9 billion) in the dust in terms of how much she was worth.
Mera fortune grew after she helped turn a small clothing store in Spain into Zara, one of the world's largest retail chains. She was Spain's richest woman.
Inditex SA, the owner of Zara, issued a statement Friday confirming her death but did not provide more details and declined comment via email. Spanish media widely reported that Mera, a major stakeholder in Inditex, suffered a stroke while on vacation on the Mediterranean island of Menorca and died Thursday night at a hospital in La Coruna, the city where she was born in Spain's Galicia region.
Mera founded the first Zara store in 1975 in La Coruna with her then-husband, Armancio Ortega. He is listed by Forbes as the world's third-richest person.
They were originally going to call the store Zorba after the "Zorba the Greek" movie, but there was a bar with that name a few blocks away from the site, so the letters on the Zorba sign were rearranged to spell out Zara.
The store specialized in low-priced versions of more expensive popular clothes, and the formula turned into a success for store openings across Spain and then internationally.
Mera held 6.99 percent of Inditex stock, according to company filings at the Madrid stock exchange, and her fortune was estimated by Forbes at $6.1 billion. The magazine says she was the world's 195th richest person but was in the No. 1 spot on its list for "wealthiest self-made woman."
She also became known for voicing opposition to the current conservative government's plans to change Spanish abortion laws. Prime Minister Mariano Rajoy is a close ally of the Catholic Church on moral and social issues, and has repeatedly said he will revise Spain's abortion law, though he has not yet tabled any proposals. The previous Socialist government passed a law allowing 16 year olds to get abortions without parental consent. Mera said that law is "just fine" and "should be left as it is."
In addition, she opposed government cutbacks in the name of austerity affecting Spain's cherished education and national health care programs.
Besides the Zara chain, Inditex also owns retailers Bershka, Masssimo Dutti, Oysho, Pull & Bear, Stradivarius, Uterque and Zara Home. There are 1,763 Zara stores around the world, and Inditex has a total of 6,058 stores and 120,000 employees.
Based on reporting by The Associated Press.