SPAIN: Cortefiel mulling IPO, say bankers
Spanish fashion retailer Cortefiel, targeting 2,000 global stores by 2012, is considering a stock market listing in the near to medium term, according to a senior IPO banker in Madrid.
However, a Cortefiel spokeswoman denied any IPO plans. "We are not planning a listing. These are rumours that have been going on for a while," she told just-style.
The chain's private equity owner, MEP, is said to be mulling the flotation as the preferred exit strategy after buying Cortefiel for EUR1.4bn (US$2.2bn) in July 2005.
MEP is owned by European buy-out groups Permira, PAI and CVC which are keen to cash in their investment, the banker said.
"They [the owners] have cut costs, sold assets and improved the bottom line," the banker noted, adding that Cortefiel and IT travel group Amadeus are Spain's next IPO darlings.
Italian high-couture houses Prada and Salvatore Ferragamo also plan flotations this year though continual market volatility could to ruin the listings.
Cortefiel's IPO could be launched in late 2008 or early 2009 if global capital market conditions improve, the banker said.
Cortefiel's sales "are going very well," the banker pointed out, adding that recent divestments and factory realignments, including efforts to outsource production abroad, have boosted fortunes.
Owner of the eponymous Cortefiel chain and expansionist Springfield and Women's Secret banners, Cortefiel hopes to open 120 stores in Russia and the CIS markets in two years, up from 54 now.
Cortefiel currently operates 1,436 shops, 70 of which are corners. Its new stores will be opened as a mixture of self-owned and franchised outlets.
By Ivan Castano-Freeman.
Private equity firm Change Capital Partners has agreed to sell luxury fashion house Jil Sander to Tokyo-listed Onward Holdings for EUR167m (US$243.9m)....
Italian fashion house Prada has unveiled a new store in Union Square, San Francisco's premier shopping district....
- Under Armour Lighthouse will disrupt production
- Will new Vietnam wage hinder competitiveness?
- How TAL Apparel is staying ahead of the game
- Digitisation to drive new apparel-making models
- Ethiopia violence undermines sourcing strategies
- Marks & Spencer top for modern slavery reporting
- Bangladesh garment workers rally for higher wages
- MAS Holdings shares commitment to sustainability
- Gap to shutter all UK Banana Republic stores
- H&M CEO named sustainability leader
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020