The

El Corte Inglés

shareholders' meeting

has given a 'green light' to the Strategic Plan 2021-2026, which plans to double the result, with a gross operating result (Ebitda) of 1,700 million euros, reduce debt by 60% and multiply selling 'online' to represent 30% of the group's turnover.

The CEO of the company,

Víctor del Pozo,

who has detailed the details of the Strategic Plan to the shareholders, has highlighted that "the future of El Corte Inglés is based on the construction of a business ecosystem supported by a 'retail activity 'unique, which pursues four benefits: maximize value and profitability for the group, improve competitiveness in' retail ', create synergies between the different businesses of the group and reduce risks ", reports Europa Press.

Del Pozo has indicated that El Corte Inglés will evolve from a 'retailer' to an "ecosystem of services and businesses, where new activities will play a relevant role."

"In other words, a company that makes people's lives easier by offering the best selection of products and services," he added.

The CEO has pointed out that the transformation of El Corte Inglés that develops the Strategic Plan establishes a "broad ecosystem" that includes existing businesses of 'retail' and non-'retail' (travel, insurance and financial services), as well as new businesses in development.

In this sense, he referred to the four new lines of activity that have been launched: El

Corte Inglés Logistics

(comprehensive logistics operator of reference), Sweno as mobile operator, Sweno as energy marketer and Sicor to offer related services to third parties. with security, auxiliary services and alarms.

For her part, the president of El Corte Inglés,

Marta Álvarez,

stated that the 2020 financial year has been key for the transformation of the group's business model and "has made us stronger and more solid."

"El Corte Inglés is in full evolution and transformation of our businesses, which will allow us to approach the future with modernity; obtain new sources of income and achieve greater business solidity", Álvarez assured.

"We are already in full recovery," said the president of the group, who has advanced that, excluding the effect of tourism, "the first quarter of 2021 will close with figures very close to those of 2019."

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