What: SM Investments Corporation (SM Investments) received the highest honors for their performance on sustainability initiatives from multimedia company the Asset Publishing and Research Ltd. based in Hong Kong.

Why it is important: The award recognizes companies in Asia for their performance in metrics including financial management, corporate governance; and social and environmental responsibility.

SM Investments won the coveted Platinum Award during the recent The Asset ESG Corporate Awards 2021 for the 13th consecutive year. SM Investments was also recognized as the Best Investor Relations Team, the 4th time the company received the award from The Asset.

SM takes home sustainability awards

What: The Moulin-Houzé, owners of Galeries Lafayette group, take a step towards new technologies aimed to support tech start-ups.

Why is it important: Motier Ventures, the family office of the owners of Galeries Lafayette, wish to finance start-ups that take advantage of technology to achieve hyper-growth. They will target marketplaces and start-ups in the finance and insurance sectors, along with software. The fund hopes to support 20 to 25 teams of entrepreneurs each year.

The fund grants them as a business angel, up to EUR 300,000 euros to start, following up to EUR 3 million to invest in the following stages.

The Moulin-Houzé family has already made major investments in the past, in particular with the companies Carrefour and La Redoute in particular.

The Moulin-Houzé family sets up fund for tech startups 

What: El Corte Ingles' new structure has been designed to reinforce the company's management and facilitate the execution of the Strategic Plan, framed by best corporate governance practices.

Why is it important: The Board of Directors believes that, in response to the new scenario emerging in the wake of a highly complex macroeconomic environment, it is time to embark on a new phase to tackle the challenges that lie in store with a fresh team of professionals with expertise in the various areas to be pursued by the Group.

Víctor del Pozo, CEO for the last five years, is stepping down from the company at his own request, for personal reasons.

The group is setting up a new Executive Committee on which its chairwoman, Marta Álvarez, directors José Ramón de Hoces and Javier Rodríguez-Arias, and two managing directors, José María Folache and Santiago Bau will sit.

Javier Rodríguez-Arias, one of the company's executives, has been newly named director; José María Folache will take over the running of the retail business; and Santiago Bau will assume responsibility for the corporate and new businesses.

El Corte Inglés sets up a new management structure

What: Falabella reported profits of USD 772 million in the accumulated fiscal year of 2021 with online sales representing 23%.

Why it is important: Falabella has concluded this increase in sales is due to a better performance of the retail and real estate formats.

On the other hand, in 2021, the company registered an EBITDA of US$ 1,876 million, an increase of 91.2% versus 2020. They also saw a 35% increase in sales for physical stores in 2021 and a 25% increase in online sales.

Falabella reports historical profit record in 2021

Falabella Corporate Presentation Fourth Quarter 2021

What: Falabella's new 'customization workshop', is a service to convert disused garments into new clothes. Customers will be able to renew their garments into something completely new.

Why is it important: Falabella continues betting on sustainability and reducing its carbon footprint in the fashion industry through its new workshop. The initiative aims to give a second life to disused clothing and promote the circular economy that is part of Falabella's "+Green" strategy.

In addition, thanks to Taller F, Falabella's garment customization service , the people who convert their garments will be able to give it a personal stamp. For this, they can use the different options of printing, embroidery, studs, and patches offered by the service.

Falabella launches 'customization workshop'

What: The group has enlisted Deloitte to help develop a platform to offer the retailer's 11 million-strong customer base a "new investment concept".

Why it is important: The decision is the result of an internal debate on the suitability of venturing into this world of alternative investments, and includes the creation of a new company called Bitcor, which will allow clients to trade digital assets like Bitcoin (BTC) and Ethereum (ETH).

Bitcor has already been registered with the European Union Intellectual Property Office (EUIPO) to provide "financial services, financial transactions related to currency exchange and currency trading," and approved by the European Commission.

El Corte Inglés launches crypto exchange for its customers

What: The company achieved sales of 14,120 million pesos in the fourth quarter of 2021, representing an increase of 37.2% compared to the same period of 2020.

Why it is important: When comparing to 2020, profit increased by 93.6% before financial expenses, taxes, depreciation and amortization, and represents 15.6% of sales.

