American fashion retailer Abercrombie & Fitch has announced the departure of executive chairman Arthur Martinez, in a move thought to signal a milestone in its turnaround.
He has held the role since 2014 when Mike Jeffries, the brand’s longstanding chief executive, departed.
Martinez, 78, is set to depart from the retailer on February 3 to retire.
It is thought that this points to a positive trajectory for the retailer, which has been working hard to push ahead with a turnaround strategy under new chief executive Fran Horowitz.
Following a leadership vacuum and 16 consecutive quarters of falling sales, Abercrombie & Fitch has boosted its fourth quarter forecast to high single digit growth.
The news and speculation that the retailer may be back on track after “aggressively” implementing its recovery plans, has sent stocks climbing 6.3 per cent.
It will reveal its full year results on March 7.
Abercrombie & Fitch boasts a global estate of over 900 stores — four of which are in the UK. It also owns Hollister.