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

Spanish style retailer Tendam plans to launch an preliminary public providing by the top of its monetary 12 months subsequent February, its CEO Jaume Miquel instructed Reuters on Monday.

“It looks as if the market is opening up,” Miquel mentioned after a enterprise occasion in Madrid. “It is a incontrovertible fact that this 12 months there are IPOs within the works and this did not occur in earlier years,” he added.

Spain’s third-largest style retailer and proprietor of manufacturers resembling Cortefiel and Pedro del Hierro mentioned final October that it was contemplating an IPO.

Miquel mentioned Tendam would deal with rising in Mexico and in sure Center Jap nations such because the United Arab Emirates. He added that the corporate didn’t rule out taking direct management of shops in some markets in Latin America, the place it at present operates underneath a franchise mannequin, in 2024 and 2025.

Private fairness corporations CVC Capital Partners and PAI Companions every personal almost half of the corporate. They purchased into Tendam in 2006 and raised their stakes in 2017 in a deal that valued the agency at 1 billion euros ($1.06 billion) on the time.

Cosmetics group Puig, which owns manufacturers resembling Carolina Herrera, Rabanne and Charlotte Tilbury, final week introduced plans to boost greater than 2.5 billion euros this 12 months in Spain’s largest IPO in virtually a decade.

Requested about Puig’s IPO plans, Miquel mentioned the 2 firms weren’t comparable as they’d totally different companies.