Zara president steps down

During Inditex’ annual meeting, 75 year old billionaire and Zara founder Amancio Ortega announced

to step down as teh president of the company. With 59.29% he is the largest shareholder of the company, and Ortega will stay on as board member of the spanish retailer.

In 1975, Ortega opened the doors of the first Zara store in La Coruna, Spain, after which Portugal, US, and France followed. At the beginning of this year Zara stores were popping up across the glove, and the company launched 12 shops in South-Africa, Taiwan, Peru and China. The UK has 64 Zara stores across the nation.

Pablo Isla will become the new president of Inditex, who already works with the company since 2005.