Grupo Elektrais a Mexican financial and retail corporation founded in 1950 byHugo Salinas Price.The company currently operates over seven thousand points of contact across Mexico,United States,[5]and Central America,[6]through two business divisions: commercial and financial.[7]Its parent company, Grupo Salinas, is a corporate group with interests across various economic sectors.[6]
 | |
 Corporative | |
| Company type | Sociedad Anónima Bursátil de Capital Variable |
|---|---|
| BMV:ELEKTRA[1] BMAD:XEKT | |
| Industry | Retail,Banking,Finance |
| Founded | 1950 |
| Headquarters | Mexico City,Mexico United States |
Area served | Mexico,Central America,South America |
Key people | Ricardo B. Salinas,(Chairman)[2] Fabrice Deceliere Márquez,(CEO Elektra Stores)[3] Alejandro Valenzuela del Río,(CEO Banco Azteca)[3] Mauro Aguirre Regis,(CFO)[4] |
| Products | Home appliance,mobile phone,computers,consumer electronics,furniture,white goods,money transfers,extended warranties,ecommerce,financial services,deposits,personal loans,credit cards,commercial loans,liability insurance,life insurance,pension funds. |
| Revenue |  $75,902 million(2015) |
| $9,194 million(2015) | |
Number of employees | 65,346 (2015) |
| Subsidiaries | Banco Azteca,Advance America,Italika,Seguros Azteca,Afore Azteca,Punto Casa de Bolsa |
| Website | grupoelektra.mx |
Grupo Elektra's commercial division includes Elektra, Italika, andSalinas y Rocha,while its financial division comprisesBanco Azteca,Seguros Azteca,Punto Casa de Bolsa, Purpose Financial,andAfore Azteca[7].Also, Elektra is listed on theBolsa Mexicana de Valoresand on the Spanish Stock MarketLatibex(XEKT).
History
edit
The origins ofGrupo Elektradate back to 1950, when entrepreneur Hugo Salinas Price launched a small appliance store in Monterrey, Nuevo León.[8]Although the company initially specialized in radio equipment, over time it added other products to its catalog, such as furniture, televisions, and home accessories, enabling it to establish new locations across the country.
Initially,Elektraserved only wholesalers; however, as this model declined, Salinas Price shifted the company's focus to retail and credit sales. In the mid-1980s, he passed the management of the company to his son, Ricardo Salinas Pliego, who assumed the role of president in 1987. After achieving international expansion, the company made its debut on theMexican Stock Exchange(Bolsa Mexicana de Valores, in Spanish) in 1993.
That same year, the company acquired the state-owned Mexican broadcaster known asImevisión,which later becameTV Azteca.Six years later, the company acquired a 94.3 % share in theSalinas y Rochastore chain, and in 2002, foundedBanco Azteca,a financial institution aimed at serving segments of the population underserved by traditional banks.
In 2004, the company launchedSeguros Aztecaand entered the motorcycle market with the introduction of theItalikabrand.[9][10]In early 2012, the group announced that it had reached an agreement to acquire the non-bank lenderAdvance America(now known asPurpose Financial) to expand its operations in the United States.[11][12]Also in 2012,Punto Casa de Bolsa,an investment institution focused on small and medium-sized enterprises,[9][13]began operations.
Commercial Division
editElektra Stores
editElektrais the Grupo Azteca’s most significant retail format,[14]with over 1,200 points of contact across Mexico, Honduras, and Guatemala. It offers a range of products, including household appliances, consumer electronics, computer systems, mobile phones and furniture.[15]These products primarily target the C and D+ population segments, representing middle- and lower-income groups.[16]According to company data,Elektrasells, on average, 1 in every 4 televisions, 1 in every 5 refrigerators, and 7 out of every 10 motorcycles in Mexico.[17]
Italika
editItalika,the motorcycle brand, launched in November 2004 in partnership with South Korean manufacturerHyosung.In 2008, Italika opened an assembly plant in Toluca, State of Mexico, and by 2011, had already sold one million units in the country.[10]By 2014, the brand had successfully sold two million motorcycles.[18]According toForbesmagazine,Italika“is marketed in 1,000 Elektra stores and 2,500 third-party points of sale”[19].
