New CEO to succeed Paul Marciano at Guess - Los Angeles Times
Los Angeles fashion firm Guess Inc. , known for its tight jeans and beach babe models, is replacing co-founder Paul Marciano with a new chief executive from outside the company. In August, Victor Herrero, 46, will step into Marciano's shoes after spending a dozen years building up operations in Europe and Asia for Inditex, the Spanish apparel giant that owns the Zara and Stradivarius brands. Companies such as Guess, which still does major business in denim, have struggled as the rise of yoga-wear eats into jeans sales. Bringing in Herrero, who has an overseas background as well as experience in fast fashion, is a savvy move, said Ron Friedman, a retail expert at Los Angeles accounting and consulting firm Marcum. 's naming of a new chief executive was accompanied by a photo of co-founder Maurice Marciano, not outgoing CEO Paul Marciano. ------------. Same-store sales were negative last quarter in North America, but retail performance and stronger wholesale shipments to Europe helped dull the sting, according to the company. Guess directly operated 470 stores in the U. S. and Canada and 361 stores elsewhere as of May. , the Guess network also includes factory outlet stores, G by Guess stores targeting discount shoppers, accessories stores and Marciano stores directed at older consumers. Source: www.latimes.com
