Overview
El Palacio de Hierro (officially El Palacio de Hierro S.A. de C.V.; ) is an upscale chain of department stores in Mexico. Its flagship store in Polanco, Mexico City, reopened in 2016 after an extensive renovation of US$300 million and an expansion of . It is the largest department store in Latin America and has been a member of the International Association of Department Stores since 2000.
History
In the 1850s, a clothing store opened in Mexico City called "Las Fábricas de Francia" (The Factories of France) which was owned by Victor Gassier, a Frenchman (not to be confused with the currently Fábricas de Francia chain, operated by Liverpool). In 1860, Gassier teamed up with Alexander Reynaud, forming a business called Gassier & Reynaud.
In 1876, José Tron, his brother Henri and José Leautaud bought in, forming the association V. Gassier & Reynaud, Sucs. S. en C. In 1879 the business' formal name was changed to J. Tron y Cía.. However, it continued to trade as "Las Fábricas de Francia". From here Tron and Leautaud's endeavor met with considerable success.
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