The chief executive officer and vice-president of Spanish fashion giant Inditex, Jose Maria Castellano, has reduced his stake in the parent firm of retail chain Zara through the sale of 500,000 shares. Castellano's decision to reduce his holding to 1.4 million shares comes just three weeks after Inditex chairman Amancio Ortega sold a 1.98 per cent stake in the firm to a group of private investors.