Salinas y Rocha
editSalinas y Rochais a retail chain founded in 1906 by Benjamín Salas Westrup and acquired by the Group in 1999 through an auction.[20]UnlikeElektra stores,Salinas y Rocha’s products target the C+ and C socioeconomic segments.[21]
Financial Division
editBanco Azteca
editBanco Aztecais a banking institution that began operations in 2002, primarily serving middle and lower-income populations. According to official sources, the bank operated nearly two thousand branches by 2022, located throughout Mexico and Central America.[15]Seguros Azteca,aBanco Aztecasubsidiary, provides life and risk insurance for the same target audience. Additionally,Afore Aztecaoffers retirement fund management services, supported by the Group's extensive geographic reach.[7]
Banco Azteca operates in Mexico, Guatemala, Honduras, El Salvador, Panama and Peru, and is the largest bank in Mexico in geographical coverage with more than 3,500 points of contact.[22]Banco Azteca Mexico has more than 13 million of deposit accounts and a similar numbers of loan accounts.[23]Banco Azteca offers consumer andpersonal loans,credit cards,pawn lending,and group andcommercial loans.[24]
On the deposit side, the bank offers a variety ofsavingsproducts for its targetmarket,withinterest-bearing accounts that can be opened with one peso and do not generatecommissions.
According to theWorld Bank,Banco Azteca has a positive impact on the development of numerous communities throughmicro financing.In theGlobal Financial Development Reportof 2014, about Financial Inclusion, the World Bank indicated that after two years from the start of operations of Banco Azteca in 2002, personal income increased 7% in areas where branches were established, and unemployment decreased 1.4%, due to the increased access tocredit,with lower interest rates, compared to other local and microfinance loan providers.[25]
Punto Casa de Bolsa
editPunto Casa de Bolsais a stock market subsidiary that focuses on serving small and medium-sized enterprises as well as individual investors.[7]After obtaining authorization from theNational Banking and Securities Commission of Mexico(CNBV by its Spanish acronym) in 2011, the company began operations in 2012, initially providing institutional promotion services. In 2013, it expanded into investment banking services, and by 2015, it had formed a strategic alliance with South Korean conglomerateSamsungto launch its mobile app, calledPunto Trader.[26][27]In January 2020, the company received authorization to operate as an investment fund distributor from the CNBV.[26]
Purpose Financial
editFounded in 1997 asAdvance America,which was apayday loanprovider in theUnited States,was acquired by Grupo Elektra in 2012 to expand its operations in the United States.[11]The company offers credit options to consumers without banking intermediation and is a founding member of theCommunity Financial Services Association of America(CFSA).[28]
Others
editSeguros Aztecaoffers life and liabilitymicroinsurancethat can be acquired at affordable prices in Mexico and Latin America.Afore Aztecaofferspension fund managementwith the support of the extensive geographical coverage of Grupo Elektra.
Sustainability and Corporate Values
editAs part ofGrupo Salinas,Grupo Elektrajoined the United Nations Global Compact in 2018, committing to its ten principles in the areas of human rights, labor, environment, and anti-corruption.[29]According to company reported data,Elektrahas invested 113 million Mexican pesos in environmental management, with 35% of the energy used in its operations coming from renewable sources.[30]The company also adopted the recommendations of the Task Force on Climate-related Financial Disclosures for analyzing climate change risks and opportunities.[31]In 2022,Banco Azteca,ElektraandItalikareceived theSocially Responsible Company(ESR, by its Spanish acronym) distinction, awarded by theMexican Center for Philanthropy(CEMEFI, by its Spanish acronym).[32]
Awards and Distinctions
edit| Year | Award and/or Organizer | Category | Ref. |
|---|---|---|---|
| 2018 | eCommerce Awards Mexico | Leading eCommerce retailer in Mexico | [33] |
| 2022 | ESR Distinctive | Part of the list of the leading companies in sustainability | [34] |
| 2023 | TimeMagazine and Statista | Part of the list of the World's Best Companies in 2023 | [35] |
Finances
editThe figures presented in the table below are extracted from one of Grupo Elektra's quarterly reports for 2015.[36]
| 2014 | 2015 | Growth | |
|---|---|---|---|
| Consolidated Revenue | $73,629 | $75,902 | 3% |
| EBITDA | $9,479 | $10,734 | 13% |
| Consolidated Fund Gathering | $93,147 | $100,573 | 8% |
| Consolidated Late Payments Rate | 9% | 6.1% |
References
edit- ^".::. Grupo BMV.::. Trading Statistics".
- ^"Grupo Elektra | Gobierno Corporativo".
- ^ab"Grupo Elektra | Carta de los Directores Generales".
- ^".::. Grupo BMV.::. Profile".
