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.
The owner of brands including Cortefiel and Pedro del Hierro saw its income before taxes rise to 8.7 million euros and managed to slow the decline in its sales, which fell 23.6% to 260.3 million euros.
The Spanish retail group behind clothing brands Cortefiel and Women’Secret has announced plans to rival online marketplaces like Zalando and Asos with the launch of third-party brands across its e-commerce stores.
The retail group, owner of Cortefiel, Springfield and Women’s Secret, has bought Spanish fashion label Intropia that in November 2018 went into liquidation. The value of the transaction has not been disclosed.
Intropia has gone into liquidation after failing to find a buyer for the struggling business. The company filed for bankruptcy in November, and on January 30, a judge at a Madrid court ordered its liquidation.