The commercial division recorded an increase of 36.4%. The credit and real estate division registered an increase of 11.7% and 194.8%, respectively. The triple-digit acceleration of the real estate division is mainly due to the reopening of businesses in the shopping centers where the company participates.

El Palacio de Hierro 2021 Q4 

El Palacio de Hierro 2021 Q4 

What: Falabella has established itself in the first position of the best places to work in Chile within Computrabajo's "Best Workplaces 2022" ranking for the retail category.

Why is it important: These results come after more than 211,000 appraisals and recognize Falabella in the list that encompasses all sectors, placing it in fourth place. The results also accompany the most recent of the Chilean company released at the end of 2021 by the Corporate Reputation Business Monitor where Falabella ranked first in the retail sector and sixth in the general ranking.

This is the fifth year in which the Computrabajo digital job exchange has compiled the ranking of the best companies to work for in Chile with the support of the reviews and evaluations that employees and former employees of each company published on the portal.

Falabella, the best Chilean retailer to work for

What: The Galeries Lafayette Group will soon reach a new milestone in terms of its ownership of La Redoute, of which it has held a 51% stake since the end of 2017. Over the next months, the Group's stake will rise to 100%.

Why it is important: La Redoute has proved the relevance of its business model, achieving solid results and significant growth in the last two years.

With a new chapter in the company's history about to start, Nathalie Balla and Eric Courteille, who have been La Redoute's Co-CEOs since 2014, have expressed their desire to pursue new personal projects. Following their decision, La Redoute's Supervisory Board, chaired by Philippe Houzé, has today appointed Philippe Berlan as the company's new CEO. Philippe Berlan is currently La Redoute's Deputy Managing Director, having joined the company in 2012. He is a graduate of the École des Mines de Paris and has more than 25 years of experience in the retail industry, at Casino, Petit Bateau and Lancel.

Galeries Lafayette to own 100% of La Redoute

What: As of Tuesday, March 22, Fnac Switzerland will be opening its shop-in-shop at Manor Zurich Letzipark. Fnac will be present on the second floor of the building on an area of about 590 square meters.

Why it is important: The shop-in-shop is part of the agreed partnership between Manor and Fnac to open 27 shop-in-shops in Manor department stores by mid-2022.

This new shop-in-shop will be offering different customer experiences including discovery vouchers that will be distributed at the cash registers of the store,  such as free Fnac membership cards during the opening, week as well as an exclusive Apple offer for the first 100 customers of the new shop-in-shop with AirPods for 99 Francs instead of 139 Francs.

Fnac Switzerland will be present on the manor.ch online store during the course of 2022 and will offer several thousand items in the newly created marketplace.

For Manor, this partnership also means that its own stores and the manor.ch online store will benefit from Fnac's know-how and sales force in the multimedia, cultural products and small household appliances categories.

Manor Zurich Letzipark location is set to open a Fnac shop-in-shop (in French)

What: Although it remains at BB+, the outlook goes from negative to stable.

Why it is important: In the current context of inflation, El Corte Inglés' customers are considered less sensitive to prices.

After this change in the rating, El Corte Inglés is closer to improving its grade and returning to investment grade, a goal towards which it has been heading for a few years.

Fitch joins the recent verdicts of rating agencies Moody's and S&P. The first changed its outlook from negative to stable and the second pointed to the IPO of El Corte Inglés as a possible mechanism to improve its rating.

Fitch improves El Corte Inglés' rating 

What: Falabella is the first Latin American company to join the Spark innovation program to find innovative solutions.

Why is it important: Falabella will be summoning startups that have projects that help with any challenges users may present. Through the Spark program, they seek to bring creative solutions to certain difficulties that different industries may have, such as financial services, retail and trade, Health, manufacturing and education, among others.

Spark is a program that provides the search for startups that provide solutions to challenges participating companies have, promotes collaboration between the main companies from countries in Latin America, and international startups, producing alternatives for the development of synergies.

Through the partnership with Spark, Falabella will generate joint learning and develop innovation projects that focus on improving the shopping experience.

