Romanian appointed to head Pull & Bear brand globally
The Spanish group Inditex, the world's largest clothing retailer, has appointed Romanian Lucian Dorobanțu as the global business coordinator for its Pull & Bear brand.
Inditex owns the Pull & Bear brand, as well as Zara, Bershka, Massimo Dutti, and Stradivarius.
Lucian Dorobanțu has been the brand director for Northern Europe and also led the Russian subsidiary until Inditex exited the market in 2023. He will replace José Pablo de Bado Rivas, who is leaving the company after more than 30 years.
Pull & Bear has annual revenues of over EUR 2 billion. Its parent company, Inditex, recently reported a sales increase in its spring/summer collections, with a 12% rise in sales from May 1 to June 3, compared to the same period in 2023. Additionally, from February to April 2024, sales expanded by 7%, a slowdown compared to last year when the company benefited from a post-pandemic shopping boom, according to Profit.ro.
Inditex currently faces strong competition from rivals like H&M, Shein, and Temu, who are investing in logistics and technology to bring the latest fashion trends to market faster. The Spanish group has outperformed its competitors in recent quarters, benefiting from investments in new stores and online experiences such as live shopping. From February to April 2024, Inditex's sales reached EUR 8.15 billion, while analysts expected EUR 8.10 billion.
Unfavorable currency fluctuations could reduce sales by 2% this year, Inditex announced, having previously estimated a 1.5% decrease. Net profit for the period from February to April 2024 rose by 11% to EUR 1.29 billion, in line with estimates, following a 54% net profit increase in the same period in 2023.
Analysts expected a slowdown in sales this spring due to weakness in Southern Europe and intense competition from Shein in key markets like the United States. By 2025, Inditex plans to invest EUR 900 million annually to expand its logistics capabilities, particularly in Europe.
(Photo source: Murdock2013 | Dreamstime.com)