Spanish retail group Tendam buys Intropia
Tendam has added a new brand to its portfolio. The Spanish fashion and retail conglomerate, owner of Cortefiel, Pedro del Hierro, Women’s Secret, Fifty and Springfield, has now bought Intropia, an iconic Spanish fashion label that was successful in the 1990s. Tendam, led by Jaume Miquel, will try to relaunch the high-end womenswear label, which went into judicial liquidation last year. The value of the transaction was not disclosed.
“Hoss/Intropia has been an important brand for cosmopolitan women looking for a quality, modern product with a personality all of its own and a distinct identity. We believe that the market niche it carved out for itself has still not been filled and this acquisition is a clear opportunity for us to complement our brand offering,” said the CEO of Tendam, Jaume Miquel, in a press release published on November 25.
Intropia’s acquisition is consistent with Tendam's “development and growth strategy.” Despite having a premium price positioning, in line with Pedro del Hierro, Intropia targets “women with a more alternative, laid-back style.” The label “therefore complements fully the group’s brand portfolio,” said Tendam.
Miquel also added that “the addition of Hoss/Intropia to our portfolio forms part of our growth strategy. The group has a solid financial position, a proven brand-building model and a robust corporate structure.” Intropia’s first collection under Tendam is expected for the Fall/Winter 2020 season, and will be initially only available on Intropia’s e-store and in dedicated sections at Cortefiel and Pedro del Hierro stores.
Intropia was founded in 1994 by Constantino Hernández under the name Homeless. It later changed the name to Hoss Intropia, subsequently shortened to Intropia. In June 2017, the label split from its board of directors, remaining in the hands of Hernández, who set about looking for a buyer to save the business. After months of rumours and fruitless negotiations, the company eventually went into liquidation in November 2018 and, six months later, it began to sell off its inventory and close down its stores.
The label’s shops in Paris, London and Lisbon all had to follow suit and were closed down. After 25 years in business, Intropia had established a presence in 1,000 multibrand retailers in over 40 markets worldwide. According to the latest figures published by the Chamber of Commerce, in 2015 Intropia generated a revenue of €47.7 million. In the same financial year, the label’s losses were €6.69 million.
As for the Tendam group, it is enjoying a period of satisfactory stability. In H1 2019, the Spanish conglomerate's sales grew by 0.9% to €559.5 million. Its e-tail business was especially buoyant. Having grown by 35%, the revenue produced online by Tendam now accounts for 8.9% of the group’s total business.
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