Isak Andic, the billionaire founder of high street fashion chain Mango, died in an accident on Saturday while exploring caves near Barcelona.

Spanish media reported the 71-year-ancient fell down a ravine to his death while hiking in caves that are part of a mountain range.

Andic was with his son and other household members when he fell, according to the El Pais newspaper, triggering a large emergency response.

The Turkish-born businessman founded Mango with the assist of his brother, Nahman, in Barcelona in 1984 and the chain now operates almost 3,000 outlets in 120 countries. Forbes estimated Andic’s total assets to be $4.5bn (£3.6bn).

Andic reportedly fell down a 150-metre ravine while hiking in an area of the Montserrat mountains known for its deep caves.

Police were called at around 13:00 local period (12:00 GMT), and a helicopter and specialised mountain unit was sent to the scene, El Pais reported.

Mango CEO Toni Ruiz said in a statement: “His departure leaves a huge void but all of us are, in some way, his legacy and the testimony of his achievements.

“It is up to us, and this is the best tribute we can make to Isak and which we will fulfil, to ensure that Mango continues to be the assignment that Isak aspired to and of which he would feel proud.”

Spanish Prime Minister Pedro Sanchez confirmed Andic died in an accident at the Salnitre de Collbató caves.

“All my adore and recognition for your great work and business imagination, which has turned this Spanish firm into a globe chief in fashion,” Sanchez said.

The president of Catalonia’s government, Salvador Illa Roca, said he was “dismayed by the deficit” and described Andic as a “committed businessman” who “contributed to making Catalonia great and projecting it to the globe”.

Andic moved to north-eastern Spain’s Catalonia region in the 1960s with his household and was a non-executive chairman of the business when he died. Mango had a turnover of €3.1bn (£2.6bn) in 2023.

He was seen as having a competition with Zara founder Amancio Ortega, another Spanish fashion billionaire.

The brand’s popularity in the UK was boosted in 2011 when British model Kate Moss was announced as the face of Mango.