On January 15, 2026, a significant chapter began for El Corte Inglés, Spain’s retail titan and the world’s second largest department store group by turnover. Cristina Álvarez, a veteran with over three decades of experience within the company, officially stepped into the role of non-executive chairwoman, succeeding her sister Marta Álvarez. Her appointment marks the start of an ambitious era focused on growth, innovation, and sustained financial health.
El Corte Inglés, a name synonymous with Spanish retail, has weathered its share of storms in recent years. The COVID-19 pandemic, shifting consumer habits, and the relentless rise of ecommerce forced the company to adapt rapidly. Under Marta Álvarez’s stewardship, the company not only survived but managed to halve its debt from €2.729 billion in 2019 to €1.73 billion by early 2026. Profitability soared by 65% during the same period, and the most recent financial year closed with a net result of €512 million and overall revenues of €16.67 billion, according to company statements cited by El País.
Now, as Cristina Álvarez takes the helm, she brings her own expertise to the table—one rooted in retail transformation and store innovation. Unlike her sister, who specialized in product strategy, Cristina is known for her hands-on approach to reimagining the in-store experience and spearheading renovations across the group’s sprawling network. The company’s new strategic plan, launched in March 2025, leans heavily on her vision. It emphasizes not just store remodeling, but also business expansion and investments in logistics and technology.
In her first official move as chairwoman, Cristina Álvarez announced a bold €650 million initiative for the 2026-2027 fiscal year, set to begin on March 1, 2026. "These investments will focus on continuing with the remodeling of the stores, the growth in the technological and logistical capabilities of the group and the expansion of the business," the company explained in a statement provided to El Mundo. The group’s leadership remains stable, with Santiago Bau continuing as CEO and Rafael Díaz Yeregui as General Secretary, roles established during a management shakeup last October. Cristina Álvarez will also chair the appointments and remuneration committee, as well as the monitoring committee responsible for overseeing the strategic plan.
But El Corte Inglés isn’t the only department store navigating turbulent waters. According to Fashion Network, an American luxury department store giant has filed for bankruptcy after months of grappling with mounting debt. The decision, approved by a judge on January 15, 2026, greenlights a preliminary capital injection as part of a sweeping $1.75 billion initiative aimed at stabilizing operations and ensuring timely payments to suppliers and employees. The move is seen as a necessary step to secure leverage for a potential restructuring or sale, echoing the type of financial discipline that has become a hallmark of the Álvarez sisters’ tenure at El Corte Inglés.
The broader retail landscape, particularly in Europe, is also experiencing a wave of innovation and adaptation. In December 2025, El Corte Inglés reported a 4.3% increase in revenue at constant exchange rates, improved gross margins, and a net gain of 51 stores at the start of the fiscal year—clear signs that the group’s transformation strategy is gaining traction. Meanwhile, the European Fashion Alliance (EFA) is urging policymakers to create a central information hub or launch consumer awareness campaigns to better inform shoppers, as highlighted in a recent EFA document. The push for transparency and sustainability is further underscored by an EU-funded pilot project launching soon in Spain. This initiative, part of the TexMat and Horizon Europe programs, will introduce smart containers to collect used clothing and offer incentives to consumers, with plans to expand testing to Finland.
Amid these changes, the fashion and retail sector is hardly standing still. Leadership transitions are happening across the industry. Giorgio Armani Corp., for example, recently appointed Matteo Mascazzini—formerly of Gucci EMEA and Geox—as its new head for the Americas. The Sonae Group’s denim label is deepening its commitment to the Indian market by opening three new stores in New Delhi, Noida, and Gurugram, bringing its total presence in the region to nine locations. These moves underscore the global nature of retail competition and the importance of local adaptation.
Back in Spain, El Corte Inglés’s growth narrative is rooted in both tradition and reinvention. Founded in the 20th century, the company has seen only seven presidents in its storied history, with Cristina Álvarez now joining the ranks of César Rodríguez, Ramón Areces, Isidoro Álvarez (her father), Dimas Gimeno, Jesús Nuño de la Rosa, and her sister Marta. The Álvarez sisters, who are just a year apart in age, remain the company’s largest shareholders, ensuring continuity at the top even as the business evolves.
Financial discipline remains a central theme. The debt reduction achieved since 2019 was made possible in part by the sale of a majority stake in the group’s insurance division for more than €1.1 billion, as well as the incorporation of Mutua into its capital structure. These strategic decisions have left El Corte Inglés in a relatively strong position compared to some of its international peers, who are still scrambling to secure lifelines from courts and investors. The company’s ability to maintain profitability and invest in the future, even as others falter, is a testament to the effectiveness of its recent leadership.
It’s not just the giants making moves. Across Europe and beyond, brands are opening new stores, appointing new CEOs, and investing in production capacity. Italian fashion houses are reporting record growth, with one brand investing $145 million to boost output. The beauty sector, too, has shown resilience in the face of economic volatility and inflation, attracting both global and local players eager to capture a share of the market.
Yet, challenges remain. The department store business is undergoing a profound transformation, with overall revenues for El Corte Inglés in the last financial year still falling short of 2019 levels, despite the recent uptick. The company’s continued focus on store remodeling, logistics, and technology is designed to address these headwinds and position it for long-term success.
As Cristina Álvarez assumes the presidency, she inherits a company that has already proven its ability to adapt and thrive. With a clear strategic plan, a stable management team, and a commitment to innovation, El Corte Inglés is poised to write the next chapter in its storied history—one that will be watched closely by competitors and consumers alike.