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Esprit surges 40% as Zara director jumps ship Tuesday, 7th August 2012
Photo credit: Esprit campaign
Jose Manuel Martinez Gutierrez, the current group director of distribution and operations at Zara owner Inditex, has been revealed as the new chief executive of struggling rival Esprit Holdings.
Shares in Esprit rose almost 40 per cent after its announcement on Tuesday, which will see Martinez replace Ronald van der Vis as the fashion retailer’s chief, after his abrupt resignation back in June.
According to the BBC, Esprit saw its share price surge 38 per cent on the news, before settling at 28 per cent.
The appointment and the subsequent market reaction will no doubt come as a relief to investors after Esprit saw a 98 per cent drop in profit for 2011 as it struggled through the consumer downturn.
Martinez is due to officially join the company in September.