A change of the guard costing billions of euros: the one announced yesterday at the top of the Spanish Inditex, a listed colossus worth 87 billion that controls the most popular retail fashion brand in the world, Zara, but also the Bershka and Massimo Dutti chains. The change of watch – predicted by analysts but unexpected in time – to the presidency of the group. On Tuesday, November 30, the surprise announcement: Marta Ortega Perez, 37-year-old daughter of the founder of the group Amancio Ortega, 85, who thanks to her intuition has become one of the richest men in the world with a fortune of over 61 billion dollars, will become from April 1, 2022 the number one (non-executive) of the clothing giant 59% controlled by its family.
The reaction of the markets
The reaction of the Madrid stock exchange was immediate: -6% for the stock. Although this transitional phase appears to have been prepared internally, the departure of Pablo Isla could leave a great void in the short term, said Cedric Ross, analyst at Bryan Garnier, quoted by Bloomberg on Tuesday. The change in the head of the company also weighed on the title, with CEO Carlos Crespo replaced by Oscar Garcia Maceiras. On Wednesday 1 December, on the other hand, the news absorbed, the rebound of the fast fashion group: at the opening, the Inditex stock, the controlling holding, rose by more than 3% to 28.75 euros per share.
The doubts of the analysts focused on the fact that Marta Ortega, born on January 10, 1984 and working in the group for almost fifteen years – she started as a saleswoman in a Bershka store in London at the age of 23 – has never held managerial roles at the forefront of the company which operates over 6,600 stores in 216 markets. However, he will replace the current executive chairman Pablo Isla, who in 2011 took over the reins of the group upon the exit of the founder Amancio and was the architect of the global expansion of the brand.
Chi Marta Ortega Perez
I have always said that I would dedicate my life to continuing what my parents built, said Marta Ortega Perez, a graduate of the European Business School in London after studying in La Coruna, her family’s hometown in the north of the country. Spain. I’ve lived and breathed this company since I was a child and learned a lot from the great professionals I’ve worked with over the past 15 years, she added. Marta is very humble, but with strong ideas about many things, said outgoing president Isla. The manager – very reserved about her private life (it is known that she has two children, in her second marriage and is passionate about horseback riding) – aims to strengthen the image of the group. As indicated in the press release on the appointment, his most recent activity has focused on strengthening the Zara brand: under his leadership advertising campaigns have been carried out with the best-known creatives in the sector such as Steven Meisel, Fabien Baron, Karl Templar and Luca Guadagnino. and oversaw the launch of Zara’s premium collections, such as Zara SRPLS and Charlotte Gainsbourg by Zara.