Business

Guess names new chief to replace Paul Marciano

  • 15 July 2015
  • From the section Business
Paul Marciano
Image caption Paul Marciano co-founded Guess with his brother and will remain a leading figure in the company

Fashion retailer Guess has appointed industry veteran Victor Herrero as its chief executive, replacing co-founder Paul Marciano.

Mr Herrero joins Guess after working as head of Asia Pacific for Inditex Group, which owns brands such as Zara and Massimo Dutti.

He will take up his new role in August.

Guess has been facing stiff competition from cheaper competitors and its shares have fallen by more than 20% over the past year.

In a leadership shuffle, Paul Marciano will replace his brother Maurice as executive chairman of the board and keep his position as creative office.

Maurice Marciano will remain as a director.

US-based company Guess was founded by the brothers in 1981 with the two of them having shared the chief executive role over the years. Paul took over as sole chief executive in 2007.

In June, Guess reported first quarter sales below analysts' expectations due to falling sales in North America.

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