El Corte Inglés news and archive

El Corte Inglés appoints Gastón Bottazzini as CEO

The Spanish retail and services group El Corte Inglés has a CEO once again. On Friday, shareholders approved the appointment of Gastón Bottazzini as the new CEO at the annual general meeting. The position had been vacant since Víctor del Pozo resigned in spring 2022. Since then, general managers José María Folache and Santiago Bau had jointly...

Fashion Featured

The most iconic department stores around the world, ranked

Department stores have long been a staple in the shopping world. They are the markers of a downtown shopping area, the axis upon which one plans their day out on the town. And despite the rise in online shopping, and downfall of many department stores during the Covid-19 crisis, there are certain giants that continue to be seen as truly iconic...

Business

Moody’s improves El Corte Inglés rating but expects a significant drop in annual turnover

New York - On Tuesday Moody’s ratings agency confirmed that it maintains El Corte Inglés' long-term credit rating at Ba1. Moody’s analysts have also affirmed the Ba1 rating of the department store operator’s senior bond issue for 690 million euro. Moody's highlights the "solid performance of its food and online business during the closing of...

Business |ANALYSIS Featured

Debunking El Corte Inglés’ growth strategy

Madrid- The English Court held its first shareholders meeting this weekend led by the group's new president, Marta Álvarez. The department store operator unveiled the keys to its strategy for the next two years: new own brands, digital acceleration and greater internationalisation. Marta Álvarez was premiering as president of El Corte Inglés at...

Business |ANALYSIS Featured

El Corte Inglés: unanimity defines the first shareholders meeting chaired by Marta Álvarez

Madrid - The first meeting of shareholders of Spanish department stores operator El Corte Inglés chaired by Marta Álvarez passed quietly, on a day marked by unanimity. Although it did not provide too much detail regarding the measures they’re planning to take to improve the profitability of the group during this meeting, the management team said...

BusinessFeatured

El Corte Inglés eyes Chinese market

Everyone wants a slice of the Chinese market - be it in China or through Chinese customers outside their home country as Chinese consumers are still spending, despite the slowing economy and an ongoing trade war with the United States. Spanish department store chain El Corte Inglés - the largest one in Europe and third largest in the world -...

BusinessFeatured

El Corte Inglés posts 7.5 percent EBITDA growth in FY16

The El Corte Inglés Group said that the company closed the year 2016 with growth in turnover, EBITDA, Ebit and net income. The company’s EBITDA increased by 7.5 percent to 981 million euros (1,179 million dollars), while consolidated net profit reached 161.86 million euros (194.6 million dollars), representing growth of 2.4 percent over the...

Retail

AllSaints continues to target overseas expansion

British fashion brand AllSaints is continuing its expansion with its first concession in Spain, in the newly renovated El Corte Ingles department store in Madrid. William Kim, chief executive officer of AllSaints, said: “As part of AllSaints’ on-going European expansion, the brand has partnered with the El Corte Ingles team to break back into...

Business

El Corte Inglés expels rebel shareholder and returns to profit

Members of the Administration Committee at El Corte Inglés have voted almost unanimously in favour of the expulsion of the governing body of Ceslar Corporation, the main dissenting voice on the entrance of the new Qatari partner in the shareholding of the company. Shareholders' Meeting of 2015 of El Corte Inglés has included, among other major...

BusinessFeatured

Troubles for El Corte Ingles: minority shareholders oppose Qatar’s entry

The investment society of family Areces Galán, Ceslar Corporation, which includes the shares of the family of Luis Areces and has almost 10 percent of El Corte Inglés, fiercely opposes the entry of the new Qatari partner. In mid-July, El Corte Inglés sealed the entrance of a foreign investor for the first time in its history. This is the Qatari...

Design

El Corte Inglés available online for customers in the UK

Spanish department store chain, El Corte Inglés has begun its international expansion phase and has begun offering online shopping and shipping to the UK, Ireland and The Netherlands. Previously the Spanish department store was only present in Spain and Portugal. El Corte Inglés hopes to attract tourists who visit its mortar and brick stores in...

Design

Santander Group buys control stake in El Corte Inglés

Banco Santander Group has announced the buy of a 51 percent controlling stake in the consumer finance business of the indebted Spanish department store El Corte Inglés. Earlier this week, Santander said its consumer finance subsidiary will buy 51 percent of Financeira El Corte Inglés for 140 million euros. El Corte Inglés faces great pressure...