Martin Bringas Family

In 2020, the Martin Bringas family group headed by Ricardo Martin Bringas appeared at number 32 on the list of the richest people and families in Mexico with a fortune of 500 million dollars and an estimated net worth of over $3 billion.  The mainstay of their wealth comes from the retail industry and their flagship company is the third largest chain of supermarkets in Mexico, holding around 14% of the market.

Soriana was started in 1968 by two Spanish-Mexican brothers, Francisco and Armando Martin Borque in Torreón, Coahuila, when Francisco took over his father’s grocery store and developed it into a chain of stores. 

The company operates under various brands including Clubes City Club, Hipermart, Super City and Mercado Soriana.  Super City is the company’s convenience store brand, operating supermarkets and department stores for wholesale and consumer markets alike.    It is Francisco’s son, Ricardo Marin Bringas who currently serves as CEO to the company.

Soriana’s success is rooted in a commitment to delivering high-quality products and services to its customers. This commitment to providing such a range of products and services at affordable prices has allowed the company to build a loyal customer base over the years.  The family regularly invests in technology and innovation in order to stay competitive in a market dominated by the American giant Walmart.

Over the decade, the Martin Bringas family has also diversified its business interests beyond  retail. The family has invested in real estate, banking, telecommunications and various other industries.  These investments coupled with smart business practices have provided the family with enormous wealth, which has been used to support various charitable causes in Mexico and across the globe.

Over the years, Soriana, like many  other companies has felt its fair share of problems.  In 2017, the family was hit by a scandal sometimes referred to as the “Soriana case”, or “Soriana-Gate”.  It was revealed that some of the top executives of the company had allegedly received bribes from a construction company, Grupo Higa, in exchange for receiving granting contracts for the construction of Soriana stores at inflated prices.

Details of the scandal were uncovered by as a result of an investigation by the Mexican Attorney General’s Office and gained national attention in Mexico.  Several executives were arrested and investigated for their involvement in this scandal.  Amongst those charged with corruption was Soriana’s Chief Financial Officer and Legal Officer.  Ricardo Martin Bringas was not implicated in any of the scandal.

This scandal caused a sharp decline in the stock price of the company and damage to the brand’s reputation.  Despite this, the family has taken steps to address the issues and condemned the actions of the executives, releasing a statement which emphasized a commitment to full transparency and ethical business practices.  The company implemented several measures to enhance its internal controls and compliance programs in the aftermath of this scandal.

This case is one of the most significant corruption scandals in Mexican history and has highlighted the need for greater measures to prevent corruption within the company’s business and political spheres.   

In January, 2019, tragedy hit the family.  Francisco Martin’s son, Carlos Martin Bringas, who oversaw the company’s real estate division. was found dead in his car with a gunshot in his head.  Whilst it is suspected the 57 year old man committed suicide, as with any high profile violent death, there are various conspiracy theories, particularly with the corruption scandal breaking only shortly before his death. 

News of his Carlos’s death swept through the Mexican business community and the family issued a statement expressing their grief, asking for privacy at this difficult time.  Both stakeholders and investors were reassured there would be no disruption to operations or strategy.

Later in 2019, Soriana became embroiled in an ownership dispute.  This dispute involved the Martin Bringas family and the Del Valle family, who had held a minority share of the company since the 1970s.

The Del Valles claimed that the Martin Bringas family had carried out a number of underhand business practices with the intent of diluting their ownership stake in Soriana.  These practices included issuing new shares without offering them to existing shareholders and manipulating stock price.  The Del Valles also claimed the Martin Bringas family mismanaged the company in order to receive personal gain.

The Martin Bringas family denied these allegations and responded with a statement which stated that the Del Valle family had failed to exercise their minority shareholder rights.  This dispute went to court in August of the same year and the judge ruled in favour of the Martin Bringas family, stating that they had acted within their rights and that there was no evidence of illegal business practices.  Again, the Soriana stock prices were negatively affected, but saw some positive correction after this ruling.

Like many other businesses, Soriana felt the impacts of the COVID-19 pandemic.  Soriana faced significant challenges, such as disruptions to the supply chain and reduced consumer demand due to lockdowns and many people choosing to isolate.  The pandemic presented an environment of slower growth, particularly as the Mexican government’s economic reactivation projects were considered sluggish in their response

Ultimately, the Martin Bringas family met the significant challenges presented by the outbreak with resilience, adapting to the market conditions and implementing measures to protect both employees and customers alike.

Outside of philanthropic pursuits, the family is known to keep a low profile, with most of its members choosing to keep their personal lives private.  Most of the family reside in Monterrey, Mexico and have various properties in the city. 

Despite facing challenges over the years, the Martin Bringas family remains a major player in the Mexican business world and a major philanthropist.

Conor Charlton