Spain’s Tendam wants to launch IPO before February 2025, CEO says

Spanish fashion retailer Tendam plans to launch an initial public offering by the end of its financial year next February, its CEO Jaume Miquel told Reuters on Monday.

“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.

Spain’s third-largest fashion retailer and owner of brands such as Cortefiel and Pedro del Hierro said last October that it was considering an IPO.

Miquel said Tendam would focus on growing in Mexico and in certain Middle Eastern countries such as the United Arab Emirates. He added that the company did not rule out taking direct control of stores in some markets in Latin America, where it currently operates under a franchise model, in 2024 and 2025.

Private equity firms CVC Capital Partners and PAI Partners each own nearly half of the company. They bought into Tendam in 2006 and raised their stakes in 2017 in a deal that valued the firm at 1 billion euros ($1.06 billion) at the time.

Cosmetics group Puig, which owns brands such as Carolina Herrera, Rabanne and Charlotte Tilbury, last week announced plans to raise more than 2.5 billion euros this year in Spain’s largest IPO in almost a decade.

Asked about Puig’s IPO plans, Miquel said the two companies were not comparable as they had different businesses.