Inditex appoints former PM Enrico Letta to head new global advisory board amid record profits

Inditex, the Spanish textile multinational, has officially appointed former Italian prime minister Enrico Letta as the chairman of its newly formed International Advisory Board. The establishment of this significant board was initially announced during the company's annual general meeting held in July, marking a strategic move to bolster its global outlook.

The International Advisory Board, whose full membership had remained undisclosed until recently, convened for its inaugural meeting on November 27. This board is tasked with providing expert counsel to Inditex's board of directors on critical areas including geopolitics, international economics, and a range of other pressing global matters. Alongside Chairman Letta, the esteemed board comprises a diverse group of international experts: Taeho Bark, Simon Fraser, Rafael Gil-Tienda, Anne Lange, Enrique Lores, and Marcos Troyjo, bringing a wealth of experience and perspective to the company.

In a separate but equally significant announcement on Wednesday, Inditex also reported its financial results for the first nine months of its fiscal year, spanning from February to October. The company achieved a remarkable milestone, posting a record net profit of 4.622 billion euros. This impressive figure represents a substantial 3.9% increase compared to the net profit recorded during the same period in the previous year, highlighting the company's robust performance and continued growth.

Following the positive publication of its financial accounts, the market reacted favorably, with Inditex's shares experiencing a notable surge. The group’s shares jumped by more than 8% at the market open, reaching 53.02 euros per share, underscoring investor confidence in the company's strategic direction and strong financial health.