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Sustainability
report
2024
SUSTAINABILITY REPORT 2024 2
TABLE OF CONTENTS
Table of contents
About this report / 3
Letter from the Chairman
and CEO / 5
1. WE ARE TENDAM / 8
2024 milestones / 9
2024 awards / 10
The Group / 11
History / 12
2024 in gures / 14
Tendam’s identity / 15
The Tendam 5.0 Strategy / 17
Much more than brands / 18
Our worldwide presence / 28
2. WE ARE RESPONSIBLE / 29
Our sustainable vision / 30
Milestones in our progress towards sustainability / 31
What matters to our stakeholders / 32
Double materiality analysis / 35
Risk management / 39
Strategic Sustainability Plan / 42
Objectives and progress / 47
Contribution to the 2030 Agenda and
the SDGs / 48
Strategic alliances / 53
3. WE ARE GOOD GOVERNANCE / 56
Corporate Governance / 57
Sustainability Governance / 61
Ethics and transparency / 66
Regulatory compliance / 72
Information security / 74
Respect for Human Rights / 77
4. WE ARE FASHION / 80
We make fashion that matters / 81
Production and sourcing / 84
Transport and logistics / 92
5. WE ARE PEOPLE / 94
Our team / 95
Giving back to society / 114
The customer / 121
6. WE ARE THE PLANET / 124
Environmental strategy / 125
Climate change / 131
Pollution / 140
Water / 143
Biodiversity / 144
Circularity and waste management / 145
7. ABOUT THIS REPORT / 148
Economic Contribution / 149
Application of the European Taxonomy / 151
Spanish Law 11/2018 correlation table / 161
Table of alignment with the TCFD
framework / 164
GRI correlation table / 171
01 WE ARE TENDAM
02 WE ARE RESPONSIBLE
03 WE ARE GOOD GOVERNANCE
04 WE ARE FASHION
05 WE ARE PEOPLE
06 WE ARE THE PLANET
07 ABOUT THIS REPORT
SUSTAINABILITY REPORT 2024 3
01 WE ARE TENDAM
About this report
Tendam, committed to transparency and sustainable development, presents this 2024 Sustainability Report. It reports on the most relevant sustainability issues for
the company and its stakeholders and its performance for the nancial year from 1 March 2024 to 28 February 2025.
Report scope and coverage
This Sustainability Report by Tendam Brands, S.A.U. (hereinafter
Tendam or the Company) contains the consolidated Non-Financial
Statement (NFS) of the Company and its Group, prepared in
accordance with Law 11/2018 of 28 December on Non-Financial
Information and Diversity. This law amends the Commercial Code,
the consolidated text of the Corporate Enterprises Act approved by
Royal Legislative Decree 1/2010, of 2 July, and Law 22/2015, of 20
July, on accounts auditing. The required content is set out in the table
in section 7.3 of this report.
The Sustainability Report 2024 is presented as an annex to the
Consolidated Directors’ Report of the company and its group,
formulated by the Board of Directors of the company and signed by
all its members on 27 May 2025.
This Sustainability Report covers the activities of Tendam and its
investees, as detailed in Annex I1 to the company’s Consolidated
Financial Statements for the year ended 28 February 2025. It also
includes relevant information on the company’s supply chain2, which
includes independent suppliers and manufacturers that are not part
of the group.
It has been veried by an independent external auditor in accordance
with the requirements of the revised International Standard on
Assurance Engagements 3000 (ISAE 3000 Revised), as well as the
Guidelines for the verication of non-nancial information issued by
the Spanish Institute of Chartered Accountants (Instituto de Censores
Jurados de Cuentas de España).
The report has been prepared taking into account the relevant
environmental, social and governance aspects of Tendam’s business
in the geographical areas where the activity is carried out. Any
limitations on the scope are detailed in the corresponding section of
the report or in the table of correspondence with Law 11/2018 of 28
December, in section 7.3 of this report, and there is a work plan to
improve the internal management of the gures in order to present
the most complete information.
In particular, the scope of the data included in the Human Resources
section (chapter 5) is limited due to the complex traceability of some
of the data in other countries.
1 Except Multiel, S.A. (dormant)
2 This report does not include indicators relating to the supply and sales chain, such as suppliers, subcontractors, distributors, franchisees and other third parties in the value chain.
