Co-founder of Zara-owner Inditex dies in hospital
Rosalia Mera, ex-wife of Inditex's other founder Amancio Ortega, held almost 7 percent of the company and was Spain's richest woman, according to Forbes magazine.
Hospital officials declined to comment.
Mera had been transferred to San Rafael hospital in the northern city of La Coruna after being taken gravely ill in Menorca, hospital sources told Reuters earlier.
The 69-year-old is not represented on Inditex's board.
Ortega, the group's former chairman, is still represented on the board but without executive functions. He holds a 59 percent stake in the company and is the world's third-richest man, according to Forbes.
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