In October 2005, CVC funds co-led the acquisition of Cortefiel along with Permira and PAI Partners. Cortefiel is the second largest specialised clothing retailer in Spain, operates over 1.700 points of sale with three main brands: Cortefiel (aimed at middle-aged men and women over 35); Springfield (aimed at young males); and Women'Secret (Spain's largest specialised lingerie chain).
Cortefiel is an integrated player, designing its own, exclusive clothing. The group operates mainly in Spain and Portugal, which represent around 80% of total sales. Its international presence is mostly in Germany and France through own stores, and the group accesses 26 additional countries through franchises.
In February 2005, Cortefiel was a quoted company with a market cap of €1.1 billion, controlled by the Hinojosa family. The Cortefiel transaction represented an opportunity to invest in a high growth segment in Spain (specialised clothing retailing was expanding significantly) through a company with an excellent track record of growing sales and profits.
We continue to work hard on improving Cortefiel’s value potential, while we also focus on offsetting the current impacts from slow demand. We are working on numerous projects and remain optimistic on the company’s near and mid-term prospects.