El Corte Inglés 2021-26 strategic plan
What: The plan is underpinned by the development of existing businesses (retail, travel, insurance and financial services) and entry into new businesses (e.g. logistics, mobile telephony, energy supply and security and alarm services).
Why is it important: EBITDA is expected to double to EUR 1.7 billion, debt should be reduced by 60% and online sales are due to reach up to 30% of Group revenue.
During her presentation, Chairwoman Marta Álvarez stressed how “our team, credibility and brand equity pave the way for delivering this ambitious and forward-looking strategic plan”.
The Company’s CEO, Víctor del Pozo, explained that the Strategic Plan is articulated with the goal of moving “El Corte Inglés away from being a traditional retailer to offering an unparalleled business ecosystem in Spain”.
El Corte Inglés’ shareholders voted in favour of all of the motions tabled by the Board of Directors, notably approval of the management report, annual financial statements, non-financial statement and earnings appropriation for 2020. They also gave the go-ahead for the 2021-2026 Strategic Plan.
The CEO also detailed the four new businesses recently rolled out: El Corte Inglés Logistics, aa end-to-end logistics operator; Sweno, the mobile telephony operator; Sweno, the energy supplier; and Sicor, a provider of security, alarm and auxiliary services.
El Corte Inglés’ Chairwoman talked about the plans to launch a new company loyalty card this autumn in collaboration with Mastercard that will be usable anywhere in the world.