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Inditex “will continue seizing” future opportunities, emphasizing its core values

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Jul 11, 2024

The Spanish textile giant Inditex is steadfast in its ambition to explore opportunities across markets, commercial formats, and both physical and online stores, envisioning a future of transformation while remaining true to its legacy.

A scene from Inditex’s general shareholders’ meeting, with Óscar García Maceiras in the foreground. – EFE

Inditex’s leadership conveyed this message at the company’s general shareholders’ meeting, held in Arteixo (A Coruña). During this meeting, all agenda items were approved, including the proposal to reduce board member terms to two years.

In her opening remarks, Inditex chairwoman Marta Ortega referred to 2023 as a year where the “ability to overcome challenges” was crucial in addressing the significant obstacles faced by the business.

“We are driven by the excitement, joy, and emotions that fashion generates—a fashion that is part of culture and the individual expression of countless people worldwide,” said Ortega. She emphasised the importance of making the company’s “creativity” accessible to the majority.

From her perspective, Inditex is a “young-spirited company” that “maintains a local perspective while observing the entire world.” She acknowledged the dedication of its professionals, including store teams, who “ensure the project remains more vibrant than ever.”

Echoing her sentiments, CEO Óscar García Maceiras highlighted the record-breaking results achieved in fiscal 2023, marking the best year in the company’s history for the second consecutive year. The company surpassed 5 billion euros in profit and approached 36 billion euros in revenue for the first time.

Inditex is to add Belén Romana, the former chairman of Sareb, to its board of directors – Inditex

“We are determined to continue seizing opportunities in all our markets, all our commercial formats, and all our stores, both physical and online. That’s why we persist with projects aimed at stimulating the key areas of our business model, always striving for creative and high-quality fashion,” stated García Maceiras.

The primary focus remains on the “continuous improvement” of the customer experience. To this end, the group will soon open new flagship stores in iconic locations, such as the first Massimo Dutti store in the U.S. in Miami, and the debut of Bershka in India, specifically in Mumbai.

To enhance operational capacity, achieve efficiencies, and increase differentiation, Inditex is planning an ordinary investment of approximately 1.8 billion euros in 2024.

Simultaneously, in anticipation of growth opportunities, the company has a logistics expansion program for 2024 and 2025, allocating 900 million euros each year, primarily directed toward Spain.

Shareholders’ meeting resolutions

At the meeting, the general shareholders’ assembly approved the annual accounts for the past fiscal year and the distribution of a total dividend of 1.54 euros per share, with the first payment of 0.77 euros made on May 2 and the second scheduled for November 4.

The assembly also approved the re-election of Denise Kingsmill and the appointment of former Sareb chairwoman Belén Romana as independent directors, as well as the designation of Flora Pérez, wife of Amancio Ortega and mother of Inditex chairwoman Marta Ortega, as a proprietary director.

Previously, Flora Pérez represented Pontegadea Inversiones, Amancio Ortega’s investment arm, on the Inditex board.

Anne Lange will step down from her position as director when her four-year term ends on July 14.

The group expressed gratitude to Lange for her contributions to the company and extended “best wishes for the future.”

© EFE 2024. Está expresamente prohibida la redistribución y la redifusión de todo o parte de los contenidos de los servicios de Efe, sin previo y expreso consentimiento de la Agencia EFE S.A.

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