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Spanish Fashion Retailer Tendam Weighs IPO

A model presents a creation by Lebor Gabala brand during the 080 Barcelona Fashion event, in Barcelona, Spain, 25 October 2023. The fashion show runs from 24 to 27 October. EPA/Quique Garcia
A model presents a creation by Lebor Gabala brand during the 080 Barcelona Fashion event, in Barcelona, Spain, 25 October 2023. The fashion show runs from 24 to 27 October. EPA/Quique Garcia
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Spanish Fashion Retailer Tendam Weighs IPO

A model presents a creation by Lebor Gabala brand during the 080 Barcelona Fashion event, in Barcelona, Spain, 25 October 2023. The fashion show runs from 24 to 27 October. EPA/Quique Garcia
A model presents a creation by Lebor Gabala brand during the 080 Barcelona Fashion event, in Barcelona, Spain, 25 October 2023. The fashion show runs from 24 to 27 October. EPA/Quique Garcia

Spanish fashion retailer Tendam is weighing an initial public offering after its adjusted core profit grew by 8.3% in the first half of its financial year, the company's chairman and chief executive said on Thursday in a statement.
"The company and its shareholders are contemplating potential strategic alternatives to drive the company forward to its next growth phase, including the possibility of an initial public offering of its shares on a regulated market," Jaume Miquel said, citing Tendam's recent performance and ratings upgrades.
Private equity firms CVC Capital Partners and PAI Partners each currently control nearly half of Tendam's shares.

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Hermes 2Q Sales Rise 13% on Continued Appetite for High-End Luxury

People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
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Hermes 2Q Sales Rise 13% on Continued Appetite for High-End Luxury

People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)

Birkin-bag maker Hermes reported a 13% rise in second-quarter sales on Thursday, demonstrating the continued appetite from wealthy shoppers for its luxury handbags, even as less affluent consumers pull back.

Sales at the French luxury group grew to 3.7 billion euros ($4.02 billion), a 13% organic sales rise that strips out currency fluctuations. The figure was in line with analyst expectations, according to a Visible Alpha consensus.

Operating profit for the first half was 3.1 billion euros, compared to a forecast from consensus provider Visible Alpha for 3.2 billion.

One of the most steady performers in the luxury goods sector -- even as economic conditions worsen -- the French group's results stand out after a string of disappointing earnings updates from peers which have raised investor concern about uncertain prospects for the sector in the coming months.

Hermes' famously classic designs and tight management of production and stock have helped reinforce the label's aura of exclusivity, and CEO Axel Dumas told reporters the company had seen "no big interruption in trends".

However, he said Hermes was seeing slightly less traffic with aspirational clients, which was impacting higher volume products like fashion accessories.