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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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Boohoo Names Finley as CEO against Frasers Demand to Pick Mike Ashley

FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
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Boohoo Names Finley as CEO against Frasers Demand to Pick Mike Ashley

FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

British online fashion retailer Boohoo on Friday appointed Dan Finley as its new CEO, effective immediately, in a blow to top investor Frasers which had attempted to appoint its controlling shareholder Mike Ashley to the role.
Boohoo's shares rose 3% on the news of the appointment of Finley, who is currently head of Boohoo's digital department store unit Debenhams and who will replace John Lyttle.
Frasers last week requisitioned a general meeting at Boohoo to appoint British entrepreneur Ashley as CEO. A week prior, Boohoo had said Lyttle would step down and also announced a strategic review that could see it broken up.
Controlled by Ashley, the British sportswear and apparel retailer is Boohoo's biggest shareholder with a stake of about 27%.
Boohoo's board was unanimous in its decision to appoint Finley as CEO, the company's Deputy Chairman Alistair McGeorge said in a statement.
Frasers did not immediately respond to a Reuters request for a comment.
Under Finley's leadership, Debenhams has a gross merchandise value (GMV) annual run rate of about 800 million pounds ($1.03 billion) due to a capital-light and cash generative model, Boohoo said.
Analysts at Jefferies said the GMV was well ahead of the brokerage's estimate earlier this year of about 400 million pounds.
Boohoo, in response to Frasers last week, had said it was willing to discuss board representation but that there needed to be "appropriate governance" to protect its commercial position.
Boohoo had noted that Frasers also owns a 23.6% stake in ASOS, which operates in similar markets to both Boohoo and Frasers.
Frasers also owns stakes in the likes of British luxury brand Mulberry, where a takeover attempt by Frasers failed last month, and British electronics retailer AO World .
It also invested 150 million pounds in Debenhams, which went out of business in 2021 and was bought by Boohoo out of administration.