A new revolution in El Corte Inglés. Marta Álvarez handed over the presidency to her sister Cristina, who now inherits a six-year legacy in which the department stores have had to face many challenges and whose strategic lines lie in a plan that has only just begun.
This plan is thinking An investment of 3000 million eurosWhich will be devoted to key aspects such as store redesign, business expansion and the growth of the group’s logistical and technological capabilities.
This is a possible roadmap after the management of Marta Alvarez, who took over the presidency of the store in 2019.
With almost no time, he took charge of a company caught by surprise by the pandemic Keeping pace with the diversification of its business.
It created a logistics subsidiary, entered the energy and security space (Sicor), and launched a virtual mobile and fiber optic operator called Sweno…
It recently invested in data centers by acquiring a 50% stake in the Spanish subsidiary of KIO Networks.
As found in E-commerce Another ally and designed a more omnichannel focused company. Marta Alvarez has adapted the business to new times and purchasing habits.
A business they have managed even in recent years when inflation has also affected all their main businesses: food, fashion, travel…
And in 2021, she starred in one of the biggest commercial operations of the year.
Mutua acquired 8% of the department storesWhich means the company is valued at 7,000 million euros.
There they were sealed The insurance company’s commitment to go public in less than six yearsThat is, before 2028. This is a challenge that now remains in Christina’s hands.
Reduce debt
But of all the challenges he faced, one of the greatest was his And reduce its high debt. In its 2019 fiscal year (closed in February 2020), it was 2.729 million euros.
Now it stands at €1,738 million, which is 1.4 times EBITDA. That is, it is 1000 million less.
To do this, it had to do significant work to cut costs and reorganize its shopping centers, Some of which have become outletsWhile others closed.
There were also great sales. In 2023, it sold 43 Supercor supermarkets to Carrefour for 53 million euros. Long before that, it divested its IT company.
El Corte Ingles Center.
to Simplifying the structure also sucks Sfera. And then Precor. This is a step that Marta Alvarez repeated after the same process she carried out with Hypercore in 2017.
Its size is still large: more than 1,700 points of sale and about 80,000 employees.
Not everything was sales during this period. El Corte Inglés has also grown in the food sector beloved With the acquisition of Sanchez Romero Supermarkets in 2021.
All of this led him to finish a historic season last year. On February 28, 2025, it recorded a net profit of €512 million, an increase of 6.7%.
Its total income reached a record level of 16,675 million euros, an increase of 2%. Always with business retail Towing the boat.
After these six years of administration, Marta realized that it was time to open a new stage in the leadership of the company.
Marta Alvarez, President of El Corte Inglés.
That’s why he’s passing the baton to his sister, even though he’s not leaving the family business. Marta will continue as a member of the Board of Directors And in the strategic direction of private labels, fashion and household brands.
The sisters are present on the monitoring committee and will remain so. Here they meet every week to evaluate the daily life of the company.
Day after day Christina did not deviate from him. Let’s remember that he developed his entire career at El Corte Inglés. Specifically, since then 1992.
He has worked in different areas of the company and joined the board in 2015. So he knows the company inside out.
New CEO
Change The presidency coincides with another major restructuring of the administration’s ranks.
This led to the dismissal of Gaston Bottazzini from the position of CEO and the appointment of Santiago Pau as General Manager.
With this change, Marta also took the opportunity to give up some power. He had already done so before with the dissolution of the Executive Committee created with the departure of Victor del Pozo.
In these six years of administration, many administrative changes occurred. After the departure of Dimas Jimeno in 2018, Jesús Nuño de la Rosa, the history of the house, managed the company between 2019 and 2020.
Santiago Pau, new General Manager of El Corte Inglés.
His position was filled by Victor del Pozo, who lasted until March 2022. There, an Executive Committee was created, headed by Marta Álvarez Gil.
Two new general managers were appointed: José María Volacci González Parrado, who rejoins the management team of El Corte Inglés, and Santiago Pau, the new strongman of the group.
With these two general directors and the executive committee, the department store operated until Gaston Bottazzini was appointed CEO at the 2024 general meeting of shareholders, held on July 26 last year.