Jul 15, 2015
Ex-Inditex Group executive to replace Paul Marciano as Guess CEO
Jul 15, 2015
Apparel maker Guess Inc said on Tuesday that Victor Herrero would replace co-founder Paul Marciano as chief executive in August.
Herrero joins Guess after a stint as head of Asia Pacific for Inditex Group, which owns brands such as Zara and Massimo Dutti.
Paul Marciano will replace Maurice Marciano as Executive Chairman of the Board and will continue serving as Chief Creative Officer. Maurice Marciano will remain a director, and has been named Chairman Emeritus by the Board of Directors.
Victor Herrero joins Guess? with over twenty years of global experience spanning Europe and Asia. Most recently, Victor served as the head of Asia Pacific for Inditex Group.
U.S. apparel retailers such as Guess, Aeropostale Inc and Gap Inc, have been facing stiff competition from fast-fashion retailers including Inditex's Zara, as well as H&M and Forever 21.
Guess reported first quarter sales below analysts' expectations last month due to a fall in North America sales. It also forecast current quarter profit below the average analyst estimate.
The Los Angeles-based company, which will mark its 35th anniversary next year, also said Paul Marciano would replace Maurice Marciano as chairman of the board and continue to serve as chief creative officer.
Guess shares, which have fallen about 22 percent in the past 12 months, closed at $21.16 on the New York Stock Exchange on Tuesday.
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