Marta Ortega and the disregard for the numbers at Inditex

Marta Ortega, the chairwoman who prefers design to the accounts

When Marta Ortega took over as non-executive chairwoman of Inditex on 1 April 2022, replacing Pablo Isla, expectations were uncertain. Critics claim that the founder's daughter does not care about the accounting figures —profits, expenses, debts— but about the look of Zara's outfits, even if that means losing money. An executive who knows Isla puts it bluntly. The warning is serious: the same family succession pattern that led Banco Santander to lose market share could repeat itself at the textile giant.

Is aesthetics-driven management viable?

The numbers don't lie, but Ortega seems to care little about them. While financial analysis requires square roots and calculations, the bet on design is seen as a whim. Those who defend the strategy point out that delegation is key and that the management team can make up for the shortcomings. Scepticism nevertheless prevails: the situation is compared to other companies where dynastic succession brought decline. And toppling a giant is slow, but wrong decisions in key markets such as the United States would already trigger 10% drops on the stock market.

Sens creeps into the debate

Part of the criticism is tinged with gender-based arguments, claiming that women prioritise emotion over reason. But beyond prejudice, the focus should be on the figures: Inditex remains profitable, but the question is whether the drift towards aesthetics will compromise its future. Her appointment, only a few months ago, does not yet allow the results of her management to be seen, but doubts are growing.

The unsettling fact: the company that dresses millions of customers could be run by someone who despises the very data that made it great. Silence in the boardroom.