a map sources The city of Tindam is changing, as it gets closer and closer to China. The large fashion distribution group, which owns chains such as Cortefiel and Women’secret and is preparing for an initial public offering, is ending a year in which it has distanced itself from China, strengthened ties with Turkey and begun testing production in Eastern Europe and Africa, beyond its borders. Morocco.
According to Tendam’s FY23 Sustainability Report, China remained the world’s top country at the end of 2023. Swimming pool Apparel and accessories suppliers by purchase share. At the end of 2023, China accounted for 30.61% of the group’s total production, compared to 34.5% the previous year.
One Asian country that Tendam has increased its supplies to is Myanmar. Three years after the Asian nation was overthrown by a military junta, major fashion groups have been gradually withdrawing their production from the country. However, for Tendam, Myanmar moved from accounting for 5.7% of its purchases in 2022 to 14.21% in 2023..
Tendam has reduced China’s weight in its production mix by four points.
After China, Tendam’s largest sourcing hub is Bangladesh, accounting for 29.35% of total purchases, followed by Myanmar and Pakistan (11.27%) and India (5.98%). The remaining assets account for less than 5% of total purchases.
In parallel with the decline in production in the China-Myanmar area, Tendam has increased its activity in the neighbouring region.Spain now accounts for 2.8% of clothing and accessories purchases (compared to 1.52% in 2022), and Turkey increased its share by two points in the group’s supply mix, rising from 2.07% to 4.1%.
The company has also begun to enter new production centres. In 2023, Tendam launched production in three Eastern European countries: Bulgaria, Romania and Serbia, although together they represent only 0.03% of the group’s total purchases.
The company has launched in Bulgaria, Romania, Serbia, as well as Madagascar and Uganda.
toThe company is also testing production in Africa outside Morocco and Egypt.In the last financial year, the company, led by Jaume Miquel, began placing orders in Madagascar and Uganda. The first country accounted for 0.05% of the group’s total purchases of clothing and accessories and the second for 0.07%.
In the full fiscal year 2023, Tendam, which has offices sources In Hong Kong, Bangladesh, India and Madrid, it worked with a total of 288 apparel and accessories suppliers. Of the total factories (which the company did not detail), 520 were Tier 1 (confectionery) factories and 379 were Tier 2 (wet processes in ready-made garments).
Results and stores
The big Madrid fashion distribution company is finished. Fiscal year 2023 profits up 9.8%, growth 6.5%The company ended the 2023 fiscal year (running from March 1, 2023 to February 29, 2024) with total revenues of €1,288 million, representing an increase of 6.5% over the previous year.
The Group’s total recurring operating profit (EBITDA) amounted to €313.3 million, an increase of 9.8% compared to 2022.The company’s gross profit margin reached 62.5% in 2023, 1.2 percentage points higher than in 2022.
Tendam ended the 2023 financial year with a network of 1,758 establishments worldwide, one hundred fewer than twelve months earlier, when there were 1,866 points of sale. 34% of the group’s distribution network is franchises and 66% own stores.
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