Fashion giant Inditex, which includes brands such as Zara and Massimo Dutti, has chosen a new president. It will be Marta Ortega, daughter of the founder of Amancio Ortega. She will replace Pablo Isla, who has headed the company since 2011. Ortega has been with the company for 15 years, and started as an assistant at the Bershka brand, reports the BBC.
Marta Ortega is the new president of Inditex
“I always said I would devote my life to building my parents’ legacy,” said 37-year-old Ortega, quoted by the BBC website.
She added that she was honored with the trust that the company placed in her. – I live and breathe this company since childhood. I learned from the great professionals I have worked with for the last 15 years, she said.
Ortega has run several campaigns, including the launch of Zara premium collections – such as the Zara SRPLS and Charlotte Gainsbourg by Zara.
Amancio Ortega has submitted Inditex
Inditex was founded by Amancio Ortega and his ex-wife Rosalia in 1975 in Galicia, Spain. According to Forbes, Ortega is one of the richest people in the world, with an estimated net worth of $ 77.8 billion. He was the president of Inditex until 2011 – reports the BBC.
Inditex, whose brands also include Pull & Bear and Stradivarius, have more than 6,600 stores worldwide.
Most of the garments are produced near the Spanish headquarters or in countries such as Portugal, Morocco and Turkey.
On Tuesday, Inditex also announced the nomination of the new CEO Oscar Garcia Maceiras. He joined Inditex in March as General Counsel and Secretary of the Board. Before that, he was a prosecutor and also worked for several Spanish banks.
Inditex stock declines
Inditex shares fell by almost 5%. following the announcement of the decision to replace the president. Kepler’s analysts have found that the outgoing Isla president has spearheaded Inditex’s massive international expansion over the past 17 years.
“We believe the time is not the best, and both Marta Ortega and CEO Oscar Maceiras have yet to prove that they can lead this huge monster in the midst of the COVID-19 crisis,” they said.
According to Maureen Hinton, GlobalData’s director of retail research, investors and analysts are “concerned” with the decision to appoint Marta Ortega because she is not well known outside the fashion group. However, the analyst believes that it is not possible to say unequivocally what the future of Zara and Inditex will be.
“They have two people there who have key and many years of experience – Carlos Crespo and Oscar Maceiras,” she told the BBC.
She added: “CEO Carlos Crespo has been moved to the position of COO, so he is staying with the company. Oscar Maceiras is said to be good at team building.
She also said talks about Marta Ortega’s succession plan in Inditex began after Amancio Ortega resigned in 2011. “It was something that had to happen in the end,” she pointed out.
Main photo source: PAP / EPA / CABALAR