Fashion
Tendam’s Richard Gum: ‘Cortefiel has been a pioneer in virtually every facet of Spanish fashion’
Published
December 22, 2025
2025 is a year of milestones and anniversaries. Among them is that of one of the doyens of Spanish fashion, Cortefiel, which celebrates eight decades on the market. Now firmly established as a pioneering brand and the seed of one of Europe’s leading textile groups, FashionNetwork.com speaks to Richard Gum, buying director for Cortefiel, Pedro del Hierro Menswear and OOTO.
With previous experience at Federated Department Stores (now Macy’s) and Gucci, he has spent 30 years at the Spanish company.
FashionNetwork.com: Cortefiel turns 80 in 2025 and you have been with the company for three decades. How have you seen the brand evolve over this time?
Richard Gum: We’ve professionalised management through the rollout of systems, new functions within the company and a sharper focus on design. The way we work has changed significantly, thanks in part to the growing importance of digital—both commercially and operationally. What hasn’t changed is how we think about the customer, our desire to stay close to society, and our determination to weather the crises that come our way—of which there have been many over the past 80 years, and indeed the last 30.
Equally unchanged is our long‑term mission to stay relevant, which compels us to pay close attention to innovation and societal shifts. We do this while upholding our philosophy of a people‑centred business—customers, our team—and pursuing profitable, responsible growth.
FNW: How is this strategy structured to stay relevant?
R. G.: Innovation and staying current are vital, but you can’t be relevant without an essence—a heritage—to preserve. As an 80‑year‑old company, those of us here today want to keep making it better and ensure it lasts another 80 years. How? By staying current and remaining part of our customers’ lives.
FNW: What values defined the brand at its origin and are still present today?
R. G.: First and foremost, the product. It’s in our name—a “faithful cut”. We pay close attention to construction, use quality fabrics and, across our sales channels, aim to advise customers as well as possible. Those values are embedded in the garments and, as a company, we work as a team and strive to act responsibly towards everyone in our ecosystem, be they customers, employees or external partners.
FNW: From a corporate angle, the company has changed a lot in recent years. What was the Cortefiel group became the Tendam group and, in the last five years, new brands have been incorporated and launched. Not to mention the recent acquisition by Multiply Group. How has the brand dealt with these processes?
R. G.: With the transformation from Grupo Cortefiel to Tendam, what we on the inside have seen is the professionalisation of operations. By sharing them across several banners, we’ve been able to build more robust sourcing structures, strengthen logistics and distribution, and bring in IT specialists—things that, as standalone brands, we wouldn’t have managed in the same way. That professionalisation has allowed those of us working within the brands to focus more on our customers, products and value proposition.
As for new brands, Cortefiel—being the base of the group and the original core—has positioned itself very well to serve as an incubator. Pedro del Hierro began within Cortefiel and, although it remains an important part, it now has its own identity. Women’secret also launched with a strong presence in Cortefiel stores and later became completely independent. We now have newer brands—Hoss, OOTO and Slow Love—enjoying strong growth and adding significant value to the group, while giving customers more choice.
FNW: So, what role would you say Cortefiel plays within the Tendam group?
R. G.: As the brand from which the group originated, it plays a fundamental role in how we see ourselves as a company. It has provided the platform for growth and for adding brands over the past 80 years. It has served not only as an incubator for brands, but also for initiatives such as our loyalty club, which now counts eight million members. Club Cortefiel launched in 1979 and was truly pioneering—preceding even the department store programmes.
FNW: Let’s talk about distribution. What is Cortefiel’s current position?
R. G.: We operate in 40 countries. Spain remains our home and is hugely important to us, but we’re pursuing an organic, very natural expansion into other markets. We have a franchise network across Africa, Latin America, Europe and Asia. We’ve recently opened concessions in Shaws department stores in Ireland, inaugurated the first Hoss store in Mexico and, also in the Mexican market, we’ll launch Cortefiel in spring 2026.
FNW: What will Cortefiel’s landing in Mexico be like?
R. G.: They will be standalone stores, offering our full assortment—menswear and womenswear. We’re in the process of signing contracts and organising the expansion. Although we’re a Spanish company, when we enter a new country like Mexico it’s vital for us to build the same closeness and connection with local customers that we enjoy with consumers in mature markets such as Spain and Portugal. We want to understand their needs, tastes and shopping occasions, which aren’t exactly the same as elsewhere.
FNW: How does Cortefiel connect with international audiences? What do customers like about the brand outside Spain?
R. G.: In some countries we see a very positive response from the outset—Portugal, for example. Others are less similar to Spain, such as those in Latin America or the Balkans, where our elegance, quality and a style distinct from global fast fashion—focused on adult customers—are appreciated. European style in general, and Spanish in particular, also carries positive weight abroad.
FNW: Going back to Cortefiel as a brand, what would you say is its legacy to Spanish fashion?
