El Corte Inglés


Mutua Madrileña Takes An 8% Stake In El Corte Inglés, Which Will Be Floated On The Stock Exchange

El Corte Inglés shareholders gave the ‘green light’ this Wednesday at its extraordinary general meeting to Mutua Madrileña entering its shareholding after the agreement reached: the insurer -Mutua Madrileña- acquires 8% of the distribution group, from treasury stock, for 555 million euros and its President and CEO, Ignacio Garralda, will join the board of El Corte Inglés. In addition, the insurer will acquire 50.01% of each of the two companies…

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El Corte Inglés & the business model that looks set to be consigned to history

MADRID | J.P. Marín Arrese | Chairman Isidoro Alvarez’s death this week has commanded widespread emotion. He embodied El Corte Inglés’ soul, leading it to become Europe’s largest department store.  Thanks to formidable growth, coupled with a unique business model, Alvarez sought and implemented widespread changes to company practice from the 90,000 strong work force, thorough his personal commitment to the firm. In exchange, he preserved full employment even when faced with dwindling sales during the crisis. He also drove a fully self-financed expansion, ruling out indebtedness and support from capital markets. 

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El Corte Ingles, a succession filled with uncertainty

MADRID | By Fernando G. Urbaneja | The death of Isidoro Álvarez, the legendary Spanish retailer and  El Corte Inglés chairman, comes at a moment of critical importance to the company. Urgent strategic decisions are required at one of Europe’s most peculiar and inimitable businesses. El Corte Inglés’ model is unique with those with extensive knowledge of the firm concluding that is has its own defining characteristics.