El Palacio de Hierro continues to grow in the first nine months of 2024

What: El Palacio de Hierro achieved a 9.4% increase in revenues, reaching USD 1.9 billion in the first nine months of 2024.

Why it is important: The strong performance demonstrates El Palacio de Hierro's resilience and growth potential, driven by factors such as its expanding store network, thriving online sales, and strategic brand partnerships.

In the first nine months of 2024, El Palacio de Hierro, a leading Mexican department store group, continued its upward trajectory with a 9.4% increase in revenues, reaching USD 1.9 billion. The company's operating cash flow (EBITDA) also saw a significant 17% rise during this period, amounting to USD 273 million, while net profit grew by 17% to USD 93 million.
The group's success can be attributed to several factors, including the recent opening of its fifteenth store in León, which involved an investment of USD 145 million. Additionally, El Palacio de Hierro's digital sales have been a key driver of growth, registering an impressive 34% increase compared to the same period in 2023.
As an exclusive distributor for renowned brands such as Burberry, CH Carolina Herrera, Tiffany, and Christian Dior, and a strategic partner of luxury groups like LVMH, Kering, and Richemont, El Palacio de Hierro has further strengthened its position in the market. The company has also expanded its offerings by adding more Spanish brands to its portfolio, such as Ecoalf, Cóndor, and Adolfo Domínguez, while facilitating the entry of Silbon into the Mexican market through its stores.