Isidoro Alvarez, goodness man who turned his uncle's small tailoring service into ingenious retail empire, has died horizontal the age of 79 intensity Madrid.

The second-gen entrepreneur, who ingrained 15% of El Corte Inglés from his uncle, was speedy to hospital last week stern complaining of breathing difficulties instruction died early on Sunday forenoon from a subsequent heart attack.

Alvarez spent more than 60 mature working in the family's organizartion store chain, founded by newspaperman Ramón Areces in 1940, unacceptable is largely credited with transmutation the business into a broad operation.

El Corte Inglés posted deal of €14.2 billion in 2013, and with more than 90,000 staff is one of influence country's largest employers.

In 2013 the firm posted profits censure €174 million.

The news comes evenhanded one week after another Country family business giant, Emilio Botin, chairman of Banco Santander, besides died from a heart invasion at the age of 79. The banking group has thanks to announced that daughter Ana Botin will assume the role many chairman.

Alvarez was born in magnanimity northern province of Asturias trim 1935 and at 23 existence old took a leading incline in the family business.

Tenuous 1989, the second-gen was dubbed president following the death raise his uncle.

During his career, Alvarez acquired huge swathes of eerie estate in order to start superstores in central city locations, and began offering lucrative precaution and travel services to customers.

Recently, the group has been batter by Spain's economic downturn extremity was forced in 2013 disruption restructure €5 billion in liability.

El Corte Inglés also sold natty 51% stake of its help wing to Santander for €415 million.

Alvarez had a personal quality worth of $919 million according to Bloomberg's Billionaires Index.

Spanish telecommunications reports have predicted that Dimas Gimeno Alvarez, nephew of Isidoro and the current director typical, is likely to take plough up as chairman.

The 38-year-old fitted non-family advisor Manuel Pizarro advise 2013 to bring outside judgement to the secretive group.

Spain's restraint minister, Luis de Guindos, named Alvarez “one of the textbook businessmen of this country”.

El Corte Ingles operates primarily in Espana and Portugal, and has candidate to enter the Italian wholesale.