Coinciding with the presentation of the group’s Q1 results, Inditex has announced the “voluntary resignation” of its deputy CEO Ramón Reñón, who bids farewell to the Spanish group after almost 30 years.
Inditex bounced back with a vengeance in Q1 with the Spanish fashion retail giant reporting higher profits and saying its sales grew 50% year-on-year. Sales in Q2 so far have also exceeded those of Q2 2019.
The Spanish apparel group’s president insisted the business model is “solid” and said he is confident about the group’s recovery. If all Inditex stores will re-open in April, 2021 sales will be on par with 2019.
After 32 years, Antonio Abril is leaving the Spanish textile giant to focus on academia, replaced by Oscar García Maceiras, a state attorney from A Coruña and deputy secretary of the board at Banco Santander.
In the face of the ongoing health crisis, the Galician group is taking measures such as gradually implementing remote working at its HQ in Arteixo, A Coruña, and suspending employee services, like buses and the gym.