Inditex will “continue to take advantage” of future opportunities, emphasizing its core values

Spanish textile giant Inditex remains steadfast in its ambition to explore opportunities in all markets, retail formats and physical and online stores, imagining a future of transformation while remaining faithful to its legacy.

Inditex management conveyed this message at the company's general shareholders' meeting, held in Arteixo (A Coruña), where all the points on the agenda were approved, including the proposal to reduce the directors' term of office to two years.

In her opening remarks, Inditex Chairman Marta Ortega referred to 2023 as a year in which the “ability to overcome challenges” was crucial to addressing the significant obstacles facing the business.

“We are driven by the excitement, joy and emotions that fashion generates, a fashion that is part of the culture and individual expression of countless people around the world,” said Ortega, who stressed the importance of making the company's “creativity” accessible to the majority.

In his view, Inditex is a “young-spirited company” that “keeps a local perspective while looking at the whole world.” He acknowledges the dedication of its professionals, including the store teams, who “keep the project more alive than ever.”

Along the same lines, CEO Óscar García Maceiras highlighted the record results obtained in the 2023 financial year, which is the best year in the company's history for the second consecutive year, exceeding €5 billion in profit for the first time and approaching €36 billion in turnover.

“We are determined to continue taking advantage of opportunities in all our markets, in all our commercial formats and in all our stores, both physical and online. That is why we continue with projects aimed at revitalizing the key areas of our business model, always betting on creative and quality fashion,” says García Maceiras.

The main focus remains on “continuous improvement” of the customer experience. To this end, the group will soon open new flagship stores in iconic locations, such as the first Massimo Dutti store in the United States, in Miami, or the debut of Bershka in India, specifically in Bombay.

To improve operational capacity, achieve efficiencies and increase differentiation, Inditex plans ordinary investment of approximately €1.8 billion in 2024.

At the same time, in anticipation of growth opportunities, the company has a logistics expansion programme for 2024 and 2025, allocating 900 million euros each year, mainly aimed at Spain.

Resolutions of the shareholders' meeting

At the meeting, the general shareholders' meeting approved the annual accounts for the previous year and the distribution of a total dividend of 1.54 euros per share, with the first payment of 0.77 euros being made on 2 May and the second scheduled for 4 November.

The meeting also approved the re-election of Denise Kingsmill and the appointment of former Sareb president Belén Romana as independent directors, as well as the appointment of Flora Pérez, wife of Amancio Ortega and mother of Inditex president Marta Ortega, as a proprietary director.

Previously, Flora Pérez represented Pontegadea Inversiones, the investment arm of Amancio Ortega, on the board of Inditex.

Anne Lange will step down as director when her four-year term ends on July 14.

The group expressed its gratitude to Lange for his contributions to the company and extended “best wishes for the future.”