As the New Year approaches, two important family-owned businesses in the fashion industry are also standing at a new starting point.
Marta Ortega, the younger daughter of ZARA's parent company and founder of fast fashion giant Inditex Group, became the new chairman. The launch of the Century-old Italian luxury menswear brand Ermenegildo Zegna in New York has provided new ideas for the development of Italian brands.
At a time of major changes, the leaders of both companies have fully expressed their family values in their hearts. Marta Ortega said, "I will dedicate my life to my parents' legacy. Genia Group CEO Gildo Zegna said strong families and strong companies are mutually successful and that after the public listing, "he is proud that the family will continue to control the group with a 66 percent stake." ”
The young fast fashion giant successor
ZARA's parent company, Spanish fast fashion group Inditex, officially began a new generation of handover.
Next April, Marta Ortega, daughter of founder Amancio Ortega, will take over as chairman of Inditex. As a result, she became the youngest company leader in several major global fast fashion groups.
Marta Ortega
Marta Ortega, 37, majored in international trade while attending university in London and knows Spanish, English, French and Italian Chinese. She has been with Inditex for 15 years since her first internship at Bershka, part of the Inditex Group, in 2007, including at the Zara store in Shanghai, China.
The current chairman, Pablo Isla, who has been with Inditex Group for 17 years, will leave the company on March 31 next year as scheduled.
For the past two years, Marta Ortega has been primarily responsible for Zara's brand image and fashion business, and has led the development of Zara's beauty business. Although her succession has long been determined, many people in the industry feel that the time of the handover is a little early, even if Amancio Ortega is nearly ninety years old.
Uniqlo's parent company, Fast Retailing, is over seventy years old and has repeatedly postponed his retirement because he has not found a suitable successor. In 2020, H&M President and CEO Karl-Johan Persson took over his father's position as chairman of the board of directors and resigned as CEO, completing the third generation of the family business at the age of 46.
Marta Ortega said in a statement, "I've lived and breathed in this company since I was a kid and over the last 15 years I've learned from all the great professionals I've worked with. I have always said that I would dedicate my life to my parents' legacy and look to the future, but also learn from the past. ”
According to the latest financial report, as of the end of October, Inditex Group had a total of 6657 stores, of which the group opened 179 new stores in 39 markets in the first nine months. In the third quarter, the Group continued to implement its strategic investment in digital transformation, store optimization and modernization. Among them, many of the Group's brands are continuing to expand and open flagship stores, including Zara, Massimo Dutti, Oysho, etc.
The Inditex Group generated revenue of EUR 19.33 billion (from February 1 to October 31, 2021), an increase of 37% year-on-year, and net profit of EUR 2.5 billion, an increase of 273% from EUR 671 million in the first nine months of 2020.
Following the latest earnings report, Scar García Maceiras, inditex Group's new CEO, stressed the importance of the Group's strategy of integrating online and offline stores for growth outcomes, "Inditex extends, deepens and develops an integrated business model, which is a key differentiator for the company.".
Oscar García Maceiras joined the Inditex Group at the beginning of this year as General Counsel and Secretary of the Board of Directors, where he served as Spain's State Prosecutor in the public sector. At the end of November, Oscar Garcia Maceiras succeeded Carlos Crespo as inditex's new CEO.
In 2021, Inditex unveils its "HORIZON 2022" growth plan, which includes 2.7 billion euros of strategic support, of which 1 billion euros are dedicated to digital channels and 1.7 billion euros are spent on technology for channel integration.
OYSHO Beijing Blue Harbor Store completed the renovation and upgrade.
In China, Inditex Group retains physical stores of major brands such as Zara, Zara Home, Massimo Dutti and Oysho, while Bershka and Pull & Bear have all switched to pure e-commerce businesses.
As a new generation leader in the fast fashion industry, whether the young can marta ortega's capital, I believe that the answer will be presented in 2022. For investors, a smooth and orderly transition from Inditex is even more important.
The first Italian fashion house to go public in New York
Gildo Zegna, a 66-year-old CEO of the Italian luxury goods group Ermenegildo Zegna, a family-owned company, feels like he "has to serve a few more years" as the third generation of his family.
The Zegna Outdoor Collection Limited Time Boutique opens in Shanghai Ruiou.
"The next generation is stepping in. My eldest son, Edo, is in charge of marketing, my younger son Angelo is the head of the U.S. retail division at Zegna, and my nephew Francesco is the head of retail in Europe. So, who knows what will happen in the future? ”
In November, Zegna announced a new logo and brand identity, which will be replaced in the global retail channel within 2022.
Zegna has shifted its brand positioning from a custom luxury brand to a sporty luxury brand. The recently officially launched Zegna Outdoor Series has launched a new brand logo and logo for the first time. Inspired by Route 232, the new Vicuña reddish-brown double stripe logo represents the glittering journey and vision of the future in Zegna, and will be reflected in all of Zegna's product collection designs. The brand's logo is also presented in a more modern font.
Zegna outdoor series products
The new collection uses sustainable fabrics to further demonstrate Zegna's long-term commitment to environmental responsibility.
Combined with the official launch of Zegna a month later, the replacement of the new brand logo and logo can indeed commemorate "the 111-year-old Zegna into a new era" and become the first Italian fashion company to go public in New York. ”
In fact, Gildo Zegna has always refused to go public, but the epidemic has exacerbated the pressure on the business and prompted him to change his mind.
Zegna is listed.
On December 20, Zegna officially landed on the New York Stock Exchange. The Zegna family controls nearly 66 percent of the stake, ensuring continuity of leadership. Evelyn Fund Investindustrial will hold about 13% of the shares, becoming a high-stake shareholder; free float is 21%.
According to official data, the Zegna Group sells its products through more than 500 boutiques in 80 countries around the world. As of June 30, 2021, 284 of these were directly operated zegna stores (239 ZEGNA brand stores and 45 Thom Browne brand stores).
According to official figures, Zegna Achieved Strong Sales and Profitability in the First Half of 2021, with revenue up 50% year-on-year. As of the end of November, the Group's global performance this year is basically in line with the level before the epidemic. This round of IPOs may promote further global expansion of the Zegna Group.