Women' Secret

Women’secret is the lingerie, swimwear, and homewear banner inside Tendam, the Spanish multi-brand fashion holding company controlled by PAI Partners and CVC Capital Partners following their 2017 acquisition of the former Cortefiel Group. The Tendam portfolio also includes Cortefiel (heritage formal and contemporary), Springfield (unisex casual), Pedro del Hierro (premium contemporary), and Hoss Intropia.

Founded in 1993, Women’secret was created within the Cortefiel Group as the company’s dedicated entry into the women’s lingerie and intimate apparel category, positioning Tendam in the accessible-mainstream lingerie segment alongside competitors such as Etam, Intimissimi (Calzedonia Group), and Hunkemöller. The brand’s product range covers everyday lingerie, bras, sleepwear, swimwear, beachwear, and a homewear loungewear collection. Tendam group revenue reached approximately €1.2 billion in fiscal year 2024, with Women’secret contributing a meaningful share alongside Cortefiel and Springfield. Private equity ownership has driven multi-banner digital infrastructure investment, the launch of the Tendam Brands online platform, and a 2024-2025 exploration of strategic exit options including potential IPO or trade sale. The group exited the Russian market in 2022. The brand pursues a Mediterranean-Iberian aesthetic in product design and marketing, distinguishing it from Northern European and American lingerie competitors.

Women’secret operates approximately 580 stores across more than 60 countries, with the largest concentrations in Spain, Portugal, France, Italy, Mexico, the Middle East, North Africa, and select Latin American markets. Distribution combines wholly owned stores in Spain and major Tendam markets, franchised stores in international expansion markets, and a direct-to-consumer e-commerce channel. For mall operators, Women’secret is a Class A and Class B+ specialty lingerie tenant typically taking 150 to 350 square meters, fitting alongside Etam, Intimissimi, and Hunkemöller in the women’s intimate apparel cluster. The Tendam group co-tenancy package (Springfield, Cortefiel, Women’secret, Pedro del Hierro) is leased together in larger regional centers across the Iberian peninsula, Latin America, and the Middle East.