despite the announcement rudder shift Inditex appeared at the end of November 2021 and did not go into effect until April 1, 2022, When martha ortega took over the presidency, officially changed It was this Thursday a year ago. On that day, Pablo Isla, the current president of the multinational, and its CEO, Óscar García Maceiras, 2021 annual results.
Since then they have passed 12 months when the company was founded by Amancio Ortega made changes to keep everything the same. Record profits every quarter in a year marked by the advent of martha ortega And oscar garcia Maceiras got to the top of the multinational corporation and they had to make decisions like this. Closure and subsequent sale of their stores in Russia and Ukraine; wage increase for workers; price increases in some items; collection for online returns or opening a mega store in Madrid. Here is the summary of what happened The last 12 months in the Galician giant.
March 2022. On Wednesday, the 16th, the group is announcing its 2021 results. It earned 3.243 million, almost three times that of 2020. The joint presence of Maceiras and Isla, in addition to the official change of command of the company, means the farewell of the latter, as remembered, after 17 games to present the annual results. “On a personal level, they have been very busy and very good months. It was a very natural process and I was completely focused. Of course, I won’t retire, but I can’t say anything else,” he says.
April 2022. The first day of the month is also Marta Ortega’s first official day as CEO. And it opens with a letter sent to more than 165,000 workers to thank them for their efforts and ask for “support and patience.” “I was born and raised at Inditex and there has never been a moment in my short career where I haven’t felt overwhelmed by the involvement, professionalism, growth spirit and above all, humanity of each of you,” he explains in the letter, which also includes words of thanks to Amancio Ortega and Pablo Isla.
Textile company opens a Zara megastore in Madrid. It is located in the refurbished Plaza de España and becomes Marta Ortega’s first grand opening after assuming the presidency. It is also the first organization of the brand to have an online order return shipment.
May 2022. Zara is starting to charge in 30 countries for returning clothes bought online. Spain is out of the decision for now. Its cost is 1.95 Euros. Most in-store returns are exempt.
June 2022. First trimester results of the Ortega-Maceiras period. Despite the closure of stores in Russia, the war in Ukraine or an increase in raw materials, the company achieved record sales and profits in the first fiscal quarter (February 1 – April 30). Billing exceeds its historical maximum for the period, with revenue of 6,742 million, which is 36% more. Benefits reach 760, 80% more.
The multinational was founded as a partner of IndesIA, the Spanish industry artificial intelligence consortium, and joins Repsol, Gestamp, Navantia, Técnicas Reunidas, Telefónica, Microsoft, Airbus and Ferrovial to help support data technology and AI in Spanish industrial companies. .
July 2020. First shareholder meeting of Marta Ortega as president. And also when his voice was first heard in public. “Inditex is where I grew up personally and professionally, and where I always wanted to be,” he said in his speech, clearly stating his commitment to the group founded by his father. “It is the source of the values I share. This is the project to which I will continue to devote all my effort ”, she admits.
At the meeting, shareholders approved him as the new chairman and CEO Óscar García Maceiras, who reminded him that this Wednesday marks the second anniversary of his arrival at the company. They also approved the payment of 19.7 million for Pablo Isla’s departure.
August 2022. Inditex shares, which suffered from the uncertainty created by the war in Ukraine and the change in the management of the company, experienced a strong correction in the first half of 2022. Headlines bottomed out in May when they closed at €19.71. It’s the lowest value since July 2013, and a figure that could not be reached even at the worst time of the pandemic. But in August, shares gained 23% in 90 days, and in February they gained more than before the start of the war.
September 2022. Presentation of the first semester results. Those are the best first six months in its history. Between February and July, it generated 24.5% more 14,845 million invoices and 41% more profit of 1,794. It’s not a pandemic; nor the increase in raw material prices; nor an increase in energy; nor slowdown threats; Neither the announced decrease in consumption nor the 514 stores closed in the Russian market since March had an impact on the results.
October 2022. Inditex left Russia after selling half a thousand stores to the Emirati Daher group. He decides to leave the country 7 months and 20 days after announcing that his workplaces are closed. And it does so after the first temporary and ultimately final closure of stores, as well as the payment of payrolls to 9,000 employees by their calculations, costing them 231 million.
Zara has announced the launch of the Zara Pre-Owned platform, where users can resell, repair and donate the brand’s clothing from other years. This move demonstrates Inditex’s intention to be involved in new trends (Wallapop) such as second-hand, rental, recycling or reuse.
November 2022. A year has passed since the announcement of the change of direction at the beginning of the company. The group announced the departure of Carlos Crespo, a trusted man to Pablo Isla, who served as CEO from July 2019 to November 2021.
December 2023. Presentation of third quarter results. And break records again. It’s the best three months in its 37-year history. Between August and October, it earned 1,301 million, compared to 1,227 a year earlier, and crossed the 8,000 million bills mark for the second consecutive quarter.
The company goes one step further in terms of sustainable innovation for the textile industry. Zara Home offers a detergent that reduces the separation of microfibers by 80% during washing.
Marta Ortega concedes that 2022 “is not an easy year” while giving a Christmas greeting to workers the day before Christmas Eve, noting that Inditex has “big challenges but also big projects on the way.” “Since April, I am even more proud if possible of the company that my father, Mr. Ortega, founded, in which I grew up and in which I have lived very intensely professionally,” he emphasizes.
January 2023. The year for the company begins with the announcement that they have formed a new employer association for the industry, the Spanish Retail Textile Association (ARTE), together with H&M, Mango, Primark, Iberian Sports Retail Group and Uniqlo. Textile and Accessories Trade (Acotex), which has been the main group of the sector until today, broke away from the Businessmen’s Association. Days later, she sets up her own waste management company, along with other major fashion chains. Decathlon collaborates with H&M, IKEA, Kiabi, Mango and Tendam to “provide a collective support for recycling” clothing.
And at the end of the month, it announces that it will include more than 1,500 professionals in its network of stores, logistics, warehouses and offices, doubling the number of employees with disabilities in the next two years.
February 2023. It signed a “historic” agreement, agreed by the unions, to improve the wages of 36,000 employees in stores of all its brands in Spain. Those who will receive the least wages will be between 21,500 and 22,500 euros, making the Galician multinational the company that pays its employees the most in the Spanish textile industry.
Zara has announced that it has started charging €1.95 for returns on online purchases made at home in Spain. Changes will remain free in stores.
This actions inditex chain 11 day increments, Something that hasn’t happened since it was listed 22 years ago. In value, it reaches 90,000 million, the highest figure since December 2021, growing by 45% from the September minimum.
Former President Pablo Isla explained Finance Times that he had “full confidence” in how they delegated authority.