The Spanish bridal wear label, which has a direct presence in Moscow, has stated it is suspending business operations in the country, while pledging it will fulfil all orders placed before the start of the conflict.
A leader in the Spanish fashion industry, the couturier, designer and businessman passed away on Thursday, February 3. A pioneer in the domestic market, he presented his creations in Paris, Milan, New York and Tokyo.
The Spanish fashion group, owner of Cortefiel and Springfield, posted losses for €109.5 million in the last financial year, and said its results will be on par with 2019 “at the latest” by the first half of 2022.
The Spanish label, bought by Tendam in late 2019, will be available at 20 Cortefiel and Pedro del Hierro stores from March 1. With Alejandra Valero in charge of design, it is aiming to generate 50% of its sales online.
Closures and restrictions implemented to combat the second wave of the Covid-19 pandemic led the Spanish group's sales to fall to 197.2 million euros in the third quarter running September to November 2020.