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…
El Corte Inglés
Merlin Properties, one of the main property companies listed in the Spanish stock market, is studying creating alliances to buy part of the property portfolio of El Corte Inglés, Spain’s biggest retail group, which amounts 94 assets. The value of the portfolio is around €17.2 Bn, of which €15 billion euros are points of sale.
Spain has major access to the funds mobilised by the Juncker Plan. Many companies, like Gestamp and El Corte Inglés, are already benefitting with projects worth some 15 billion euros.
Ailing department store chain El Corte Ingles lived splendidly before Amancio Ortega, Zara’s founder, began his rapid journey through the world of fashion retailing both at home and abroad. Galicia’s Inditex group has not stopped growing in sales and store openings.
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.
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.