Se busca inversor: el 28% de las empresas españolas de moda contempla abrir su capital
La moda española se abre a la inversión. Después de años apoyadas en la financiación bancaria, las empresas del sector están cada vez más dispuestas a abrir su capital, animadas por la oleada de operaciones que ha registrado el mercado español en los últimos años. De hecho, tres de cada diez empresas del sector están abiertas a esta posibilidad, casi el triple que tres años atrás.
En concreto, el 28% de las compañías asegura haber realizado o contempla una operación corporativa en 2018, según los últimos datos del Barómetro Vente-Privee Group – Modaes.es de Empresas de Moda en España. El peso contrasta con el 25% de empresas que barajaba esta opción en 2017 y el apenas 15% que la contemplaban en 2016.
Este creciente interés de las empresas se ha reflejado en un aumento progresivo en el número de operaciones corporativas en España. Según los últimos datos del estudio Fusiones y adquisiciones en el sector consumo, elaborado por EY, en 2017 se registró una veintena de operaciones en el sector retail (incluyendo alimentación), frente a las 17 de 2016 y 15 de 2015.
De hecho, cada año desde 2014 ha habido al menos una gran operación corporativa en el negocio de la moda en España: Sociedad Textil Lonia y Desigual en 2014; El Ganso, Pepe Jeans y Tous en 2015 y Privalia, Hawkers y Marypaz en 2016, por ejemplo.
El año pasado, el sector tuvo dos grandes protagonistas: Grupo Cortefiel y Pronovias. Los fondos de capital riesgo CVC y Pai tomaron en julio el cien por cien del número tres de la distribución de moda en España tras comprar a Permira su participación en la compañía. La operación, que tenía como dead line marzo de 2018 (fecha de vencimiento de la deuda de la empresa), valoró al grupo en más de mil millones de euros.
Pronovias, por su parte, pasó finalmente a manos del fondo BC Partners por 550 millones de euros. Más allá del gigante de la moda nupcial, los nichos fueron protagonistas de las operaciones corporativas este año.
Fue el caso de TCN, especializado en íntimo y baño, que completó a principios de año la venta del 100% de su capital al fondo Endurance Partners o las perfumerías Bodybell y la Perfumerías If, que pasaron a manos de la alemana Douglas.
La subida en el número de operaciones contrasta, sin embargo, con la evolución de la valoración, que el año pasado se redujo hasta sólo 6,6 veces el resultado bruto de explotación (ebitda), según EY.
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