El Corte Inglés accelerates its digital transformation in 2021

El Corte Inglés continues to make progress in its digital transformation process, which is expected to end in 2021. To this end, the company led by Marta Álvarez has signed one Increase of 40 million euros in the loan she has had with the European Investment Bank since 2019. Added to this are the 100 million euros granted to the company by the ICO to open up new channels on-line and digitize your supply chain.

This digital transformation strategy showed its first results a few months ago The department store company launched El Corte Inglés Plus, which bases its system on its customers paying for an annual subscription, similar to Amazon’s “Prime” service. For 19.95 euros per year, customers receive on-line of the company can buy up to 500,000 references with delivery in less than 24 hours.

The start of this service aims to increase the group’s turnover by 1,800 million euros, but it is not the only action taken by El Corte Inglés to transform its business model and switch to digital channels. As recently announced by the company’s CEO, Víctor del Pozo, in the coming months will start a new one appcalled “El Corte Inglés in your pocket” which aims to be a sales channel accessible via mobile phones.

In addition, El Corte Inglés plans to complete its transformation process this year and apply other measures in its logistics chain, such as: Digitization of its 60,000 suppliers or its travel subsidiarywith which they intend to “become the largest Spanish-speaking company, effective not only in Spain but also in Latin America,” explains Del Pozo.

Dimas Gimeno will leave El Corte Inglés for good

But El Corte Inglés’ digital transformation is not the company’s only novelty for 2021. It seems that after years of family wars between the former president, Dimas Gimenoand his cousins, Marta and Cristina Álvarez, the entrepreneur will no longer be related to the company that his uncle, Isidoro Álvarez, ran before his death, due to control of the company.

In this sense, Gimeno has already sold the shares of El Corte Inglés that he held in his personal portfolio and withdrawn his claims to his bonuses. However, he continued to have an indirect interest in the company through IASA, the family’s holding company. According to the newspaper Cinco Días, the group is now negotiating to acquire the shares from Gimeno and his mother to the Worth almost 145 million euros.

The news of the digital transformation of El Corte Inglés and the definitive exit from the participation of Dimas Gimeno coincides with the launch of his latest project, Impressivededicated to a company retail trade that will have a great one flagship store on the Gran Vía in Madrid, a few meters from the department stores that he managed successfully not so long ago.

Dimas Gimeno, El Corte Inglés, Management, Marta Álvarez, Retail, Digital Transformation