Fashion chain Mango's CEO to succeed chairman Andic
MADRID, Jan 29 (Reuters) - The chief executive of Spain's second-largest fashion company Mango, Toni Ruiz, will also become chairman of the board, replacing Mango's founder and owner, Isak Andic, who died in a mountain accident last December, the company said on Wednesday.
Andic's son, Jonathan, will serve as vice-president of the board, and the founder's two daughters will also be part of the holding company MNG.
Mango will also expand its board to include Manel Adell, former CEO of Spanish fashion brand Desigual, as an independent member to strengthen its corporate governance, the company added in a statement.
The fashion company has positioned itself as a premium retailer with higher prices than its larger rival, Inditex-owned Zara, and has an ongoing plan to expand in the U.S. market. Spain's Inditex (ITX.MC), opens new tab is the world's largest fast-fashion retailer.
Ruiz, who joined Mango as a general director in 2015, has said he will continue the strategic plan with the aim of reaching 4 billion euros ($4.16 billion) in sales by 2026.
The unlisted Barcelona-based company, with a presence in more than 120 markets, reported sales of 3.1 billion euros in 2023. Ruiz bought a 5% stake in the company in 2023.
"Andic built Mango and had an extraordinary knowledge of the sector and the business ... the times will change, but it is important that leaders preserve Andic's attitude and spirit," said Guido Stein, professor at Madrid business school IESE.
($1 = 0.9609 euros)
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