Vice Chairman Inditex resigns

The vice chairman of Spanish retailer Inditex, Jose Maria Castellano, has resigned his post. In a statement made on Friday, Inditex thanked him for his “brilliant contribution� and long service. The company said Castellano left for “personal reasons�. Castellano is credited with the success of Zara, a daughter-company of Inditex.

In February, Castellano was named vice chairman, having been CEO until that point. In June, Pablo Isla was named CEO of Inditex. The management reshuffle was said to have been in “preparation for expansion plans� as Inditex looked to double its size over the next five years.

Last week Inditex reported a 40 percent rise in second-quarter profits. Net income for the quarter climbed to €121 million (£82.2 million), while sales rose 21 percent to €1.41 billion. Zara represented 66 percent of the group's sales in the first six months of the year. Sales at the chain increased by 15 percent in the first half to €1.85 billion. As of 31 July there were 762 Zara stores, up from 653 last year. Inditex said that it was on track to open 125 to 135 Zara stores by the end of the year.