Former head of Inditex' Asia - Pacific region, Victor Herrero, will become Guess CEO from August onward. He will replace Paul Marciano, who will become chairman of the board and remain the company's creative director.
Maurice Marciano, Paul's brother and co-founder, had been the company's chairman up until now and both have shared CEO responsibilities since the company's foundation. Since 2007, Paul Marciano led the company on his own, but August 2015 marks the date that the company will - for the first time ever - have another name as its CEO.
Herrero is charged with bringing Guess' results back up, as these were below analyst expectations in the first quarter - mainly because of weaker North American sales. Guess says it will be below analyst expectations for the second quarter as well.
The Italian-American jeans brand celebrates its 35th anniversary next year, but has faced increased competition from fast fashion brands like Zara, H&M and Forever 21. It has kicked up a gear in Europe, where its expansion started last year.