Cortefiel amps up expansion in Latin America and the Middle East

Spanish clothing brand Cortefiel is accelerating its international expansion with the opening of new stores in Latin America and the Middle East, it announced in a press release.

The openings, carried out in the second half of the financial year, confirm the brand’s international expansion ambitions and strengthen its presence in international markets.

In Latin America, it launched in Guatemala and increased its footprint in Chile with a space dedicated to its womenswear collection, while in Peru it expanded its presence with a new store selling men’s fashion.

In the Middle East, it opened six new stores in Beirut, Lebanon and four concessions in Jordan, while it boosted its presence in Pakistan with new standalone locations and concessions within Pedro del Hierro.

In Algeria, Cortefiel added one more store to the recently launched Women’secret and Springfield this summer.
The group highlighted that these openings joined two further new Cortefiel and Pedro del Hierro locations in Russia’s Voronezh, which opened in June last year.

It said it offers its franchise partners “security” by providing highly adaptable collections which can be tailored to suit local demands, with an affordable yet premium product that understands the needs of different markets, respecting business cycles and specific demands.

The Cortefiel Group had earnings before interest, taxes, depreciation and amortization (EBITDA) of 85.4 million euros ($102 million) in its first half of the year, ended on 31 August 2017. This represents a 134% increase on the EBITDA it had a year earlier.

During the six month period, revenue reached 563.6 million euros ($678 million), up 5.9% year-on-year, as a result of a continued increase in sales across all brands, markets and channels, particularly in the ecommerce channel.