Eugenio Bregolat appointed new head of Inditex China
Spanish fashion company Inditex is reorganising its business in China. Coinciding with the quarterly results presentation of the company based in Arteixo (A Coruña), on Wednesday, December 14, the American group PVH announced that Eva Serrano, one of the Inditex group's long-time executives, has joined its team. Serrano has been appointed as Calvin Klein's new global brand president.
Serrano's departure takes place after almost two decades of experience within the Inditex group, in which she held senior positions as commercial director in Asia and, since July 2019, head of Inditex in China. At that time, the executive replaced Yago Vera, who returned to the company's headquarters in A Coruña. In addition to boasting an established track record in Inditex's expansion on the Asian continent, Serrano was one of former group chairman Pablo Isla's most trusted executives.
According to FashionNetwork.com, Serrano's successor at Inditex is to be Eugenio Bregolat, a "historical" executive in the company's regional subsidiary. Prior to his role with "operational responsibilities", the executive has been appointed as the new head of Inditex's business in China. When asked about the changes in its senior management in the region, the company specified that, although the news was released today, the change had already taken place, despite the fact that it was a "recent appointment". Inditex has not provided further details on the matter.
A graduate of the London School of Economics and Peking University, Bregolat had worked for Banco Santander in the Chinese market before joining Inditex, where he has held various senior positions in the region. The executive is the son of Spanish diplomat Eugenio Bregolat, who worked in the Prime Minister's Office with Adolfo Suárez and Leopoldo Calvo-Sotelo, as well as being Spanish ambassador to Indonesia, Canada, Russia, Andorra and China, on three occasions.
During a conference call with analysts to present the company's third quarter results, Inditex's director of capital markets, Marcos Lopez, said that the company is confident in its "opportunities in China in the medium and long term." He added: "The region's potential remains significant and the market will continue to be one of the group's priorities."
The company, which landed in China in 2006, has reorganised its operations in the country in recent years, due to restrictions caused by the pandemic. In 2021, the group closed down its Stradivarius, Bershka and Pull&Bear stores in China and, more recently, ceased its operations online and through the Chinese platform Tmall. At the end of last year, Inditex was operating 445 stores, 60 fewer than in the previous year.
In the first nine months of this year, Inditex reported a 24% growth in net income to 3.09 billion euros and increased its turnover by 19% to 23 billion euros.
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