El Palacio de Hierro Marks a Decade of Its Flagship Store in Mexico City

El Palacio de Hierro is celebrating its anniversary. The Mexican department store celebrates the tenth anniversary of the transformation of its flagship store in Polanco, Mexico, known since then as El Palacio de los Palacios and located at 222 Moliere Avenue.

Some of the world’s most emblematic brands found in El Palacio de los Palacios a gateway to Mexico. In fact, the flagship store’s commercial offer today includes boutiques of Dior, Hermès, Chanel, Louis Vuitton, Tane, Tiffany&Co, Yves Saint Laurent, Salvatore Ferragamo, Bottega Veneta, Jaeger-LeCoultre, Prada and Rolex, among others.

The store was launched in 1997 and its remodeling in 2015 involved an investment of $300 million, as well as the generation of 4,150 direct and indirect jobs. “Palaces Palace is the group’s most ambitious project in its more than 137-year history,“ a statement said.

El Palacio de Hierro launched its flagship store in 1997 and remodeled it in 2015

El Palacio de Hierro closed the first half of the year on an upward trend. The group culminated the first six months of the current year with a 12% increase in revenues and 19% in net income. Specifically, it recorded a turnover of 1.47 billion dollars and a net result of $75 million.

Last May, El Palacio de Hierro announced the retirement of Juan Carlos Escribano, CEO of the company for the last ten years. Escribano gave way to Eléonore de Boysson, who became the first woman to take the reins of the company.

Founded in 1888, El Palacio de Hierro belongs to Grupo Bal and has fifteen stores: eight in Mexico City and metropolitan area, and the rest in Puebla, Monterrey, Guadalajara, Veracruz, Villahermosa and Querétaro, in addition to Casa Palacio Antara and Santa Fe and the concept store La Boutique Palacio in Acoxpa, Acapulco and Cancún.

The company is the exclusive distributor in Mexico of brands such as Burberry, CH Carolina Herrera, Tiffany, H. Stern, Christian Dior and Loewe, and a strategic commercial partner of the main brands of LVMH, Kering, Estée Lauder, L’Oréal and Richemont. The department store group also markets and operates the independent stores of Adolfo Domínguez, Aldo, Mango and Michael Kors, with a total of 120 points of sale.