Inditex, the renowned Spanish fashion group founded by Amancio Ortega, is taking further steps to distance itself from the era of former president Pablo Isla. Carlos Crespo, a key member of Isla’s team and the CEO from July 2019 to November 2021, is set to leave the company at the end of the fiscal year 2022 to pursue new professional ventures.
The announcement of Crespo’s departure was made by Inditex in a brief statement sent to the CNMV (Comisión Nacional del Mercado de Valores), where it highlighted his substantial contributions to the internal reorganization process, which began in November 2021 with the appointment of Óscar García Maceiras as CEO. Following this, Crespo assumed the position of the group’s chief operating officer and head of sustainable and digital transformation.
Crespo’s departure signifies the end of the transition period from Pablo Isla’s tenure as chairman, a role he held for 17 years while also serving as CEO. In April 2022, Marta Ortega was appointed as the new chairwoman, injecting a fresh perspective into the company’s leadership.
Inditex executives commended Crespo for his significant contributions to the internal reorganization process and his exemplary career spanning two decades within the company. His departure will result in a vacancy on the management committee, which will be filled by Javier Losada, Inditex’s sustainability director.
Losada, who joined Inditex in 1993 and has been serving as the sustainability director for the past three years, brings a wealth of experience and a strong commitment to sustainability to his new role on the management committee. This appointment reaffirms Inditex’s dedication to sustainability and its mission to drive transformation within the company and the fashion industry as a whole.
Since Marta Ortega assumed leadership, Inditex has intensified its efforts towards sustainability and enhancing brand perception. The company has organized noteworthy exhibitions, launched premium collections, and forged collaborations with renowned names in the fashion industry.
Additionally, Inditex witnessed a change in leadership within its communications team in April, with Raúl Estradera taking over as the head of the department, replacing Jesús Echevarría, who had held the position of chief communications officer since Isla’s entry into the company in 2005.
From a financial standpoint, Inditex has been performing exceptionally well. In the first half of the current fiscal year, the company’s profits surged by 41% to €1.79 billion, while turnover grew by 25% at constant exchange rates to reach €14.8 billion. The financial results for the third quarter of the year will be presented on December 14.
As Inditex continues to adapt and evolve in line with changing market demands, Carlos Crespo’s departure represents another milestone in the company’s transformative journey. The appointment of Javier Losada and the emphasis on sustainability underscore Inditex’s commitment to pioneering the industry towards a more circular and sustainable future.
Useful links:
1. Inditex Sustainability Initiatives
2. Inditex Press Room