R. G.: It has been a pioneer in almost every aspect of Spanish fashion. It was among the first chains to expand abroad, among the first to offer menswear and womenswear under one roof—even to install fluorescent lighting! In many Spanish cities, the first escalator was at Cortefiel. That drive to stay current is our heritage and what will help us remain relevant—continually considering what we can contribute, how we can offer a better product, and how we can listen more closely to customers and markets. We’ve also incorporated topics that barely featured 20 years ago, such as sustainability. And we’ve done so while preserving our style and a very human philosophy: it’s our strength, the legacy of the past and the roadmap for the future.
FNW: There are still two decades to go before 100, but Cortefiel is well on its way to becoming a centenary brand. How do you envision the firm on that anniversary?
R. G.: I hope to be retired by then—although you never know! Joking aside, given everything that’s changed in the company over the past 20 years, it’s hard to imagine what the next 20 will look like. I’m sure that by then Cortefiel will be fully up to speed with technology; we’ll deliver our products to customers in the way they want to receive them and use every tool at our disposal to offer the best product. I imagine we’ll be able to create increasingly personalised garments, under a more sustainable business approach that uses only the resources required to deliver the best result. I believe we’ll still be intent on dressing people well, with durable, versatile garments. That balance—using the tools available to adapt to society while preserving our essence—is what has brought us to 80 years.
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A perfect storm behind the rupee slide
The current depreciation is not cyclical; it is geopolitical and structural.
The Indian rupee’s sharp fall is creating a dual impact, boosting export competitiveness while simultaneously inflating input, energy, and logistics costs.
MMF segments are most exposed, as import dependence erodes margin gains from currency depreciation.
Demand weakness in the US and EU limits the benefit of improved pricing, creating a cost–demand mismatch.
- Oil shock from Middle East conflict: Brent crude surged past $110–115/barrel, sharply increasing India’s import bill
- Foreign capital outflows: Over $19 billion exited Indian equities, pressuring the currency
- Strong US dollar and high interest rates: Capital shifting towards dollar assets
- Trade and geopolitical uncertainty: Weakening investor confidence and export outlook
Together, these forces have pushed the rupee to record lows, with risks of further depreciation if conditions persist.
The Indian rupee’s fall past ₹95 per US dollar marks its steepest annual decline in 14 years, representing a critical moment for the textile and apparel (T&A) industry, reshaping cost structures, export competitiveness, and sourcing strategies simultaneously. While a weaker rupee traditionally boosts exporters by improving rupee realisations on dollar-denominated sales and enhancing India’s price competitiveness against peers like Bangladesh and Vietnam, the current depreciation is occurring alongside a sharp rise in crude oil prices and global uncertainty, creating a far more complex operating environment.
The industry’s heavy dependence on imported inputs, particularly in the man-made fibre (MMF) value chain, including polyester, PTA, MEG, dyes, and specialty chemicals, means that the currency shock is directly translating into higher raw material costs. This is further compounded by rising energy and logistics expenses, as fuel-linked inflation drives up power tariffs, freight rates, and processing costs across spinning, dyeing, and finishing segments. As a result, the initial export margin gains are already being diluted, especially for MMF-based manufacturers and vertically integrated players with significant import exposure.
At the same time, rupee volatility is intensifying working capital pressures across the value chain. Higher input costs are inflating inventory values, while fluctuating exchange rates are making export realisations less predictable and increasing the cost of hedging. For small and mid-sized enterprises, this could tighten liquidity cycles and increase dependence on short-term financing.
On the demand side, the situation remains equally challenging: key export markets such as the US and EU are grappling with inflation, cautious consumer spending, and elevated retail inventories, limiting order visibility despite improved pricing competitiveness from India. This creates a structural paradox where Indian suppliers are more cost-effective globally yet face subdued demand and heightened price resistance from international buyers.
Segment-wise, cotton textiles stand relatively insulated due to lower import dependency, whereas MMF and synthetic segments face the sharpest cost pressures, and garment exporters operate in a narrow margin band between currency gains and demand weakness.
In response, the industry is already undergoing strategic recalibration. Manufacturers are gradually shifting towards cotton and blended products to reduce exposure to volatile petrochemical inputs, while also strengthening foreign exchange risk management through increased hedging. There is a renewed push towards supply chain localisation, particularly for chemicals and trims, alongside efforts to renegotiate pricing with global buyers though with limited success in a demand-constrained environment.
Looking ahead, much will depend on the trajectory of crude oil prices, the potential for further rupee depreciation towards the ₹100/$ mark, and the effectiveness of policy interventions in stabilising currency markets. Ultimately, the rupee’s sharp fall is proving to be a double-edged sword for the T&A sector: offering short-term export advantages, but simultaneously accelerating cost inflation and exposing structural vulnerabilities, thereby forcing companies to prioritise efficiency, agility, and financial discipline in an increasingly volatile global trade landscape.
