Inditex, the owner of Zara, has appointed the founder’s daughter as president and appointed a new chief executive officer as the company completes the “generational handover” it began a decade ago. prior to.
Shares of the world’s largest clothing retailer fell more than 4% in morning trading in Madrid following Tuesday’s announcement, reducing the year’s gain to 9.5%.
The company said its board of directors had approved as chairman Marta Ortega Pérez, the daughter of Inditex founder and major shareholder Amancio Ortega, Spain’s richest man. Her appointment took effect April 1.
Oscar García Maceiras, general counsel and secretary of the board of Inditex, will take over as chief executive officer immediately from Carlos Crespo. Crespo, at the helm since July 2019, will become chief executive officer.
The appointments complete a process that began in 2011 when Ortega was replaced as president and will be approved at the group’s next annual meeting, the group said Tuesday.
“We believe the time has come to turn a new page,” said Pablo Isla, who will continue as executive chairman until March 31. He became vice president and chief executive officer in 2005 and executive chairman in 2011. “Making this transition a reality is the culmination of my commitment to Inditex and Amancio Ortega,” he said.
Isla added: “The appointment of García Maceiras” has been anticipated since he joined the company due to his abilities and qualities”.
The organizational structure includes a management committee, consisting of the group’s senior executives.
Inditex has opened or expanded Zara stores this year and plans more stores, which will add to the retailer’s list, which includes brands Massimo Dutti, Pull & Bear and Stradivarius, of more than 6,600 stores worldwide.
The fashion retailer, which has recovered from the pandemic, said in September that nearly all of its stores were open, as the group reported strong sales and profits for the period from May. through July. Revenue surpassed the 2019 record, with almost 7 billion euros in a three-month period, boosted by the expansion of online sales.
Local currency sales from August 1 to September 9 were 22% higher than the corresponding period in 2020 and 9% higher than the comparable period in 2019, it said in a statement. September update.