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SUSTAINABILITY REPORT 2024 4
01 WE ARE TENDAM
The following principles have been applied in the preparation of this
report:
The information reported is as at 28 February 2025 unless
otherwise stated. For comparative purposes, quantitative
information from previous years is included in the content of each
chapter.
All information and data from Tendam’s various internal
management systems have been provided by the heads of the
various departments.
The information is not limited to quantitative indicators only,
but also includes qualitative information to give an adequate
overview of our sustainability.
The images and graphic resources used are company specic or
have been duly licensed or assigned for this report.
Data quality
To ensure data quality, we use a non-nancial information
management tool, which ensures data quality by centralising
information to guarantee consistency and accuracy. This tool
digitises the entire reporting process: data collection, validation,
verication and management, facilitating the detection and
correction of errors in real time. This means that the data are reliable
and comply with international reporting standards.
How we report
This report is structured according to the approach and principles
set out in the Corporate Sustainability Reporting Directive
(CSRD), with the aim of facilitating a smooth transition to the
new regulatory requirements. While this report does not fully
implement the CSRD, every effort has been made to align the
presentation and nature of the information with its key guidelines.
In areas where full alignment with the CSRD requirements was
not possible due to the available information, the most updated
version of the Global Reporting Initiative (GRI) Standards (GRI
Universal Standards 2021) were used as a support framework to
expand and strengthen content coverage.
This report provides a detailed analysis of climate risks and
opportunities in line with the recommendations by the Task Force
on Climate Related Financial Disclosures (TCFD). For further
details, please refer to the dedicated chapter in this report,
which follows the structure of the four blocks described by the
TCFD: Governance, Strategy, Risk Management and, Metrics and
Targets.
The characteristics of the organisation and the expectations of its
stakeholders have been taken into account.
Contact
Your feedback on this report or on any aspect of
sustainability at Tendam is very important to us.
Please contact:
Communication and Corporate Responsibility
Department
Avda. Llano Castellano, 51 - 28034 Madrid
(Spain)
www.tendam.es
prensa@tendam.es
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SUSTAINABILITY REPORT 2024 5
01 WE ARE TENDAM
Letter from the Chairman and CEO
I am pleased to present the 2024 Annual Sustainability Report, which includes
the Statement of Non-Financial Information and Diversity of Tendam Brands and
its consolidated group.
As part of the Management Report, it contains the information
necessary to assess Tendam’s economic, social, environmental and
governance performance and progress.
The company made progress in all areas of action in 2024 despite
an uncertain environment — both geopolitical and regulatory — that
applies to us as a company based in the European Union.
The new Omnibus Directive, approved by the European Union,
temporarily suspends the application of the CSRD (Corporate
Sustainability Reporting Directive) and the CSDDD (Corporate
Sustainability Due Diligence Directive) and aims to improve the
efciency of recent regulation by seeking greater competitiveness.
However, Tendam has continued to make progress and has now
adapted the information in this report to the European Sustainability
Reporting Standards (ESRS), despite being subject to Law 11/2018
on non-nancial information, as well as to participation and
governance mechanisms for adequate due diligence in our value
chain.
To ensure our ESG execution capabilities, the company has
emphasised strong execution of its economic and nancial
sustainability. Accordingly, in terms of economic performance, in 2024
we once again exceeded our historical sales gures, with incremental
gains in margin and operating leverage.
Our brand segmentation, along with the management of stock
by store personnel and its close link with online operations, the
expansion of click-shopping and the ability to recommend customers
at the point of sale are a differentiating advantage of our capillary
store model, breathing new life into the physical stores, protecting the
commercial fabric and structuring the territory, particularly in medium
and small cities at risk of depopulation. The Group’s new online
logistics platform in Illescas incorporates the latest technology and
boasts top environmental ratings. It will be an excellent growth driver
for our omnichannel ecosystem.
In 2024, consolidated revenues amounted to 1.375 billion euros,
up 6.8% year on year. Like-for-like sales also showed a positive
performance, growing 7.5%.
Digital sales accounted for 14.9% of the company’s total sales (16.7%
for Spain) and increased by 9.1% over FY 2023.
New growth initiatives under the Tendam 5.0 strategy already
accounted for 7% of total sales and generated 20.2% of the group’s
net growth.
