Jaume Miquel, Tendam president and CEO, announces group’s overhaul: “It’s crucial to have a hard-to-replicate model”
“What matters is to have a growth model that’s different, hard-to-replicate and can grow faster than the rest of the market.” With these words, at today’s Esade Matins, Jaume Miquel, president and CEO of Tendam (Cortefiel, Pedro del Hierro, Hoss Intropia, Women'secret and Springfield) summed up the philosophy that has driven the group’s complete overhaul of recent years. A model in which information plays a central role. “We really are data mad,” he emphasized, highlighting how important data are for decision-making and risk management.
Despite macroeconomic uncertainty, Miquel is optimistic about the future of the group and the industry. “In 2016, our company had a traditional model, considerable debt and high volatility. Today, our company is healthy, profitable and able to grow,” explained Miquel. Our group’s overhaul was underpinned by a thorough redefinition of our positioning and competitive segments, improved efficiency and a comprehensive review of our processes. The aim of all this was quite clear: to reduce one of the fashion industry’s main structural risks, i.e., volatility.
In addition to financial indicators, the CEO emphasized the importance of taking strategic decisions with a long-term outlook, explaining that Tendam’s overhaul was in response to the belief that the group had very valuable brands with great growth potential, but which needed a new approach in order to exploit all their potential and bolster their significance in the market.
The pandemic was a sea change in this process. “Covid forced us to react and radically rethink our strategy,” said Miquel. Against this backdrop, Tendam prioritized safeguarding the company and its staff by supplementing their salaries whilst the ERTE (Spanish acronym meaning the temporary suspension of employment contracts) was in force. A decision that, in Miquel’s opinion, bolstered in-house commitment, team unity and the group’s ability to bounce back after the crisis.
From a company saddled with debt to sustainable growth
Tendam has now exceeded pre-pandemic levels, has reduced its borrowing and operates with a built-in ecosystem based on well-established brands, high customer loyalty and a highly digitalized network of stores. Tendam has also launched seven new brands in the last four years with a view to targeting specific niches and fostering sustained growth without increasing business volatility.
Miquel pointed out that the fashion industry is particularly demanding and characterized by cut-throat competition. “It’s an attractive, creative sector, but without a clear strategy, delivering fashion is extremely difficult,” he warned, citing debilitated consumer spending as one of the main elements of uncertainty in the current scenario.
By way of conclusion, the Tendam president and CEO highlighted one of the great lessons learned from the group’s overhaul: the need to combine readiness and responsiveness with a strategic outlook. “Opportunities don’t happen by chance. You have to seek them out every day and be ready when they come along,” he ended.
