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BUSINESS

Amancio Ortega’s daughter to take over as Zara and Inditex boss

Marta Ortega, daughter of Spain's wealthiest man, will take over as chairwoman of the world's biggest fashion retailer in a generational shift for the firm, Inditex announced on Tuesday.

Amancio Ortega's daughter to take over as Zara and Inditex boss
Photo taken in 2016 shows the founder and chairman of the Inditex fashion group Amancio Ortega (R) with his daughter Marta Ortega. Photo: MIGUEL RIOPA / AFP

She will replace Pablo Isla, who has been chairman since 2011, in April, the company said in a statement. He was deputy chairman between 2005 and 2011.

Ortega, 37, has been working for the company in different areas for the last 15 years, even working anonymously as a shop employee at one point to learn the ins and outs of the company.

She is the youngest daughter of Amancio Ortega, 85, who founded fast-fashion giant Zara with his ex-wife Rosalia in 1975 in Spain’s northwestern region of Galicia.

He remains the firm’s largest shareholder with a 59 percent stake and is one of the world’s richest men.

“I have lived and breathed this company since my childhood, and I have learned from all the great professionals I have worked with over the last 15 years,” Marta Ortega said in the statement.

“I have always said that I would dedicate my life to building upon my parents’ legacy, looking to the future but learning from the past,” she added.

Inditex, which operates nearly 7,000 stores worldwide, posted a net profit of almost 1.3 billion euros ($1.5 billion) during its first half of 2021, which runs between February and July.

The fashion group owns seven other brands in addition to Zara, including upmarket Massimo Dutti and teen label Stradivarius.

It is the world’s biggest fashion retailer, ahead of Swedish rival H&M.

Stocking shelves

Inditex thanked Isla, who is resigning, for his “leadership and vision” during his 17 years at the firm, saying the group had become “the leading company in its sector worldwide” under his watch.

It also hailed Marta Ortega, saying she “has led the strengthening of Zara’s brand image and fashion proposition, an area she will continue to oversee.”

She studied international business in London and carried out months-long stays in the departments of finance, accounting, sales analysis and design when she began working at Inditex.

Marta Ortega also briefly worked as an anonymous employee at the group’s shops in 2007, reportedly stocking shelves, to get a better understanding of how they operate.

Oscar Garcia Maceiras, who had become the company’s general counsel and secretary of the board in March, will become CEO “effective immediately”, Inditex said.

Her will replace Carlos Crespo, who took the post two years ago. Crespo will remain chief operating officer.

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MONEY

Italy expands €200 payment scheme and introduces public transport bonus

Italy's government will extend its proposed one-time €200 benefit to more people and introduce a €60 public transport payment, Italian media reported on Thursday.

Italy expands €200 payment scheme and introduces public transport bonus

Seasonal workers, domestic and cleaning staff, the self-employed, the unemployed and those on Italy’s ‘citizens’ income’ will be added to the categories of people in Italy eligible for a one-off €200 payment, ministers reportedly announced on Thursday evening.

The one-time bonus, announced earlier this week as part of a package of financial measures designed to offset the rising cost of living, was initially set to be for pensioners and workers on an income of less than €35,000 only.

However the government has now agreed to extend the payment to the additional groups following pressure from Italy’s labour, families, and regional affairs ministers and representatives of the Five Star Movement, according to news agency Ansa.

Pensioners and employees will reportedly receive the €200 benefit between June and July via a direct payment into their pension slip or pay packet.

For other groups, a special fund will be created at the Labour Ministry and the procedures for claiming and distributing payments detailed in an incoming decree, according to the Corriere della Sera news daily.

One new measure introduced at the cabinet meeting on Thursday is the introduction of a one-time €60 public transport bonus for students and workers earning below €35,000. The bonus is reportedly designed to encourage greater use of public transport and will take the form of an e-voucher that can be used when purchasing a bus, train or metro season pass.

Other provisions reportedly proposed in the energy and investment decree (decreto energia e investimenti), which is still being adjusted and amended, include extending energy bill discounts, cutting petrol excise duty and rolling on the deadline to claim Italy’s popular ‘superbonus 110’.

The €14 billion aid package, intended to lessen the economic impact of the war in Ukraine, will “fight the higher cost of living” and is “a temporary situation”, Prime Minister Mario Draghi has said.

The Local will report further details of the payment scheme once they become available following final approval of the decree.

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