Newly launched own-brand brands have recorded positive EBITDA
and comparable sales since their rst year of launch.
In terms of third-party brands, which are incorporated into our
websites as part of the multi-brand curated assortment concept, we
have managed to add 186 brands in our digital channel in 2024.
The gross margin surpassed 62.8% amid a very complicated
international setting due to the impact of the supply chain and
international transport crises and disruptions, the war in Ukraine and
energy prices instability.
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01 WE ARE TENDAM
The company’s premium mass market positioning, away from
fast fashion, with an expanded portfolio of own and third-party
brands, as well as its robust business model with exible sourcing
capabilities and active management of promotions, has allowed us to
better manage the impact of the international environment, with its
inationary component, and tensions in global supply chains, while
protecting our growth in protability and market share.
Recurring EBITDA, taking into account the current IFRS16 standard,
amounted to 344.2 million euros compared to 313.3 million euros in
the previous year, up 9.86%
The consumer and the real value-added we offer are at the heart of
our business success. Tendam has continued to increase the number
of members in its loyalty clubs, which currently have more than 24
million unique members (38 million if we take multi-club members
into account).
Tendam has again improved its environmental, social and governance
performance this year, improving within its “Platinum Medal” level,
the highest rating from ESG rating agency EcoVadis. This result once
again places the company in the top 1% of peer companies assessed
and recognises the organisation’s work in 4 ESG areas: Environment,
Labour Practices and Human Rights, Ethics and Sustainable
Procurement.
The ESG strategic plan has enabled us to make signicant progress
on our product sustainability commitments by meeting targets and
goals ahead of schedule. In 2024 we reached 56% in units with
sustainability content in line with our sustainable products standard,
exceeding our target of 50% by 2025.
In the sphere of environmental impact, this report details our progress
in contributing to the Sustainable Development Goals by embracing
the commitments espoused by United Nations initiatives such as
the Fashion Industry Charter for Climate Action and the UN Global
Compact’s Business Ambition for 1.5°C. We also actively participated
in the work and progress of the Fashion Pact, Zero Discharge of
Hazardous Chemicals (ZDHC), Better Cotton and Cascale (the
Sustainable Apparel Coalition).
Taking into account our current growth, emissions measured in
intensity, i.e. emissions per million euros of turnover, have decreased
by 16% compared to the base year 2019.
In more detail, compared to the baseline year, there has been a
reduction of 79% in Scopes 1 and 2, direct emissions and energy
consumption, and 1% (15% in emissions intensity) in Scope 3,
indirect emissions in the value chain, reducing total emissions by 3%.
The certied renewable energy supply already reaches 100% of
our commercial network, buildings, and facilities in Spain, Tendam’s
headquarters and main market. The signing of the new supply
agreement in Portugal has enabled us to make progress towards
this objective. We now generate 87% of our energy from our own
facilities worldwide, and we are participating in a PPA (Purchase
Power Agreement), which involves developing a photovoltaic solar
energy generation infrastructure and contributing to increased
renewable energy generation capacity.
One of the most important actions with an impact on the climate is
carried out by Springeld. The brand has taken a major step forward
in its commitment to the environment and forest regeneration with
the #BosqueSpringeld reforestation initiative. With the help of drone
technology, 40,000 new trees have been planted, bringing the total
number of trees to 190,000, offsetting more than 198,420 tonnes of
CO2 equivalent, 90,000 of which were eliminated this year.
Re-viste, the Association for Textile Waste Management of which
Tendam is a founding partner, has made signicant progress in 2024
in the design and architecture of the voluntary collective system for
a more circular management of textile waste, in partnership with
public administrations and with the support of multi-sectoral entities
and initiatives. In early 2025, it received operating authorisation from
the autonomous community of Madrid, where its headquarters are
located, and launched a pilot test in six Spanish municipalities with
different populations and infrastructure needs.
In the area of governance, following the approval of the Human
Rights Policy and the Product Safety and Quality Policy, and with
the impetus of the Delegated Sustainability Committee and the
Sustainability Committee, a review of the Strategic ESG Plan for the
2026-2030 period and the reformulation of the Climate Roadmap
aiming to establish a new decarbonisation plan were drawn up, along
with the launch of a new training plan on human rights and due
diligence for employees and managers. After the end of the year, the
Sustainability Policy and the environmental policy prepared during the
year were approved.
