Tendam accelerates its strategic plan: more stores, more brands, and a larger international footprint

Madrid – Alongside the presentation of its 2025 financial results, for the fiscal year running from March 1, 2025, to February 28, 2026, Tendam's chairman and chief executive officer, Jaume Miquel, has outlined the key points of the company's new Strategic Plan. He also detailed the terms and objectives for its execution. The company is accelerating this process starting this year, 2026.

Further to the information on the year-end results reported earlier, coinciding with the presentation of the 2025 results, Jaume Miquel held a series of meetings with journalists from Spanish general and financial media outlets, including Expansión, Cinco Días, El Confidencial and El Español. In these brief interviews, the chairman and chief executive officer of the owner of Cortefiel, Springfield and Women’secret discussed key aspects of the new strategic plan being implemented by the Spanish fashion multinational. The approach was more informal than what is typical for a company of Tendam's size and aspirations.

Miquel highlighted that this roadmap formed the basis of the “successful and orderly” transition, which concluded in July 2025 with the acquisition of 67.91 percent of its capital by the Emirati group 2PointZero, formerly known as Multiply, for approximately 880 million euros. He emphasised that this strategic plan was agreed upon as the business plan to be executed following 2PointZero's entry. The agreement was made between the new majority investor; the investment funds CVC Funds and PAI Partners, which remain as minority shareholders; and Tendam's management, led by Miquel.

With this context, everything discussed by Tendam's chairman and chief executive officer during his various meetings yesterday can be summarised into six main sections. These sections cover investment and shareholder remuneration commitments for this year; growth objectives for the physical channel; objectives for the online channel; diversification of its commercial offer; international business expansion; and its forecasts for the year-end and the medium term. We will now develop each of these areas in detail.

Investments of 100 million euros for 2026

Starting with the strategic area of capex investments, Tendam has maintained an investment level of between 40 and 50 million euros annually in recent years. This figure has been doubled for the current fiscal year to around 100 million euros, a clear sign of the acceleration in the execution of its new strategic plan in 2026. These committed funds will be used to drive the development and strategies of this roadmap, focusing on bringing the company closer to its short and medium-term objectives.

Additionally, in financial terms, Miquel highlighted the net financial debt of 304.3 million euros with which Tendam closed the 2025 fiscal year. This debt represents a financial leverage ratio of 1.32 times net equity, in line with the company's goal of maintaining it between one and 1.5. This rate will allow the company to establish its new shareholder remuneration policy, introducing a dividend based on the previous year's results equivalent to 60 percent of the net profit. In 2026, this remuneration commitment will lead to 2PointZero, CVC Funds and PAI Partners sharing approximately 67.2 million euros of the 112 million euros net profit recorded by Tendam in 2025.

Franchise absorption and 2,500 stores by 2030

Focusing on its performance by distribution and sales channels, starting with the physical channel, Tendam added 43 net new stores to its retail network in 2025, comprising 29 own stores and 14 franchises, ending the year with a total of 1,844 points of sale. The company has already surpassed this pace at the start of 2026. In the first quarter, it added 42 stores to its network, including 34 own stores and eight franchises, out of the more than 100 stores committed for this fiscal year. This means Tendam has added only one less store at the beginning of this year than it did throughout the entire 2025 fiscal year, again highlighting the company's acceleration in executing its new strategic plan.

Following this rapid progress in the first quarter of the year, the period from March 1 to May 31, Tendam currently has approximately 1,886 active stores. Another 58 stores are set to be added this year, which would leave the company ending 2026 with a network of about 1,944 points of sale. The objective is to increase this number by 556 stores to reach 2,500 open stores by 2030, of which 700 would be operated as franchises and 1,800 would be directly managed. This would involve adding 600 more own stores to the nearly 1,200 the company currently operates. This goal demonstrates a stronger and more decisive commitment to a direct-to-consumer sales model. Tendam's CEO also mentioned that the company is considering a selective buyback of franchises. This process could even occur at a market-wide level, involving the absorption of operations or the creation of joint ventures to allow the company greater control over its operations in key countries.

More omnichannel, and more third-party brands

Regarding the online channel, Tendam appears more than satisfied with its digital performance. In 2025, the group's online sales grew by +12.9 percent, accounting for 17 percent of the company's total sales. This growth occurred while the return rate remained at 26 percent, compared to the industry average of 35 percent, as cited by Miquel.

