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El Corte Inglés gains full control of its travel subsidiary Viajes after buying the remaining 25% stake from Tool Factory

Executive summary: El Corte Inglés bought the remaining 25% stake in its travel subsidiary Viajes from Tool Factory, securing full ownership. The transaction gives El Corte Inglés complete strategic control over its travel business, removes minority‑partner profit sharing, and creates opportunities for cross‑selling with its retail operations.

Who is involved: El Corte Inglés, Tool Factory, Viajes El Corte Inglés

Likely next: Integration of travel offerings with department‑store channels and potential further investments to grow the travel segment.

El Corte Inglés has secured full ownership of its travel subsidiary Viajes by purchasing the remaining 25 % stake from Tool Factory, a transaction that was anticipated by the roughly €220 million the group had set aside for the deal. With the minority partner now out, El Corte Inglés can consolidate Viajes’ earnings within its consolidated results and streamline decision‑making across the travel and retail divisions. The acquisition removes a potential source of profit dilution and gives the department‑store chain greater flexibility to align travel offerings with its physical stores, loyalty programme and in‑store promotions. By integrating travel counters more closely with its network of over 90 stores in Spain and Portugal, the group aims to increase cross‑selling opportunities and capture a larger share of domestic tourism spending. In the near term, we may see coordinated marketing campaigns that bundle department‑store discounts with Viajes packages, as well as a push to upgrade the travel subsidiary’s digital booking platforms to match the omnichannel experience El Corte Inglés is pursuing across its other businesses.

What's next — scenarios

Base: successful integration improves travel margins (50%)

Travel EBITDA margin rises by 1‑2 percentage points within 12 months as synergies are realised.

Upside: strong cross‑selling drives revenue growth (30%)

Travel revenue grows 8% YoY due to effective bundled store‑travel offers.

Downside: integration delays erode benefits (20%)

Travel segment EBITDA remains flat as integration costs offset potential synergies.

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