SANTIAGO – Maria Luisa Solari, one of the leading shareholders of retail giant Falabella and Chile’s eighth richest person, has died. She was 73.
The Hipodromo Chile racetrack, where she was formerly on the board of directors, confirmed the news on its Twitter account.
According to Forbes magazine’s global billionaires list, Maria Luisa Solari Falabella was in 782nd place on the world list and 8th in Chile, with a personal fortune of $2.2 billion.
In March, the businesswoman resigned from the racetrack’s board “for strictly personal reasons,” she said in a communique.
The Falabella empire was founded in 1889 when Maria Luisa’s great-grandfather opened the first fine tailoring store in Chile.
In the 1930s her father, Alberto Solari, added women’s clothing and household items to the business, thus launching the department store chain that today operates in Argentina, Peru and Colombia, among other countries of the region.
Meanwhile the company has diversified by adding chains of home improvement stores, supermarkets, a bank and more.