Going to celebrate its 35th anniversary next year, Guess Inc. will get a new Chief Executive in August as Victor Herrero ex-Inditex Group executive would replace the co-founder Paul Marciano. With over twenty years of global experience Herrero was the Head of Asia Pacific for Inditex Group. Paul Marciano is replacing Maurice Marciano as Executive Chairman of the Board and will continue serving as Chief Creative Officer. Maurice Marciano will remain the Director, and has also been named Chairman Emeritus by the Board of Directors. The changes in the top management are to better the working of the brand and strengthen its foothold in the global market.
Facing stiff competition from fast-fashion retailer, Guess reported first quarter sales below analysts’ expectations last month due to a fall in North America sales and also forecast current quarter profit below the average analyst estimate.
