El Corte Inglés

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El Corte Inglés, S.A.
Type Sociedad Anónima
Industry Retail
Founded Madrid, Spain (June 28, 1940 (1940-06-28))
Founder(s) Ramón Areces
Headquarters Madrid, Spain
Area served Spain and Portugal
Key people Isidoro Álvarez Álvarez, CEO
Products Clothing, footwear, accessories, bedding, furniture, jewelry, beauty products, and housewares
Revenue Decrease €15.8 billion (2011)
Net income Decrease €209.99 million (2011)
Subsidiaries
  • Hipercor
  • Bricor
  • Supercor
  • Opencor
  • Viajes El Corte Inglés
  • Informática El Corte Inglés
Website www.elcorteingles.eu

El Corte Inglés S.A. (English: The English Cut as in tailor's cut), headquartered in Madrid,[1] is the biggest department store group in Europe and ranks fourth worldwide.[2] El Corte Inglés is Spain's only remaining department store chain, as well as owner of several associated businesses, such as:

History[edit]

In 1934, the founder Ramón Areces Rodriguez bought a tailor shop (which had opened in 1890) located on one of Madrid's most central streets, calle Preciados, and made it into a limited company. At 15, Mr. Areces had migrated to Havana, Cuba, and worked at the famous retail chain Almacenes El Encanto, where he learned the basics of department store business. In 1940, he turned the shop into the current corporation El Corte Inglés, S.A.. On the death of Areces in 1989, his nephew, Isidoro Álvarez, was named his successor and quickly became one of the most powerful men in Spain. In 1995, El Corte Inglés bought out its only serious competitor, Galerías Preciados, which had entered bankruptcy.

Stores tend to be very large in size and offer a wide range of products: stores may sell music, movies, portable and household electronics, furniture, hardware, books, clothes, groceries, gourmet food, cars and real estate.

International expansion began in 2001 in Portugal, with a store in Lisbon, followed in 2006 with a store in Vila Nova de Gaia, opposite the city of Porto, and a third store is planned. In the same year[when?] the company announced expansion outside the Iberian Peninsula: Italy was to be the first country to host a store but, owing to the crisis, the plan was suspended.[citation needed]

In October 2013, the firm sold a 51% stake in the financing department to Spanish banking group Grupo Santander for around €140 million.[3]

Flagship store[edit]

El Corte Ingles' flagship store is located in Madrid at 79 Calle Raimundo Fernández Villaverde. The complex encompasses several buildings and carries the most comprehensive collection of designers of any large store in Spain. Designer boutiques in this store include: Hermès, Louis Vuitton, Cartier, Armani, Armani Jeans, Armani Collezioni, Gucci, Loewe, Dockers, Ralph Lauren, Bulgari, Dior, Dior Homme, Georges Rech, Versace, Hugo Boss, Boss Woman, Ermenegildo Zegna, Tommy Hilfiger, Dolce&Gabbana, Burberry (men/women), Façonnable, Pal Zileri, Paul & Shark, Lacoste, Pavillon Christofle, CH by Carolina Herrera, Escada Sport, James Purdey and Sons, Lloyd's, Purificación Garcia, Calvin Klein, Caroll Paris, Amitie, Episode, store brands (Emidio Tucci, Dustin) and many others. Also included is a branch of the Madrid based Aldeo jewelers, carrying such jewellery designers as Boucheron, Blancpain and Hamilton.

2011 results[edit]

For the fiscal year of 2011, group revenue went down by 3.9% to 15.8 billion. Net profit was down 34.3%, to €209.99 million.[4]

References[edit]

  1. ^ "Home." El Corte Inglés Corporate. Retrieved on December 17, 2010. "El Corte Inglés, S.A. Hermosilla, 112. 28009 Madrid."
  2. ^ DGAP-Media: JAXX subsidiary Serviapuestas signs exclusive deal with Europe's largest retail group El Corte Inglés
  3. ^ Carlos Ruano (8 October 2013). "Spain's Santander to buy 51 percent of El Corte Ingles finance arm". Reuters. 
  4. ^ Datos económicos, El Corte Inglés (Spanish)

External links[edit]