Inditex will continue to seize future opportunities, affirming… | kbnmart

Spanish textile giant Inditex continues its ambitions to explore opportunities across markets, commercial formats, physical stores and online, envisioning a future of transformation while remaining true to its heritage.

This message was conveyed by the Inditex leadership at the company’s General Shareholders’ Meeting, held in Arteixo (La Coruña). During this meeting, all agenda items were approved, including the proposal to reduce the term of the Board of Directors to two years.

In her opening remarks, Inditex Chairwoman Marta Ortega referred to 2023 as a year in which “the ability to overcome challenges” was crucial in addressing the significant obstacles facing businesses.

“We are driven by the excitement, joy and emotions that fashion generates – fashion that is part of the culture and individual expression of countless people around the world,” Ortega said, emphasizing the importance of making the company’s “creativity” accessible to the majority.

In her view, Inditex is a “young company” that “maintains a local perspective while keeping an eye on the world at large.” She also acknowledged the dedication of professionals, including store teams, who “ensure the project remains more vibrant than ever.”

Echoing her sentiments, CEO Oscar García Maceras highlighted the record results achieved in the 2023 financial year, which represents the best year in the company’s history for the second year in a row. The company exceeded €5 billion in profits and approached €36 billion in revenues for the first time.

“We are determined to continue seizing opportunities in all our markets, all our commercial formats, all our stores, whether physical or online. That is why we continue with projects that aim to stimulate the main areas of our business model, always seeking to offer creative and high-quality fashion,” stated García Maceras.

The main focus remains on “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 US in Miami, and the first Bershka store in India, specifically in Mumbai.

To strengthen operational capacity, achieve efficiency and increase differentiation, Inditex plans a regular investment of around €1.8 billion in 2024.

Meanwhile, anticipating growth opportunities, the company has a logistics expansion program for 2024 and 2025, allocating 900 million euros per year, directed primarily towards Spain.

Shareholders Meeting Resolutions

At the meeting, the General Assembly of Shareholders approved the annual accounts for the previous financial year and the distribution of a total dividend of EUR 1.54 per share, with the first payment of EUR 0.77 to be paid on May 2 and the second payment scheduled for November 4.

The Assembly also approved the re-election of Dennis Kingsmill and the appointment of former SAREP board chair Belen Romana as independent directors, as well as the appointment of Flora Pérez, wife of Amancio Ortega and mother of Inditex board chair Marta Ortega, as special director.

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

Anne Lange will resign as director when her four-year term ends on July 14.

The group expressed its gratitude to Lang for her contributions to the company and offered them “best wishes for the future.”