EconomyFinancial#WhoIs |The owner of The Iron Palace

#WhoIs |The owner of The Iron Palace

Alejandro Baillères Gual is a well-known name in the business world. Although he does not usually make many public appearances, he is the main heir to the shares that his father, Alberto Baillères, had in Grupo Bal, the conglomerate that concentrates the mining companies Peñoles and Fresnillo, the Palacio de Hierro warehouses, the insurance company Grupo Nacional Provincial ( GNP), the ValMex brokerage house, and the company Espectaculos Taurinos de México.

Baillères Gual was born in May 1960 and is one of the seven children of Alberto Baillères and María Teresa Gual. Although five of his brothers were also interested in the family businesses and have participated in them, Alejandro Baillères Gual took the reins of the conglomerate in April 2021.

Years before, the businessman held various seats within Grupo Bal, such as the chairman of the boards of directors of Grupo Palacio de Hierro and Grupo Profuturo. Baillères Gual has also chaired the ITAM Governing Board since February of this year, an academic institution founded by his grandfather, Raúl Baillères Chávez, in 1946 and from which his father graduated as an economist with a double honorable mention.

His father ranked fourth on the list of the country’s richest businessmen in 2022, with a fortune of $8.5 billion, according to data from Bloomberg. In 2020, Baillères González was included in the list of “The 100 most important businessmen in Mexico”, before handing over the command of his companies to Bailléres Gual.

Recently, Bailléres Gual made a public appearance at the inauguration of the Palacio de Hierro store in the Mítikah Tower, which will replace the old store in Centro Coyoacán.

“It is the beginning of a great time for me”, stated Alejandro Baillères Gual, president of Grupo Bal, during the ribbon cutting of the new store, the first unit to open its doors after the death of his father, Alberto Baillères, in February of this year.

Revenues from the commercial division of Grupo Bal increased 26.1% compared to 2021 and 32.5% compared to fiscal year 2019, improving pre-pandemic levels. Credit division revenues in the quarter increased 4.3% compared to the same quarter of 2021.

In the period, the profit before financial expenses, taxes, depreciation and amortization (EBITDA), presented an increase of 59.7% compared to the same quarter of 2021. However, the securities of El Palacio de Hierro present low marketability. Over the last five years, according to data from Bloomberg , the stock has lost a market capitalization value of 14.87%.

“For our part, we continue to grow,” said Alejandro Baillères succinctly, in a brief interaction with the media after the inauguration.

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