Daughter of Zara founder declares 5 percent Inditex stake

A man sits outside a Zara store in Madrid September 12, 2014. REUTERS/Andrea Comas

MADRID (Reuters) - One of the daughters of Inditex ITX.MC founder Amancio Ortega has declared ownership of a 5 percent stake in the company, making her the second-largest shareholder in the world's largest retailer, owner of the Zara fashion chain.

Regulatory stock market data on Monday showed that Sandra Ortega Mera declared a holding of 157.47 million shares, worth 3.5 billion euros (2.73 billion pounds) at the stock’s current price. Inditex shares stood at 21.90 euros each at Monday’s market close.

The stake was inherited from her mother, Rosalia Mera, who died in August last year.

Inditex and Zara were co-founded by Sandra Mera’s parents, who together designed and made clothes on their table at home until they used Zara as the vehicle for their pioneering “fast fashion” concept, bringing affordable imitations of catwalk designs to the wider public.

The couple separated in 1986 after having two children. Ortega remarried and had a second daughter, Marta, who works at Inditex. Sandra Ortega does not work for the business and is not on the board.

Her father remains the company’s main shareholder with a stake of about 59 percent, according to Thomson Reuters data.

On Monday Inditex paid a dividend of 0.242 euros a share against 2013 earnings, which represents a 38.1 million euro payout for Sandra Ortega’s stake.

Sandra Ortega also declared a 5 percent stake in pharmaceuticals company Zeltia ZEL.MC, also inherited from her mother.

Reporting By Carlos Ruano; Writing by Sarah Morris; Editing by David Goodman