The billionaire founder of high street fashion chain Mango has died after falling 150m into a ravine on a hiking trip outside Barcelona.

Isak Andic, 71, was with his son and other family members on a day out in the Montserrat mountain range on Saturday.

Emergency services sent a helicopter and an ambulance to the scene but Andic was dead when they found him hours later.

Andic, who was the richest man in Catalonia and reported to be the fifth richest in Spain, fell into the ravine while walking the path to the Salnitre caves, whose organic shapes inspired the design of Antonio Gaudi’s Sagrada Familia.

A guide told El Pais that the area where the accident occurred, on a path which leads to the Montserrat monastery, can be difficult for hikers.

According to El Pais, Andic was walking with his partner, Estefanía Knuth, 51, a former professional golfer, and his son Jonathan, 43, an executive with Mango.

Andic also had two daughters, Judith and Sarah.