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Inditex director to replace Guess CEO

Guess co-founder Paul Marciano is stepping down from his position as chief executive and will be replaced by Inditex Asia director Victor Herrero.

Marciano will now become executive chairman and chief creative officer at the denim brand.

The business said Herrero’s international experience would help boost sales. Guess generates 46% of its sales outside of the US.

Guess’ net earnings for the year to January 31, 2015, dropped 41.8% year-on-year to $94.6m (£60.5m).

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