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Matins Esade with Jaume Miquel, chair and CEO of Tendam  

At Esade, the Tendam executive shared the keys to the group’s transformation, its growth model, and his view of the challenges facing the fashion sector
Jaume Miquel

“The important thing is having a growth model that is different, hard to replicate and able to exceed market growth.” This is how Jaume Miquel, chair and CEO of Tendam (Cortefiel, Pedro del Hierro, Hoss Intropia, Women’secret, Springfield, etc.) summarized the philosophy that has guided the group’s in-depth transformation in recent years at Matins Esade.

Tendam’s recent history is one of profound reinvention, as Jaume Miquel explained in his talk at a new Matins Esade session. With the motif of an unprecedented strategic transformation, Miquel explained how the company has gone from a critical situation in 2016 to solidifying a digitalized, profitable retail model with clear international outreach.

The group’s reinvention was grounded on an in-depth redefinition of its positioning and competitive spaces, an improvement in efficiency, and a wholesale review of its processes, all with a clear goal: to lower one of the main structural risks in the fashion sector: volatility.

Beyond financial indicators, the executive stressed the importance of making strategic decisions with a long-term vision.

 

The starting point: From risks to solutions

Miquel did not mince words when he recalled the complexity of launching this process. “In 2016, we were a company with a traditional model, high debt, and high volatility. Some people described us as a ‘zombie’ company. The Board of Director’s assignment was clear: a reorganization plan.”

According to Miquel, changing this structure required more than strategy: “I was driven by the pride of belonging. We had extremely valuable brands that were not perceived to be as good as they were, and I wanted to draw out that latent energy and breathe new life into the company.” The process entailed a turnover of 70% of the Board members and a comprehensive review of processes and marketing.

Even though the COVID crisis was a blow to the sector, for Tendam it was the time to ramp up its roadmap. “COVID forced us to react and radically reimagine our strategy; it was good for us because it forced us to change our model,” Miquel said.

In that period, the group prioritized protecting people by complementing salaries during the collective dismissals, a decision that the CEO said strengthened internal cohesion. “Job titles and salaries are not enough; what matters is what drives you inside; that’s what moves mountains,” he underscored when discussing the team’s commitment.

Jaume Miquel

Differential growth

In Miquel’s opinion, the key to the company’s current competitiveness is not only design but business intelligence. “We are truly obsessed with data,” he stressed, noting that advanced analysis is what enables them to manage risk and lower the intrinsic volatility of the fashion sector.

In the past four years, Tendam has gone from being a vertical retailer to an integrated ecosystem. The milestones in this period include the launch of seven new in-house brands (like Ooto, Dash and Stars and Hoss Intropia), the opening of its platform of more than two hundred brands to third parties, and a network of highly digitalized stores and a complete commitment to omnichannel sales.

Tendam has now surpassed its pre-pandemic levels, has less debt, and operates as an integrated ecosystem based on solid brands, strong customer loyalty, and a highly digitalized network of stores.

Likewise, Miquel stressed that fashion is a particularly demanding and competitive sector. “It is an appealing, creative sector, but offering fashion without a clear strategy is pretty complicated,” he warned, citing the fragility of consumption as one of the main uncertainty factors in today’s world. “The important thing is having a growth model that is different, hard to replicate and able to exceed market growth,” he reflected. Regarding the future of its new brands, he used a metaphor: “We’ll see which horse wins the race and pour more resources into it; we have several ponies that want to be race horses.”

With sales upwards of 1.3 billion euros in 2024 and the entry of the 2PointZer group as a shareholder (with 67.86%), Tendam’s roadmap is keeping a steady course. The goal is a projected 30% growth for its brands, driven by artificial intelligence, international expansion, and a selective mergers and acquisitions (M&A) process.

To conclude, Jaume Miquel offered the audience a lesson in leadership: “To transform, you have to have a very clear vision, share it, and be very generous in teaching. Opportunities don’t appear randomly; you have to look for them every day.”

Thanks to CriteriaCaixa for making a new edition of Matins Esade possible and for supporting us in this space of debate and business reflection

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Jaume Miquel
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