Key factors contributing to this strong performance, which the company will continue to focus on, include its omnichannel approach. This strategy has resulted in 28 percent of digital sales being made in its stores; 54.8 percent of online purchases being collected in-store; and 82.3 percent of online purchase returns being processed at the group's brand outlets. Additionally, loyalty clubs with over 27.6 million members help reduce return rates because the “member” knows their size well. The company also promotes a commercial offer more aligned with a “slow fashion” model than “fast fashion,” encouraging more considered purchases over impulse buys.

This stance needs to be analysed to see how it aligns with the widespread discount policy that Tendam's main brands maintain throughout the year. In any case, these brands are also seeing their sales operations, both physical and online, boosted by the inclusion of third-party brands in their stores and platforms. This is a risky move, currently involving some 211 third-party brands. Miquel only plans to limit this if cannibalisation of the group's own brands is detected. He assures that this has not happened to date, so the company will continue to supplement its offer with third-party brands.

Acquisition of a new brand for 2026

In line with 2PointZero's ambitions to make Tendam the key element of its new retail vertical, the Emirati group's intentions to expand its fashion portfolio through new acquisitions to fuel inorganic growth are well known. Tendam's chairman and chief executive officer has confirmed that the company expects to make its first acquisition under the 2PointZero umbrella in 2026, or at least to announce it before the end of the year.

In this regard, Miquel reiterated that the company's objective is to strengthen its portfolio of own brands by acquiring Spanish and/or foreign companies that are financially solvent and not in “distress” or at risk of default. This contrasts with the case of Hoss Intropia, which was acquired during its liquidation process in 2019. The aim is to acquire firms that can gain momentum with the support of the Spanish fashion multinational, following the example of Slowlove, the brand by Sara Carbonero and Isabel Jiménez acquired by Tendam in 2021. That acquisition, however, would not fully align with the new purchasing policy guidelines. It is added that Tendam's goal for its first acquisition under 2PointZero is to secure a more established, medium-sized firm with a mid-range profile, which is neither a “fast fashion” nor a luxury brand. From there, the focus will shift to larger companies.

Completing the information on this matter, Miquel ruled out the company launching any other own brand created “in-house” for now. This diversification strategy previously led Tendam to strengthen its portfolio after the pandemic outbreak with the creation and launch of the brands High Spirits, Dash and Stars, OOTO and Hi&Bye, with Springfield Kids as the latest launch. The strategy now is to consolidate by giving each of its native brands its own “space” in the market. To this end, and in line with the strategy to reach 2,500 stores by 2030, the hundred new stores committed for 2026 will open mainly under the names of Tendam's newer and currently smaller brands, such as Hoss Intropia, Slowlove, OOTO or Dash and Stars.

Larger international footprint

Regarding its performance by market, Tendam's main ambition through the implementation of its new strategic plan is to sustainably and consistently boost its international footprint. This currently accounts for 440.19 million euros, or 30 percent of the 1.47 billion euros in revenue the company generated in 2025. They plan to increase this percentage to between 40 and 50 percent by 2030, as the group's brands drive growth outside of Spain and enter new markets.

On this subject, following its entry into Romania in 2025, the company does not rule out entering a new market in 2026. However, its growth strategies will primarily focus on Mexico, in addition to Spain, as well as the strategic markets of Portugal, Hungary and the Balkan region. Regarding the Middle East, a priority region for the company following the entry of the Emirati group and where Tendam operates through some 200 points of sale, Miquel claims performance has been better than expected since the outbreak of the conflict in Iran. This has not prevented the company from recording a drop in sales in the region, where its growth strategies are on hold. They hope to reactivate these plans as soon as the situation stabilises.

Doubling sales and profits by 2030

Finally, after a first quarter in 2026 where the company achieved sales of 288.2 million euros (+10.4 percent) and an EBITDA of 62.7 million euros (+11.9 percent), Tendam expects to close the fiscal year with a revenue increase of between +8 and +10 percent. This growth will keep the company on track to meet its medium-term objectives, which involve doubling the sales volume and profitability recorded at the end of 2025 by the 2030 fiscal year. In the five years until then, Tendam's forecast and goal is to boost its turnover to nearly 2.9 billion euros and its net profit to around 220 million euros.

This article was translated to English using an AI tool.

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