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Interviews 7th August 2012

Esprit picks former Inditex director José Manuel Martínez as new CEO

Esprit Holdings Limited on Tuesday announced the appointment of José Manuel Martínez Gutiérrez as its new group chief executive officer and executive director. Martínez will effectively be seating at his new desk by October 2012. The language used by Esprit to inform about the move spoke of the tall hopes the retail company has deposited on Martínez’ shoulders: “We are delighted that Mr. Martínez, a professional with a wealth of…

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Companies 31st July 2012

British AAA in doubt as high street turns ‘zombie’ under insolvency pressures

LONDON | The sterling on Tuesday was mostly unmoved by the light controversy between some of the top ratings agencies regarding the UK’s triple A qualification on its government debt issuance. That is the highest grade, only to be found over the so-called core European countries. A day had barely passed after Standard & Poor’s said the British AAA was solid, when Moody’s noted that an increasingly weak economy poses…

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Companies 14th June 2012

Inditex to invest €290 million in Spain

MADRID | The Inditex Group reported Wednesday net sales in the first quarter of 2012 February to April of €3.4 billion, 15% higher year-on-year (14% in local currencies). Net income amounted to €432 million, 30% more than in the first quarter of 2011. The Spanish company said it had opened 91 new stores during the quarter, bringing the total store base to 5,618. The new stores were opened in 26 markets. In a…

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Companies 15th March 2012

Zara arrives in New York’s 5th Avenue

NEW YORK | In allegedly the most expensive shopping street in the world, Zara inaugurated Wednesday its new flagship store. Fashionistas, entrepreneurs and journalists attended the Spanish clothing retailer debut, which is their US largest bet so far. The company  bought the real estate property for $324 million and claims the store to be a totally new concept. Would it be worth the money? Hard to say, but the visit of…