Isidoro Alvarez, CEO of Spanish department store chain El Corte Inglès, has passed away at the blessed age of 79. He worked at the company for more than 60 years, 55 years of which as CEO. Dimas Gimeno, his cousin, is widely regarded as his successor.
Responsible for growth
Isidoro Alvarez is widely considered to be the man who has helped to expand the El Corte Inglès brand in Spain. He helped it to become a nation-wide brand. El Corte Inglès is the only company that has department store all over Spain, while it is also active in several other branches like insurance, IT, travel and ticket sales.
Last year, the company had a 14.2 billion euro turnover and 174.35 million euro in profits. It is also considered to be an excellent benchmark of the Spanish economy: it suffered hugely in the crisis, just like the rest of the Spanish economy, and was forced to seek foreign capital for the first time ever.
Alvarez' uncle founded El Corte Inglès in the 1930's and it became a large company in the 70's, when it launched a revolutionary "no question asked" return policy.