Apparel maker Guess Inc. co-founder Paul Marciano will become its new chairman after a company restructuring.
Marciano will be replaced as chief executive in August by Victor Herrero, who joins Guess after a stint as head of Asia Pacific for Inditex Group, which owns brands such as Zara and Massimo Dutti.
The Los Angeles-based company, which will mark its 35th anniversary next year, said Marciano will replace Maurice Marciano as chairman of the board and continue to serve as chief creative officer.
Guess, Aeropostale Inc., Gap Inc. and other apparel retailer have been facing stiff competition from fast-fashion chains including Inditex’s Zara, as well as H&M and Forever 21.
Last month, Guess reported first-quarter sales below analysts’ expectations due to a fall in North America sales, according to Reuters.
It also forecast current quarter profit below the average analyst estimate.
Guess shares have fallen about 22 percent in the past 12 months.
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