Ex-Inditex Group Executive to Replace Paul Marciano as Guess CEO
Apparel maker Guess Inc (NYSE:GES) said on Tuesday that Victor Herrero would replace co-founder Paul Marciano as chief executive in August.
Herrero joins Guess after a stint as head of Asia Pacific for Inditex Group <ITX.MC>, which owns brands such as Zara and Massimo Dutti.
U.S. apparel retailers such as Guess, Aeropostale Inc (NYSE:ARO) and Gap Inc (NYSE:GPS) have been facing stiff competition from fast-fashion retailers including Inditex's Zara, as well as H&M <HMb.ST> and Forever 21.
Guess reported first quarter sales below analysts' expectations last month due to a fall in North America sales. It also forecast current quarter profit below the average analyst estimate.
The Los Angeles-based company, which will mark its 35th anniversary next year, also said Paul Marciano would replace Maurice Marciano as chairman of the board and continue to serve as chief creative officer.
Guess shares, which have fallen about 22 percent in the past 12 months, closed at $21.16 on the New York Stock Exchange on Tuesday.
(Reporting by Nayan Das in Bengaluru; Editing by Simon Jennings)