Falabella calls on startups to help with innovative solutions

What: Supaluck Umpujh the Chairwoman of the Mall Group has been awarded the National Order of the Legion of Honor at the rank of the Knight by decree of the President of the French Republic.

Why it is important: The National Order of the Legion of Honor at the rank of Knight is an insignia of the highest honor appointed by the French Republic with over two centuries of history and global recognitions. They are awarded to French nationals and non-French recipients who contribute to the public service of France. It is the highest honor and an invaluable pride.

Currently, there are 313 non-French recipients who received the honor. In Thailand, Supaluck Umpujh is the first woman in the retail business to receive this honor. In addition to being an honor to her family, the recognition is an honor to all Thai citizens and the retail industry of Thailand.

Chairwoman of the Mall Group awarded the 'Legion of Honor' 

What: The Mexican department store company ended the year with an EBITDA 2.6 times higher than in 2020. The group's online revenue growth was 43%.

Why it is important: After investments in its digital business and remodeling stores in 2021, El Palacio de Hierro has reported a growth above 2019 and 2020.

The Mexican department store company has ended the 2021 financial year with a year-on-year growth in sales of 46.4%, to 37,215 million Mexican pesos (1,620 million euros). The company has thus exceeded the level of sales prior to the pandemic, with an increase of 6.2% compared to 2019. The company's EBITDA reached EUR 186 million euros, four times more than in 2020.

The company has accelerated its digital business in the last financial year, which has consequentially created a higher demand for new providers that are willing to join El Palacio de Hierro's network.

The retailer also increased its revenues through the online channel by 43% in 2021.

El Palacio de Hierro closes 2021 above 2019 figures (article in Spanish)

What: El Corte Inglés reaches a new refinancing agreement with its banks with improved terms and conditions.

Why is it important: El Corte Inglés Group has reached an agreement to refinance up to EUR 2.6 bn of its bank debt. The agreement, which has been endorsed by some 20 Spanish and international banks, improves the retail group's existing terms and conditions, locking in stable, lower-cost, and longer-term financing.

This agreement implies the full refinancing of the last agreement executed in February 2020, adding a new EUR 600 mn tranche which will be used to repay capital markets issues. The transaction has been structured into a long-term loan of EUR 919 mn and a credit facility of up to EUR 1.08 bn.

It also includes sustainability commitments in line with the Group's corporate social responsibility strategies. Along with being equivalent to that corresponding to an investment-grade issuer, even though El Corte Inglés has yet to achieve an investment-grade rating so constituting a strong endorsement from the national and international banking community.

El Corte Inglés' new refinancing agreement 

What: El Corte Inglés strengthens its marketing team and appoints María Coronado and Javier Gómez Blanzaco as directors of the creativity and branding area.

Why is it important: This is the first time that the company has placed two complementary profiles at the head of this division, since to date this position had fallen to a single employee.

The new directors of creativity and branding have already worked together on some of El Corte Inglés' most recent campaigns. They will report to the group's director of marketing and creativity, José Luis Pascual.

El Corte Inglés appoints two new directors

What: Men's War Paint products are available exclusively in the Manor department store in Geneva and online at manor.ch. The goal: invisible make-up and care adapted to each skin type.

Why is it important: More and more men around the world are turning to makeup and beauty products. The international trend is now revolutionising the world of beauty in Switzerland, specifically at Manor.

Men can get advice on products in-store to achieve great skin with products adapted to their specific skin types and invisible make-up. Unlike most beauty trends, men's makeup and mask rituals are unseen. The products of War Paint hide skin irregularities and is not visible to others. To enhance the radiance, the fabric masks of Wolf Project are used in addition for the best results.

Wolf Project products are developed in Switzerland and manufactured in South Korea. The Wolf Project sheet mask hydrates ten times more than traditional face creams. Natural bamboo charcoal promotes better absorption of serum by the skin. Aloe vera, hyaluronic acid and tea tree extract help restore skin's radiance and elasticity in just 15 minutes.

 Manor presents men's cosmetics

What: Falabella will open eight Sodimac stores in Brazil between 2022 and 2023.

