Bend, the textile company that owns Cortefiel or Women’Secret, accelerates in the recovery of the pre-pandemic levels and is already working on future growth projects.
Among them, the return of Hoss Intropia to physical commerce with its own stores, after closing its last stores in 2019 after its liquidation. Tendam acquired the rights to the brand for only 700,000 euros, and after launch it on the online channel, and then include their collections in some Cortefiel establishments, will open its own brand stores in 2022, as explained by the president and CEO of the group, Jaume Miquel, to this newspaper.
“We are very proud of how we have reinterpreted the brand without losing the essence. We decided to start without a physical store because we understood that it did not take advantage of all the possible synergies, and it allowed us to learn while minimizing risk. Now we are comfortable launching it ”, explains the executive, detailing that it will be a boutique format and“ close to the target customer ”, although without revealing its exact location. “We will start by being selective. We will learn and accelerate, ”says Miquel.
The launch of new formats is one of the foundations for Tendam’s future growth. Last year, in addition to launching the new Hoss Intropia, it acquired Slow Love, Sara Carbonero’s brand and Isabel Jiménez, and created High Spirits. Regarding the first two, Miquel calculates that “in four or five years they will have to bill about 50 million each.”
Furthermore, also in 2022 will launch three new brands, “Digital, young and sustainable”, without ruling out acquisitions. “They are not going to be a child or a home,” Miquel clarifies. Another leg of growth will be the greater weight of multi-brand sales through the internet, with the aim of reaching 100 brands next year. In addition, it plans to carry out tests with a view to a possible entry into the second-hand clothing business.
All this, together with the good recovery of the physical sale, allows the executive to be optimistic about the future. Tendam closed its first fiscal semester in August with sales of 515 million, 92% of those generated in the same period of 2019. And in September, they grew 4.5% to comparable surface. With this, the textile company has accelerated its objectives, estimating a 95% recovery at the end of the current year and a return to profitability. In 2022, the goal is to leave behind the pre-Covid-19 figures thanks to the pull of online and its interaction with the physical store. The digital business accounts for 13% of the group’s total sales and 16% in Spain, and its income is 84.5% higher than what it generated two years ago.
The group will continue betting on the physical store, also in Spain. “We believe that there will be a free quota and we want to capture a part,” says Miquel, who rules out supply problems for the end of the year. “We have not had stock problems, and we are not going to have them for Black Friday and Christmas either,” explains the executive. He believes that it is a temporary situation, which will last a maximum of 12 months. “We are optimistic about our way of managing the situation. The worst thing would be to take structural measures to tackle a temporary problem ”. It does acknowledge having reduced the weight of China in production, as well as variations in the means of transportation of the merchandise.
Miquel does anticipate less promotional pressure for Black Friday. “There will be discounts, but surely less aggressive.”