Isak Andic, the founder of high street fashion chain Mango, has died after a hiking accident in Spain on Saturday, the company said.

The 71-year-old billionaire slipped and fell from a 150-metre cliff while hiking with relatives in the Montserrat caves near Barcelona, according to local media reports.

El País newspaper said Andic’s son was at the scene of the accident and police were called at about 1pm, with a helicopter and specialised mountain unit dispatched to the scene.

Mango chief executive Toni Ruiz said in a statement: “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.

“Isak has been an example for all of us. He dedicated his life to Mango, leaving an indelible mark thanks to his strategic vision, his inspiring leadership and his unwavering commitment to values that he himself imbued in our company.

“His legacy reflects the achievements of a business project marked by success, and also by his human quality, his proximity and the care and affection that he always had and at all times conveyed to the entire organisation.

“His departure leaves a huge void but all of us are, in some way, his legacy and the testimony of his achievements.”

The statement added: “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 project that Isak aspired to and of which he would feel proud.

“In these extremely difficult times we share the pain of the family as if it were our own.”

Andic was born in Istanbul and emigrated aged 13 with his family to the north-eastern Spanish region of Catalonia from Turkey in the 1960s.

He started selling T-shirts to fellow students at Barcelona’s American high school. The young entrepreneur subsequently progressed to running a wholesale business, selling clothes in Barcelona’s Balmes Street market, but realised there was more money in retail and opened the first Mango store in the city in 1984.

His net worth was $4.5bn (£3.6bn), according to Forbes, and he was non-executive chairman of the company when he died.

Mango had a turnover of €3.1bn (£2.6bn) in 2023 with 33% of its business online and a presence in more than 120 countries.

The brand’s first UK store opened in 1999 and there are now more than 60 branches across the country.

Spain’s prime minister, Pedro Sánchez, paid tribute to Andic on social media, praising his “hard work and business vision that transformed a Spanish brand into a global fashion leader”.

The Federation of Jewish Communities of Spain said on Saturday that its members were “deeply shocked by the unexpected death of one of the federation’s mainstays”.

A spokesperson said Andic had been “an active pillar of the Jewish community in Barcelona and Spain” and was “a man of the highest human qualities, generous and always willing to help those most in need”.

They added: “His numerous contributions have led to great advances for Spanish Judaism. The void left behind is irreplaceable.”