The board of directors of the English Court decided yesterday, meeting in special session to appoint a new president of the group Dimas Gimeno, until now executive director for the company and nephew Isidoro Alvarez, died Sunday at 79 years of age, as reported yesterday in its print edition EXPANSION.
The new president of El Corte Ingles is a person who enjoyed the utmost confidence of Isidoro Álvarez and had spent years preparing to exercise their new responsibility.
With his appointment as head of the company, Gimeno Dimas and El Corte Ingles opened a new era full of significant challenges. In this way, will be joined on the board by Manuel Pizarro and other historical men of the house (Leopoldo del Nogal, Juan Hermoso, Florencio Lasaga and Carlos Martinez) and two representatives of the holding companies of different branches of the Areces family , Corporate and Portfolio Ceslar Manacor
Under his leadership have a company turnover of more than 14,000 million euros a year and generates about 120,000 direct and indirect jobs. Your main challenge will be to boost the business of El Corte Ingles, in full comeback domestic consumption
-. Consolidate
In the last year, closed in February 2014, the group had an attributable profit of 172.36 million euros, 5.6% more than the previous year, an increase that supposed to change the trend that began six years ago, after the outbreak of the crisis. El Corte Inglés also managed to stabilize the income figure, which fell 1.8%, compared to 7% that fell on the previous year.
The company achieved this improved performance thanks in large measure to greater efficiency in the management and recovery of consumption, with a clear positive trend in the last quarter. The challenge of the successor will adapt to the new situation, where consumers look more price and value added services
-. Promote the Spanish business
In May 2012, the English Court took a radical turn in its trade policy and announced the widespread and permanent way to teach 5,000 prices of food products down. The group wanted to end the face signature image distribution and compete with the top players in the Spanish market as Mercadona, most linked to lower rates.
The initiative was very successful, increasing sales at the expense reduce margins in a business where profitability is already very tight. The new management must deal with the need to maintain tight best to keep their customers, financial performance without forgetting prices
-. Reorder formats
The main business of the English Court remains, as in the beginning, department stores, but increasingly important charge other divisions, such as Sfera fashion brand, which has strengthened in recent years with the renewal of product and stores, and supermarkets nearby. The group is immersed in the subsidiary absorption Opencor by Supercor
-. Growing overseas
was one of the highlights of Isidoro Alvarez during his speech on August 31 at the last meeting of shareholders of the group messages: “The goal now is to take the step to internationalization within a reasonable time,” said the president. So far, the group has two department stores in Portugal.
Latin America and Asia are markets that offer more opportunities to the Spanish company, thanks to the good image the group between tourism and shopping growth of these economies. It is less mature markets where there is stiff competition there is in Europe between industry giants
-. Financial Orthodoxy
Isidoro Alvarez drove last year a major restructuring of the debt of the English Court: closed a syndicated loan in the amount of 4,909 million euros and 600 million issued bonds. Pizarro Incorporating the group last July persecuted carry greater control of financial costs and expand funding sources with emissions fixed income. The new president will promote new ways of financing and comply with financial ratios agreed with the bank.
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