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Fdas

In: Historical Events

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e supply chain and headed Zara in Scandinavia.
“Martinez will use his experience in supply-chain management to improve the delivery time-lag at Esprit,” said Paul Cheng, vice chairman of Esprit. “We used to launch new products every season, but now we may need to move quicker.”
In June, Inditex reported a 30 percent gain in first- quarter profit, beating analyst estimates. The retailer’s success is reflected in the rising fortune of Amancio Ortega, its septuagenarian founder who this week bumped Warren Buffett from his perch as the world’s third-richest person. The 76-year- old Spanish tycoon’s fortune climbed by $1.6 billion to $46.6 billion on Aug. 6, according to theBloomberg Billionaires Index, as Inditex stock rose to a record.
Fashion Pioneer
Esprit’s revenue growth slowed to 0.1 percent in the year ended June, from 26 percent in 2008, according to data compiled by Bloomberg. Inditex’s sales increased 10 percent in the year ended January, topping H&M’s 1.4 percent gain for the year to November and Gap’s 0.8 percent drop in the year ended January.
Zara, the main Inditex brand, was a pioneer of fast-fashion and has sought to reproduce designer looks at affordable price.
“It is certainly a blow to Inditex to lose one of its top execs to a large competitor, but they have enough experience and expertise to continue growing,” said Magdalena Kondej, head of apparel research at Euromonitor International.
Inditex shares jumped 1.8 percent to a record high of 90.60 euros in Madrid yesterday. The company declined to comment on Martinez’s departure.
Management Succession
Esprit’s succession plan had been unclear

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