Tendam, a Spanish fashion retailer, intends to launch an initial public offering (IPO) before the end of its fiscal year in February of next year, CEO Jaume Miquel announced to the press.
“It seems like the market is opening up,” Miquel said after a business event in Madrid. “It’s a fact that this year there are IPOs in the works and this didn’t happen in previous years,” he added.
The third-biggest fashion retailer in Spain, which also owns labels including Pedro del Hierro and Cortefiel, announced in October of last year that it was thinking about going public.
Tendam, according to Miquel, would concentrate on expanding in Mexico and a few Middle Eastern nations, such the United Arab Emirates. In 2024 and 2025, he continued, the corporation does not rule out assuming direct ownership of stores in select Latin American areas, where it presently uses a franchise model.
CVC Capital Partners and PAI Partners, two private equity firms, jointly own about 50 per cent of the business. In 2006, they made an investment in Tendam, and in 2017, they increased their holdings in a transaction that valued the company at € 1 billion at the time.
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