MADRID - Isak Andic, the founder of the global fashion chain Mango, passed away on Saturday after falling off a cliff in north-eastern Spain, the company announced.

The 71-year-old billionaire reportedly slipped and fell 150 meters while walking with his wife and son in the Salitre de Collbato caves, close to Barcelona, at around 13:00 local time (1200 GMT).

ALSO READ: France mulls penalties to rein in ultra-fast fashion brands

"It is with deep regret that we announce the unexpected death of Isak Andic, our non-executive chairman and founder of Mango, in an accident that occurred this Saturday," said Mango Chief Executive Toni Ruiz in a statement.

Ruiz praised Andic's lifelong dedication to Mango, saying that his departure "leaves a huge void."

Born in Istanbul, Andic immigrated to Spain from Türkiye at the age of 13. He began his career by selling T-shirts to classmates and culminated in the establishment of Mango's first store in Barcelona in 1984.

READ MORE: Booming fast fashion spurs airfreight boost

At the time of his death, Andic had an estimated net worth of $4.5 billion, according to Forbes. Mango, which operates in over 120 countries, reported a turnover of $3.26 billion in 2023.