The founder of Spanish retail giant Inditex SA, owner of the Zara chain, plans to step down as chairman of the group and has proposed that deputy chairman and chief executive officer Pablo Isla succeed him, in a move seen as guaranteeing continuity at Europe’s largest clothing retailer.
In a letter to employees, Amancio Ortega — ranked by Forbes as the world’s ninth richest man in 2010 — said he would nominate Isla to the post of chairman and ceo at the company’s next shareholders’ meeting in July.
“This new stage, which in reality was initiated over recent years, will show the path for the future, and will combine youth and experience, which, with responsibility and professionalism, lead to doing things properly,” said Ortega, 74.
The secretive billionaire, who never gives interviews, added that he would remain on the board of Inditex, in which he holds a 59.3 percent stake.
Based in Arteixo in northwest Spain, Inditex operated 4,907 stores in 77 countries as of Oct. 31 under its various banners, including Zara, Massimo Dutti, Bershka, Stradivarius and Pull&Bear.
A room full of toiles at the haute couture atelier in the Dior exhibition at Les Arts Décoratifs, open in Paris since July 5. This is just one of three major exhibitions that have been timed to coincide with the house's 70th anniversary. See the rest of the exhibits, plus read WWD's look into the iconic brand's history. Link in bio. #wwdfashion (📷: @dominiquemaitre)
For spring, Pamplemousse's Danica Zheng presented her signature slip dresses attached to a white T-shirt along with floral windbreakers, off-the-shoulder cotton blouses and more. For more highlights from the New York trade shows, go to WWD.com. #wwdfashion
The Green Carpet Fashion Awards closed out Milan Fashion Week yesterday. The fashion industry flocked to the event, showing its efforts to support and spread the message of sustainability. Supermodel Gisele Bündchen said "if each one of us took at least one step is this direction, there is no saying how much could be done." #wwdeye #wwdfashion #mfw (📷: Lodovico Colli di Felizzano)
Etro’s show, titled “The Tree of Life,” was a celebration of the house’s 50th anniversary. “My father founded the company in 1968, which was the year of counterculture and psychedelia. It’s really a show that celebrates that and the paisley design of India and its origin,” said Veronica Etro. #wwdfashion #mfw #ss18 (📷: @delphineachard)
For @msgm’s spring 2018 show, creative director @massimogiorgetti said “Words, sounds, colors. Synthesis and therapy of a collection,” were the inspirations behind the collection, showing today. Read the rest of Milan spring 2018 inspirations on WWD.com. #mfw #wwdfashion #ss18
For her first solo album in over 10 years, Fergie tapped Carine Roitfeld, Mert and Marcus, Giovanni Bianco and more to create a fashion-focused video approach for the record, Double Dutchess. "Giovanni really helped me get back in touch with my tomboy side, my hardside," said the singer. #wwdeye #wwdfashion ( : @slovekinpics)