Pablo Isla

Marta Ortega will start her job as chairwoman of Inditex next month with an unenviable task: dealing without Russia, the Zara owner’s second-largest market in terms of stores.

Zara-owner Inditex, the world’s largest fashion retailer, appointed a mix of new and familiar faces to top management positions this week. The shakeup comes at a pivotal moment for the Spanish giant.

The Zara owner took a nearly €300 million impairment on its inventory and said sales fell 24 percent this month.

The opaque fast-fashion giant allows BoF inside the business as it sets new sustainability targets and adjusts to a leadership change at parent company Inditex.

The retailer is setting the goal of make clothes available online anywhere in the world amid growing investor concern about stronger competition from upstart rivals.

Operating profit increased 6 percent to €705 million ($790 million) in the three months through April, Inditex said.