Qatar sets its sights on Spanish retailer El Corte Ingles
After snapping up Harrods and a majority stake in Printemps, Qatar is eyeing a strategic investment in Spanish department store chain EL CORTE INGLES, reportedly having made an initial offer of 800 million euros for a controlling stake. Established in 1934, El Corte Ingles is controlled by Isidoro Álvarez, one of Spain’s richest entrepreneurs. For the fiscal year 2011, El Corte Ingles group revenue was down by 3.9% to 15.8 billion euros and net profit was down 34.3%, to €209.99 million. Several locations including Madrid and Barcelona stores feature extensive luxury retail space, with shop-in-shops of luxury brands such as Hermès, Louis Vuitton, Cartier, Armani, Gucci, Loewe, Bulgari, Dior etc.