the textile group Tendam carried out an injection of 150,000 euros in the capital of Slow Love, the fashion firm founded by journalists Sara Carbonero and Isabel Jiménez, at the time it completed its acquisition, on March 1 of last year, as it appears in the consolidated annual accounts for the 2020-2021 financial year that the company, owner of brands such as Cortefiel or Women’secret, has just deposited in the Mercantile Registry.
An amount that would allow the acquired firm to reverse the negative net worth that appeared on its balance sheet at the end of the 2020 financial year, the last one that it completed as an independent company, and that amounted to 136,000 euros, due to the losses that it accumulated during several years. A patrimonial imbalance that, as established by the Capital Companies Law, put Slow Love in a technical cause for dissolution.
In 2020, the last year with available data and which was marked by the pandemic, the firm had a net loss of 122,580 euros, 64% higher than the previous year, despite the fact that its sales rose 41% to 523,121 euros. During that year, before the purchase operation, Slow Love and Tendam reached an agreement for the former to sell some of its collections in Cortefiel stores.
The textile group, chaired by Jaume Miquel, details in its consolidated accounts that the purchase operation was carried out on 95% of the shares of Slow Love, for which the founders retain 5% of the capital. “On March 1, 2021, the group acquired 3,135 shares of 1 euro nominal value each from the company Slow Love SL, equivalent to 95% of the share,” he says in his financial statements. The company preferred not to comment on the injection of 150,000 euros, structured as a contribution from partners.
Tendam has recently opted for growth by adding new brands to its portfolio. The purchase of Slow Love is an example, as is that of Hoss Intropia, acquired in 2019 after its bankruptcy and promoted in the last year. It also launched High Spirits in March 2021. As explained by the group in its results note for the third quarter, all of them registered positive EBITDA in the months elapsed in the 2021-2022 financial year. Last month, Tendam announced the launch of its first sports brand, Dash and Stars. His intention is to launch two more this year.
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