Why is it important: Falabella announced that it will expand its operations in Brazil with the inauguration of eight new Sodimac stores, its home improvement chain.

These will add to the 53 already existing stores in Brazil. In 2013, Falabella bought 50.1% of the Brazilian chain Dicico and in 2018 acquired the rest of the property. Since then, they have adjusted their value proposition and been integrating their Sodimac brand in the country.

Falabella plans eight Sodimac stores in Brazil

What: Customers can drop off their clothes at any branch of The SM Store. They will be offered a discount voucher for every donation to be redeemed at their next purchase in-store or via Call to Deliver.

Why it is important: Donations are targeted to reach Odette-hit communities The SM Store partnered with SM Foundation and local organizations for the distribution.

The SM Store supports Odette-hit communities

What: Prada continues their, exclusive to Galeries Lafayette, pop-ups with "Prada Tropico."

Why is it important: With Galeries Lafayette hosting "Prada on Ice" in early January, Prada follows the experience with the new "Prada Tropico" pop-up scheduled from January 24th to February 20th.

Presaging the warmer season, the space features combinations of colorful stripes and light effects that create a compelling experience in the pop-up store and window displays.

It will present the new Prada collection in the same patterns and colors on different hat models as well as bags in raffia, canvas and nylon. You will also find flowing silk blouses, mini-skirts, mid-length or long skirts, relaxed masculine shirts and shorts and straw hats.

Galeries Lafayette presents "Prada Tropico"

What: After double-digit growth in Falabella's 2021 turnover, they confirmed a new store in Colombia coming soon.

Why is it important: With Colombia being a market with high levels of demand for clothing and fashion, Falabella is listening to their local clientele and acts according to their needs. This has been key to their huge successes.

Falabella celebrates 15 years of presence in Colombia and with full market integration, significant growth and a sustainability strategy that leads companies in the region.

Falabella to open new megastore in Colombia

What: El Corte Inglés has sealed an agreement with Octagon Esedos to sponsor four bike races and the Ibercaja Quebrantahuesos Cycle Tour by TotalEnergies.

Why is it important: El Corte Inglés will have a brand presence in the four bike races: Andalucía Bike Race by Garmi; La Rioja Bike Race presented by Pirelli; MMR Asturias Bike Race and Catalunya Bike Race by Oakley.

As part of the agreement with Octagon Esedos, El Corte Inglés will be present at the provisioning stations for all events and carry out promotional activities and other customer experience activities.

El Corte Inglés will also support the most important cycling competition in Spain, the Ibercaja Quebrantahuesos Cycling Tour by TotalEnergies and Treparriscos, which will bring together more than 10,000 participants in its XXXI edition. Where they will provide the participants with Boomerang brand sports bags.

El Corte Inglés sponsors four bike races and Quebrantahuesos competition

What: Stéphane Zantain has been appointed CIO (also in charge of the Supply Chain) for Galeries Lafayette and BHV Marais.

Why it is important: Stéphane Zantain will contribute to the omnichannel transformation of both department stores. He reports to Nicolas Houzé, General Manager, and becomes a member of the Executive Committee.

Zantain is a graduate from Ecole des Mines in Nancy, has nearly 25 years of experience in supply chain and IT services. He began his career in 1996 as a consultant, before joining ArjoWiggins, one of the world's leading paper companies in 2003. In 2009, he joined Capgemini's Executive Committee and led the division in charge of digital customer experience. Since 2018, he has held the position of PMU's CIO, contributing to the redesign of the company's digital ecosystem.

Galeries Lafayette has a new CIO

What: Breuninger's Head of Style Martina Haberbosch speaks about upcoming fashion ranges.

Why is it important: With the new order round for FW22/23, buyers are faced with the challenge of planning ahead for a season whose terms and conditions are more difficult to estimate than usual.

Haberboch explains, there are different themes. At the top is the modern prêt-à-porter, so a bit dressier, but the comfort that we have come to love so much will remain. She expects that casual blazer styles and loose-fitting trousers in comfortable, high-quality materials, and ready-to-wear sets will continue to have a strong presence.

Interview with Breuninger's head of style