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The global fashion business journal

17 Jul 201920:58

Spanish department stores El Corte Inglés name new president

Marta Álvarez, daughter of late president Isidoro Álvarez, has taken the helm at the Spanish giant. Together with her sister, Cristina, she’s also the main shareholder of the group.

10 Jul 2019 — 17:17
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Spanish department stores El Corte Inglés name new president

 

 

Game of Thrones at the helm of Spanish department stores El Corte Inglés. Only one year after Dimas Gimeno, nephew of the late president Isidoro Álvarez, left the group, now his cousin Marta Álvarez has been named the new president of the company.

 

The board of directors has approved unanimously the naming on Wednesday morning. Marta Álvarez and Cristina Álvarez, daughters of Isidoro, are the leading shareholders of El Corte Inglés through Cartera de Valores Iasa.

 

Until now, the executive president of the group was Jesús Nuño de la Rosa, El Corte Inglés veteran, who will now be co-CEO together with Víctor del Pozo. While Nuño will manage travel, insurance, IT and finance subsidiaries, Víctor del Pozo will oversee corporate areas as well as retail and fashion chain Sfera.

 

 

 

 

The naming of Marta Álvarez ends almost two years of internal fight inside El Corte Inglés, which ended up with Dimas Gimeno leaving the company. Gimeno was the first president in the history that didn’t have shareholding control.

 

El Corte Inglés earnings rose 27.7% in 2018, reaching 258.2 million euro. The group’s revenue was up 1.1%, to 15.8 billion euro. After Sears’s bankruptcy, Spanish company is the third largest department store group in the world, just after Macy’s and Kohl’s.

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