CHILE · RETAIL
Key Facts
- The country Chile is a copper-rich South American democracy, and Hites is a listed department-store chain that also lends to its shoppers through store credit.
- What happened On 21 October 2026 Hites hired Cristóbal Covarrubias, finance chief of the travel company Cocha, to run administration and finance.
- Who leaves Luis Enrique Fischer, who held the post for almost two years, leaves, and the two men will hand over the post in the coming weeks.
- The numbers Hites lost CLP 11.8 billion (about US$12 million) in 2025 on sales of CLP 317 billion (about US$323 million), down from a CLP 34.4 billion loss in 2024.
- What it means for you Investors in Chilean small companies learn who will steer a turnaround that depends on credit-card lending.
- Still open Hites has not said when Covarrubias starts full duties or what Fischer will do next.
- Power Index Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 63.6 points (October 2026 edition).
The new Hites finance chief is Cristóbal Covarrubias, a veteran hired from the Chilean travel firm Cocha, La Tercera reported on Wednesday 21 October 2026. Hites is a Chilean department-store chain that sells clothes and home goods and lends money to its own customers.
For US readers, the Hites finance chief matters because the company is a turnaround story on the Santiago stock exchange. He replaces Luis Enrique Fischer, who rebuilt the balance sheet of a company that lost money for years.
What Hites Announced
Hites named Covarrubias divisional manager of administration and finance, which makes him the Hites finance chief, according to La Tercera. The newspaper said he replaces Fischer, who is leaving to take on what the company called new professional challenges.
The two executives will work together in the coming weeks so the post passes over in an orderly way. In its statement Hites said the change had been prepared in advance with Fischer, so it is not an abrupt exit.
Who Cristóbal Covarrubias Is
Covarrubias holds a commercial engineering degree and an MBA from the Pontificia Universidad Católica de Chile, one of the country’s top universities. He has more than 20 years in finance and administration, with a focus on management control and costs.
Until now he was finance chief at Cocha, a Chilean travel company. In retail he held the same post at La Polar, another Chilean department-store chain, and worked at the retail group Cencosud.
A Retail Veteran for a Cost Fight
General manager Felipe Longo, quoted in the company statement, praised Covarrubias for his broad retail experience and his approach to controlling costs. That fits a company that cut about 600 jobs, or 15% of staff, in a savings plan Fischer described to Diario Financiero in May 2026.
General manager Longo thanked Fischer for preparing the handover with him over recent months. Covarrubias also held finance and cost-control posts at Empresas SB, the winery Viña Undurraga and the seafood company Multiexportfoods.
What the Old Finance Chief Leaves Behind
Hites credited Fischer with debt structuring, the 2025 capital increase of about CLP 19 billion (about US$19 million) and the April 2026 bond issue. The bond was for 800,000 UF, a Chilean inflation-indexed unit, worth about CLP 32 billion (about US$33 million).
Fischer told Diario Financiero in May 2026 that the two deals raised about CLP 52 billion (about US$53 million) and replaced costlier short-term loans. The company is now focused on winning customers in the Valparaíso region, where it opened stores in San Antonio, Quillota and La Calera.
Where Hites Stands Today
In its first-quarter 2026 management report, Hites reported sales of CLP 80.8 billion (about US$82 million), up 9.7%. Its operating profit before interest, tax and depreciation was CLP 8.1 billion (about US$8.3 million).
Hites still lost CLP 1.6 billion (about US$1.6 million), a little less than a year earlier. Its loan book grew 14.7% to CLP 140.1 billion (about US$143 million), while loans over 90 days overdue fell to 9.7% from 12.8%.
What It Means for US Readers
Hites shares trade in Santiago, so the news matters mostly to investors who hold Chilean small caps or follow retail lenders. A store chain that lends to its customers lives or dies by its credit book, and the Hites finance chief controls its funding.
The hire shows how the turnaround is staffed, with a cost-control specialist replacing a debt-restructuring specialist. Our Company Intelligence profile on Hites tracks the numbers, and Chile Explained covers the wider backdrop.
What Is Not Known
Hites has not said on which date Covarrubias takes over fully, or what Fischer will do next. The company has not said whether Cocha has named a successor.
It is also unknown whether the third quarter will bring the profit Fischer hoped for in May. Hites will report its next quarterly results later this year.
What Comes Next
Over the coming weeks Fischer and Covarrubias will hand over the debt, credit and budget files. The next test is the third-quarter report, which will show whether sales growth can end the losses.
Chile’s retailers are also watched for what they say about consumer spending, as in Fitch Upgrades Chile Retail Giant Falabella. A cost-focused finance chief suggests the company will keep trimming expenses while it grows its lending.
More: Chile news in English, every day from The Rio Times.
Frequently Asked Questions
What is Hites?
Hites is a Chilean department-store chain with about 30 stores and a credit-card lending arm. Its shares trade on the Santiago stock exchange, and its finance chief runs the funding.
Who is the new Hites finance chief?
The new Hites finance chief is Cristóbal Covarrubias, who held the same job at the travel company Cocha. He was also finance chief at the Chilean retailer La Polar.
Who is leaving?
Luis Enrique Fischer leaves after almost two years in the post. Hites said he would work with his successor over the next weeks.
Is Hites making money?
Not yet. It lost CLP 11.8 billion (about US$12 million) in 2025 and CLP 1.6 billion (about US$1.6 million) in the first quarter of 2026.
Why does this matter to US investors?
Hites is a small Chilean turnaround whose results depend on debt costs and loan quality. The Hites finance chief manages both.
Sources: La Tercera, 21 October 2026; Empresas Hites, first-quarter 2026 management analysis, May 2026; Diario Financiero, 8 May 2026; Diario Financiero, 5 March 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error