The owners of Spanish fashion chain Zara have announced that the daughter of founder Amancio Ortega is to become the group’s chairwoman.
Owners Inditex said Marta Ortega will replace Pablo Isla, who has been chairman of Inditex since 2011.
The change is part of a “generational handover process” that the group began a decade ago.
The fast-fashion group owns eight brands including Zara, Berskha, Pull&Bear and Massimo Dutti.
“We believe that the time has come to turn a new page,” said Mr Isla, who will continue as executive chair until 31st March. He became deputy chair and chief executive in 2005 and executive chair in 2011. “Making this transition a reality is the culmination of my commitment to Inditex and to Amancio Ortega,” he added.
Zara was founded by Mr Ortega and his ex-wife Rosalia in 1975 in Galicia, Spain.
Boasting an estimated net worth of $77.8bn (€68.5bn), according to Forbes, Mr Ortega is one of the world’s richest men. He was chairman of Inditex until 2011.
Inditex reported net profits of €1.3bn in September, with sales jumping 49 per cent compared with the previous quarter.
The group also announced the appointment of new chief executive Óscar García Maceiras on Tuesday.
He joined Inditex in March as general counsel and secretary of the board, following a career as a Spanish state attorney and in the private sector working for several Spanish banks.
Inditex has opened or expanded its Zara stores this year and plans others, which will add to the retailer’s tally of more than 6,600 outlets worldwide.
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