Spanish Tendam reinforces womenswear with new acquisition
The Spanish group, owner of Cortefiel, Women’secret and Springfield, has taken over the Spanish fashion brand, which last February filed for bankrupcy after failing to find a buyer.
Tendam grows with M&As. The Spanish group makes one of its goals to take advantage of its operating model and fattens its structure with the purchase of Intropia. The company, owner of Cortefiel, Pedro del Hierro, Women’secret, Springifield and Fifty, has acquired the Spanish brand in the framework of the liquidation of the company, a process that began last February.
According to sources from Mds, Tendam has acquired the brands Hoss, Intropia and Hoss Intropia for an amount that was not disclosed. The plans of the group led by Jaume Miquel go through the relaunch of the brand, which operated in the premium segment and specialized in womenswear.
With this deal, Tendam manages to take advantage of its operating model, which allows incubating or incorporating new brands. In addition, the group, controlled by the CVC and Pai funds, continues its path to the premium mass market segment, where it wants to position all its brands.
Intropia, which reached a revenue of around fifty million euros, was one of the few Spanish brands that operated in this segment. Founded in the nineties by Constan Hernández, Intropia began as Homeless, to later change its name to Hoss Intropia and, finally, to Intropia. The company filed for bankruptcy at the end of 2018 after months looking for a buyer.
Tendam has acquired Intropia after the company filed for bankrupcy
The intention of Tendam is to relaunch Intropia with the same positioning and concept with which it operated, since company sources indicate that no brand has occupied the gap that Intropia has left the market after its disappearance.
The group plans to release the first Intropia collection in the fall-winter 2020 season. Nacho Aguayo, creative director of Cortefiel and Pedro del Hierro, will take over the collection with a specific team, which will grow in the coming months with new additions.
The first phase of the relaunch of Intropia will be carried out using the online channel and some points of sale of Cortefiel and Pedro del Hierro, where corners of the brand will be installed. The second phase, on the other hand, includes the development of a network of stores for the brand, which had its own stores in Spain and abroad. Tendam will decide in the coming months which of the three brands it has acquired (Hoss, Hoss Intropia or Hoss Intropia) finally uses the firm.
Over the past few years, Tendam has focused on raising the positioning of its chains, while reorganizing its store network, redirecting its sales and results and restructuring its debt. Tendam ended its fiscal year 2018 with a profit 80.8 million euros, almost four times more than the previous year, when it earned 21.3 million euros.
The company’s revenue was in line with the previous year, at 1.1 billion euros. As of February 28, 2019, Tendam had a store network of 1,993 points of sale, 1,242 of which are directly operated, 632 are franchises and 119 are corners.
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