Tendam grows digital revenue by 20.7% through a multi-brand model and five loyalty clubs

Tendam ’s digital revenue grew by 20.7% in the first half of its 2026 financial year, compared with a 10.7% increase in total sales to €744.9 million. The group behind Cortefiel, Springfield and Women’secret reports these results with more than 27 million unique members across its loyalty clubs. That combination makes the case relevant to marketing: online growth takes place within a platform sharing commercial capabilities and customer knowledge among brands that retain their own teams and identities. The results provide a way to examine the organisation behind that multi-brand proposition.

The period runs from 1 March to 31 August 2026. It is the company’s first fiscal half-year; its own announcement is dated 16 September, while Revista Centros Comerciales reported the results on 14 September. The information describes the business over those six months. Chairman and chief executive Jaume Miquel points to the continuation of a strong start to the season and identifies artificial intelligence for demand management and margin optimisation among the priorities. The company also plans to strengthen its digital and technological capabilities in the second half of the financial year.

Three growth rates describing related businesses

The 20.7% digital increase is ten percentage points above the 10.7% growth in total revenue. Sales on a comparable-area basis rose by 7.6%. The three rates describe different dimensions of the half-year: digital-channel development, aggregate sales and comparable sales. Digital is the fastest-growing of the three. At the same time, the comparable improvement shows growth across an existing commercial base alongside the development of channels and formats. The result is broader than a simple addition of new stores: the announcement places channel growth within the performance of an established retail operation.

The data behind the story

Three growth rates in the fiscal half-year

Change in digital revenue, total sales and comparable-area sales between March and August 2026 against the same period of the preceding financial year.

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Three growth rates in the fiscal half-year (%)

Category	Year-on-year change
Digital revenue	20.7%
Total sales	10.7%
Comparable sales	7.6%

The release also supplies the economic context. Net profit rose by 27.9% to €59.3 million, while EBITDA increased by 12.2% to €190.2 million. Gross margin reached 63.4%, improving by 0.2 percentage points against the first half of 2025. These indicators perform different roles: revenue describes commercial scale, EBITDA provides a measure of operating results, and net profit is the final result reported by the company. Margin development helps explain why Miquel includes its optimisation among the priority uses of technology, alongside the task of managing demand across the business.

The data behind the story

Sales and reported results for March–August 2026

Aggregate amounts published by Tendam for its fiscal first half: sales, EBITDA and net profit, expressed in millions of euros.

EUR million

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Sales and reported results for March–August 2026 (EUR million)

Category	Reported amount
Sales	744.9 EUR million
EBITDA	190.2 EUR million
Net profit	59.3 EUR million

For digital strategy, the important question is how the group organises the business behind those figures. Tendam describes a shared platform serving owned, incubated and third-party brands aimed at different customer segments. Its brands retain their design, product and marketing teams while sharing corporate services. The structure preserves each label’s specialism and uses common resources to support it. Shoppers interact with a recognisable brand; the group builds capabilities that can serve several of them. Brand identity and the organisational resources used to operate it therefore sit at different levels of the model.

Five clubs and a crucial distinction between people and memberships

The company’s business-model page identifies five clubs associated with Women’secret, Springfield, Cortefiel, Hoss Intropia and Fifty. It publishes two figures together: more than 27 million unique members and 41 million members. The first describes distinct people within the loyalty base; the second reflects the clubs’ membership dimension. That distinction matters in a multi-brand group, where one person can maintain relationships with more than one label. The half-year release dates the unique-member base to 31 August 2026 and presents it as a central element of the group’s model.

Loyalty is connected with personalisation and digitalisation. Tendam says it listens to and communicates with members to offer relevant propositions and uses advanced data analysis. The commercial value of that relationship lies in knowing a customer over time, as well as attracting an individual purchase. The brands address different interests and life stages: the corporate history presents Springfield as youthful casual fashion and Women’secret as lingerie and swimwear, while the results release describes OOTO for men and Springfield Kids for children. Segmentation is built into the way the company organises its offer.

The Spanish club pages, consulted in October, give this consumer relationship a specific form. Cortefiel & Pedro del Hierro explains that identified purchases, online and in physical shops, accumulate a balance generating vouchers: five euros off for every €75 spent. Vouchers are issued in multiples of five and expire two months after issue. The programme turns a purchase into an incentive with a deadline for returning. Its homepage also advertises a birthday gift starting at €12. The benefit is presented alongside the catalogue and member identification, within the label’s commercial journey and the continuing relationship offered to its customers.

Springfield uses a different invitation: join the club free and receive €12. This recruitment proposition differs from the birthday gift advertised by Cortefiel. Its programme uses Springfield Money, a balance customers can consult in their account alongside their level and the corresponding benefits. The page says it must be used in full on a purchase worth at least as much as the balance, and that it remains valid for six months. The incentive therefore has accumulation and redemption rules within the relationship with the brand. These are conditions published in October, after the March–August period covered by the financial results.

Identification connects the channels in a specific way. Both pages provide registration through the website, app or a physical shop. Their frequently asked questions tell members to log in to accumulate benefits on an online purchase. In a store, they can show their membership card’s barcode in the app or provide their details to staff. The app therefore supports identification as well as serving as a commercial channel. The account brings together the balance, level and benefits alongside routes to orders and returns. The same member relationship is presented through a digital session or identification at the shop’s till.

Category review introduces another time dimension. Cortefiel publishes three levels, Plata, Oro and Platino, and carries out a general review each 1 March based on purchases and returns between 21 February of the preceding year and 20 February of the current year. The new level’s benefits take effect on 1 March. Springfield organises its programme into Friend, Fan and Lover, with an annual review at the end of February; new members start as Friend until that review. The programmes therefore combine incentives for purchasing with a membership category reviewed according to its own calendar, alongside the shorter validity periods attached to individual rewards.

The multi-brand relationship also appears within Springfield’s rules. On myspringfield.com, its page says purchases involving High Spirits and guest brands count towards the programme and allow Springfield Money to be redeemed. The balance can be used across a catalogue broader than the principal label alone. Management is concentrated in the customer account, where available money and its expiry can be checked and membership level reviewed. The programme thus accompanies the expansion of the offer: navigation presents different labels, while loyalty maintains a recognisable commercial relationship when customers use them. The wider assortment is connected to a programme already presented within the brand’s shopping environment.

Returns form part of that operation. Cortefiel says a full return can regenerate the voucher with its original validity if it has not expired; a partial return loses the proportional amount allocated to the item. Springfield explains that the redeemed discount is distributed across the items on the receipt and that the amount corresponding to a returned product goes back to the member balance, unless it expired during the return period. These rules help explain continuity in the relationship: purchases, discounts and returns affect the account customers consult through the different channels and the benefits they can subsequently use.

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