- ^Advance America."Advance America. About Us. Where we Are".Retrieved15 August2016.
- ^ab"Reconocen a Grupo Elektra Corporativo como Empresa Familiarmente Responsable".Grupo Elektra.8 December 2016.Retrieved1 November2024.
{{cite web}}:CS1 maint: url-status (link) - ^abcd"División Financiera".Grupo Elektra.Retrieved1 November2024.
- ^"Hugo Salinas Price y familia".Centro Ricardo Salinas Pliego.Retrieved1 November2024.
{{cite web}}:CS1 maint: url-status (link) - ^ab"Cotiza en Bolsa Mexicana de Valores. Informe Anual 2015 (Spanish)"(PDF).Informe Anual Grupo Elektra:1–76. 28 April 2016.
- ^ab"Italika: ¿quién es su dueño y cuál es la historia de estas motocicletas?".Radio Fórmula.25 September 2022.Retrieved1 November2024.
{{cite web}}:CS1 maint: url-status (link) - ^ab"Elektra compra Advance America".El Economista.16 February 2012.Retrieved1 November2024.
- ^"Elektra compra a Advance America".Expansión.16 February 2012.Retrieved1 November2024.
{{cite web}}:CS1 maint: url-status (link) - ^"Elektra abre Punto Casa de Bolsa".El Economista.19 April 2012.Retrieved1 November2024.
- ^"Cómo se hizo millonaria la familia de Ricardo Salinas Pliego".Infobae.29 April 2021.Retrieved1 November2024.
- ^ab"Operational Report of Grupo Elektra"(PDF).Grupo Elektra Annual Report.6:1–23. 2022.
- ^"División Comercial".Grupo Elektra.Retrieved1 November2024.
{{cite web}}:CS1 maint: url-status (link) - ^"Él es el arquitecto del negocio llamado Elektra".Capital México.23 August 2018.Retrieved1 November2024.
- ^Durán, José Antonio (8 September 2014)."Italika vende su moto 2 millones en México".El Financiero.
- ^Celis, Fernanda (26 December 2017)."El mercado de motos en México tiene dueño y es Italika".Forbes México.
- ^"Salinas y Rocha Historias de familia".Expansión.20 September 2011.Retrieved1 November2024.
{{cite web}}:CS1 maint: url-status (link) - ^"Suplemento Definitivo"(PDF).Grupo Elektra:1–35. 10 March 2016.
- ^Elektra, Grupo(2016)."Grupo Elektra anuncia crecimiento de 87% de utilidad de operación en segundo trimestre 2016 (Spanish)"(PDF).Grupo Elektra:9.
- ^Grupo Elektra (2016)."Carta de los directores generales (Spanish)".Retrieved20 August2016.
- ^Banco Azteca (2013)."Banco Azteca te ofrece los mejores productos financieros (Spanish)".Retrieved21 August2016.
- ^Bank, World(2013)."2014 Global Financial Development Report"(PDF).World Bank:43–44, 115.
- ^ab"Historia de Punto Casa de Bolsa".Punto Casa de Bolsa.Retrieved1 November2024.
{{cite web}}:CS1 maint: url-status (link) - ^"Grupo Salinas abre inversión en Punto Casa de Bolsa".El Financiero.3 May 2015.Retrieved1 November2024.
- ^"Purpose Financial".Grupo Salinas.Retrieved1 November2024.
- ^"Grupo Salinas renueva compromiso con el pacto de las Naciones Unidas".ADN40.22 April 2021.Retrieved1 November2024.
- ^"Sustentabilidad de Grupo Salinas".Grupo Salinas.Retrieved1 November2024.
- ^"Informe de Sustentabilidad"(PDF).Grupo Elektra:1–162. 2021.
- ^"Empresas líderes en sustentabilidad reciben el Distintivo ESR 2022".Newsweek.23 May 2022.Retrieved1 November2024.
- ^"Se conocieron los Ganadores de los eCommerce Awards México 2018".eCommerce Awards.Retrieved1 November2024.
- ^"Empresas líderes en sustentabilidad reciben el Distintivo ESR 2022".Yahoo News.23 May 2022.Retrieved1 November2024.
- ^"Empresas mexicanas destacan en el ranking de las mejores compañías del mundo".El Economista.19 September 2023.Retrieved1 November2024.
- ^"Grupo Elektra anuncia crecimiento de 37% de utilidad de operación (Spanish)"(PDF).Grupo Elektra:1–9. 2015.
