2 minutes
Mango’s founder creates a board of directors for his real estate company, Punta Na
Isak Andic’s real estate company, Punta Na, reorganizes its administration as the founder will cease to be the sole administrator of the company and will instead be accompanied by a board of directors, where Andic will lead as chief executive.
The founder’s children, Jonathan Andic, Judith Andic, and Sarah Andic will also be serving as directors for the company, forming part of this new board that will be constituted over the next few weeks. Jonathan Andic balances this role along with his other responsibilites such as forming part of the board of directors of Mango as well as managing Mango Man and the interior design sector of the company. This reorganization will introduce Judith and Sarah Andic to their family companies, since as of today they have not taken part in Mango’s management team. The board excludes Violeta Andic, the founder’s niece, who has previously taken part in the company as she led the launch of the plus-size line, Violeta, but left the company in 2019. Mango has since scrapped the brand and instead will begin to integrate the sub-brand’s plus-size offerings into the main brand’s product selection. CEO of the Mango company, Toni Ruiz, agrees that this step forward is a natural evolution for the brand considering its results in recent years.
Today, Punta Na has a real estate portfolio of about 70 assets with a total market value of around 1.2 billion euros. Among them are number 36, Paseo de Gracia in Barcelona (the location of the Mandarin Oriental hotel), number 60 in Madrid’s “Calle Serrano” as well as another property located in the Parisian neighborhood, Opèra. The real estate company also boasts properties in prime locations in other countries, such as in Austria and the Czech Republic.
According to data from the Commercial Registry in 2020, Punta Na recorded revenues of 24.6 million euros, compared to the previous year’s 41.5 million euros. This negative impact on the company was due to the fall in rents, the company's main source of income, as a result of the pandemic. After losing 1.4 million euros in 2020, Punta Na should have returned to profitability in 2021.
Meanwhile, Mango’s sales contracted by 22.4% to 1,842 million euros in the last fiscal year. Throughout this period, online sales accounted for 42% of turnover to 766 million euros.
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