Fibre2Fashion News Desk (DL)
The operating profit increased by 15 per cent to RMB 19.09 billion (~$2.77 billion), while operating margin improved to 23.8 per cent, reflecting strong operational efficiency. Profit attributable to shareholders rose 13.9 per cent to RMB 13.59 billion, excluding one-off gains related to the Amer Sports listing.
Anta Sports has reported revenue of RMB 80.22 billion (~$11.62 billion) in 2025, up 13.3 per cent, strengthening its China market leadership with a 21.8 per cent share.
Operating profit rose 15 per cent, supported by margin improvement and strong growth across brands, especially Fila and Descente.
Solid cash flow, rising R&D investment, and ESG progress further reinforced its global top three position.
The company further expanded its domestic dominance, achieving an estimated market share of around 21.8 per cent, according to industry data. The company’s core ANTA brand generated revenue of RMB 34.75 billion, up 3.7 per cent, with operating profit reaching RMB 7.21 billion, maintaining steady growth, Anta Sports said in a press release.
Fila continued to outperform within the premium sports fashion segment, with revenue increasing 6.9 per cent to RMB 28.47 billion and operating profit rising 10.1 per cent to RMB 7.42 billion. Meanwhile, other brands delivered standout growth, with revenue surging 59.2 per cent to RMB 17 billion and operating profit climbing 55.3 per cent to RMB 4.74 billion. Notably, Descente’s retail sales surpassed RMB 10 billion for the first time.
The group’s financial position remained strong, with free cash flow of RMB 16.11 billion and a net cash position of approximately RMB 31.72 billion at year-end, underscoring its balance sheet strength and liquidity.
Anta also continued to invest in long-term capabilities. Research and development spending rose to RMB 2.2 billion, supported by the rollout of its AI365 strategy aimed at integrating artificial intelligence across the value chain. The company expanded its workforce to over 69,100 employees and supported nearly 300,000 direct and indirect jobs.
On the sustainability front, Anta achieved inclusion in the Hang Seng ESG 50 Index and improved its MSCI ESG rating to ‘AA’. Its total charitable contributions exceeded RMB 800 million in 2025, taking cumulative donations beyond RMB 3.5 billion.
The company’s strong financial and operational performance highlights its ability to scale profitably while investing in innovation, sustainability and brand equity, further consolidating its leadership in China’s highly competitive sportswear market.
Ding Shizhong, executive director and board chairman of Anta Sports, said, “In 2025, amid a complex and rapidly changing environment, we once again delivered resilient growth by staying true to our single focus, multi-brand, globalization strategy. Each of our brands delivered differentiated, high-quality growth. Growth is the best corporate culture, but it is not about simple expansion of scale.”
Fibre2Fashion News Desk (SG)
The programme is jointly implemented by UN Trade and Development (UNCTAD), the World Customs Organization and UK Customs.
The UK has committed around $1.25 million in funding for the ‘Accelerate Trade Facilitation’ programme for the 2026-2029 period.
The programme is jointly implemented by UNCTAD, the World Customs Organization and UK Customs.
The latest phase will expand the programme’s capacity-building activities and introduce the Reform Tracker tool to up to three additional countries.
For more than a decade, the programme has supported over 30 economies to speed up the movement of goods and strengthen cooperation between the public and private sectors.
“We will build on the strong and sustained impact achieved by partner countries over the last 11 years of the programme, strengthening national trade facilitation committees and driving practical, lasting reforms that make trade simpler, faster and more inclusive while supporting economic growth,” said Megan Shaw, deputy director of international customs and border engagement at UK Customs in an UNCTAD release.
The programme will continue to place national trade facilitation committees (NTFCs) at the core of its work. NTFCs serve as coordination platforms where government agencies and businesses identify bottlenecks, agree on priorities and advance trade facilitation reforms.
UNCTAD has supported them through specialised training, including via its trade facilitation e-learning platform, and practical tools such as the Reform Tracker. The tool helps countries monitor progress on trade facilitation reforms and keep society-wide collaborators aligned.
“These reforms contribute to a trading environment that is faster, cheaper, more transparent and more predictable—conditions that help businesses compete and grow,” said Angel Gonzalez Sanz, officer-in-charge of UNCTAD’s division on technology and logistics.
The 2026-2029 phase will expand the programme’s capacity-building activities and introduce the Reform Tracker to up to three additional countries.
These efforts will help deepen digitalisation and improve coordination between border agencies—measures crucial to reducing costs and processing times for traders.
Fibre2Fashion News Desk (DS)
Rupee at 95/$: What it means for India’s textile sector
China’s Anta Sports posts record $11.62 bn revenue in 2025
GST collections rise 8.2% in March 2026 to hit Rs 1.78 lakh crore – The Times of India
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