Zara Parent Company Chief Operating Officer Carlos Vrespo Will Become New CEO

Pablo Isla, chairman and chief executive officer of Inditex group, parent company of Zara, a fast fashion giant in Spain, recently announced that chief operating officer Carlos Vrespo will become the next CEO to better promote the pformation of the group to digitalization. This decision will be voted on at the shareholders' meeting in July.

According to statistics, Pablo Isla became chief executive of the group in 2005 and replaced Amancio Ortega, founder of Amancio in 2011.

Pablo Isla, who has served as the group's chief executive for 14 years, said in a statement that Carlos Vrespo is a key figure of the group's digital strategy and has rich experience. The decision will help its brands to achieve the goal of providing e-commerce services in all regions of the world next year.

In the new position, Crespo Vrespo will mainly supervise and manage the business of technology, IT, logistics and sustainable development.

It is noteworthy that the good days of Zara seem to have ended.

Although RBC European company analyst Richard Chamberlain believes that the slow growth of Inditex group's performance in the first 9 months is mainly related to the warm winter weather around the world this year, Reuters has recently made clear in its report that the global apparel retail market continues to face major structural challenges. Inditex group is no longer the best holder in the market. Its large stores in nearly 7500 stores have become a burden, and the growth momentum of retail channels has reached the ceiling.