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Friday, April 6, 2018

The plan of El Corte Ingles to compete against Amazon

Por Jade

The president of El Corte Inglés, Dimas Gimeno, is committed to subscribing 'online' alliances with major European distributors to compete with 'e-commerce' giants such as Amazon or Alibaba, who also enjoy an "absolutely advantageous" tax system. The idea was launched by the group's president during a conference organized by the Spanish Confederation of Managers and Executives (CEDE).

"We must promote and participate in possible alliances between conventional and technological distributors and create a European platform to compete with the big competitors 'online'. We have to find new business opportunities beyond our borders. You have to look for common formulas instead of spending huge amounts of money in 'marketplaces' and doing it together, because it is a major challenge and you have to start conversations, "Gimeno said during his participation in the CEDE breakfasts.

Gimeno has influenced the "urgent need" of the commercial distribution sector. "You need homogeneous rules of the game so that we can all compete on equal terms. Currently, they do not exist, the Spanish commercial legislation is of the 20th century and not of the 21st century, "he lamented." Anged (the employers of the sector) has demanded a modern regulatory framework to compete with the large modern operators, mainly 'online'. These operators are not subject to the restriction of schedules, nor are they affected by the rules of freedom of establishments and for more damage enjoy an absolutely advantageous taxation ", criticized Gimeno.

In this way, he proposes "to create a European regulatory framework that implements at least fiscal equality". "We do not ask for any outdated protectionism. We ask for normative equality so that free competition is not violated. In addition, something is changing, the EC proposed new rules to ensure that digital activities are fair, "he stressed. However, he has not hesitated to point out that Amazon, a competitor, is a "spectacular" company. "What there is, is a criticism, it is an unbeatable model that what it is doing is that all the commercial companies put their up. We can only learn from Amazon", he pointed out, although he has reiterated that in this fourth industrial revolution it is regulated in a "fair way for all ".

In this way, the president of El Corte Inglés has reiterated that trade continues to be a "great engine of the economy", since it is a "generator of employment and national wealth", but has warned that it has to adapt to the changes because the 'e-commerce' is "a competitor and also an ally". El Corte Inglés chained its fourth year of growth in 2017. The company closed its last fiscal year, between March 2016 and February 2017, with an increase of 2.4% of its net profit, up to 161.86 million euros, while it increased its sales by 2% until reaching 15,505 million euros, 2% more than the previous year.