The Global Framework Agreement with the main trade union
federations to monitor and promote decent work and human rights
in our international supply chain accelerated its activities with two
new joint visits to suppliers and trade unions in India and Cambodia
in 2024.
This collaboration has resulted in Pakistan’s adherence to the
“International Accord for Health and Safety” and its implementation.
With regard to diversity, I would like to highlight that Tendam was
awarded the “Diversity Leading Company 2024” award, as a leading
company in diversity and inclusion. We also received the Empowering
Women’s Talent Seal at the fourth annual Women’s Talent Day,
for our commitment to female talent. Both awards highlight the
company’s commitment to diversity and inclusion in its internal
management policies.
Tendam is made up of 86% women and 62% of the management
positions are held by women. During the year, the Board of Directors
has maintained parity within the company’s highest governing body
for most of the year.
In the sixth year of the “Somos Voluntarios” Corporate Volunteering
Programme, we brought together the main activities in the “Solidarity
Week in Tendam”, participating in six volunteering programmes
with 105 volunteer spots and 232 volunteer hours for initiatives
such as the integration of women into the labour market with the
Quiero Trabajo Foundation, the integration of people with disabilities
into the workplace and the rehabilitation and improvement of our
urban garden with the Down Madrid Foundation, and the return of
the Family Volunteering Days with a waste collection activity in the
Special Bird Protection Area at the Tajo banks near Aranjuez, together
with SEO Birdlife and Ecoembes.
This year, I would like to congratulate the Pedro del Hierro brand on
its 50th anniversary. The celebrations included a spectacular fashion
show at the Brutalist “La Corona de Espinas” [Crown of Thorns]
building on Madrid’s university campus, accompanied by an exhibition
providing insight into the brand’s history and its creator, “Pedro del
Hierro. From Master to Brand” at the Lázaro Galdiano Museum, which
registered a record number of visitors for a temporary exhibition.
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01 WE ARE TENDAM
“By Women By Pedro del Hierro”, the project that supports female
entrepreneurship and gives visibility to innovative women, also
marked the rm’s anniversary. For this second edition, Pedro del
Hierro donated the proceeds to WomenPaintToo, an association
based in Paiporta (Valencia), which was affected by the devastation
of the DANA.
The rm received the Honour Award in recognition of its career and
legacy at the 1st Spanish Fashion Academy Awards, organised by
the Spanish Fashion Academy Foundation. It also received the L’Oréal
Paris award for Best Collection at the 80th Mercedes-Benz Fashion
Week Madrid (MBFW Madrid).
Meanwhile, Corteel and WWF Spain raised 66,000 euros to
preserve the marine ecosystem. The global conservation organisation
and the fashion brand have teamed up to collaborate with WWF
Spain’s “Coral Reef Rescue Initiative” through the proceeds from
the sale of solidarity garments from the “Nuestros corales, nuestros
mares” [Our corals, our seas] collection. Similarly, Hoss Intropia
has partnered with the Ibiza Preservation Foundation to preserve
Posidonia oceanica meadows.
In collaboration with the Dexeus Mujer Foundation, Women’secret
continued one more year with its collaboration project “Cosas que
sí importan” [Things that do matter], part of its #SíMeImporta [Yes
I Care] initiative to support the ght against breast cancer, improve
the quality of life of patients and destigmatise the disease. The brand
has also launched the fourth edition of its #RealChangers Scholarship
programme in collaboration with the ANAR Foundation, with the aim
of raising awareness and providing support for adolescents facing
psychological problems.
Our corporate social action initiative Involucrados [Involved] reached
its nineteenth edition, and has once again broken its annual record by
raising more than 174,000 euros for the four foundations selected for
this year: Fundación Blas Méndez Ponce - Ayuda al Niño Oncológico,
Fundación Mary’s Meals Spain, Fundación Desarrollo y Asistencia -
Nadiesolo and FEDER, the Spanish Federation for Rare Diseases.
Tendam and the University of Design, Innovation and Technology
(UDIT), with the support of the iDavinci consultancy, set up the
Tendam Sustainability Lab to work on the Company’s research
and development projects, innovation and employee training. In
2024, the Lab submitted two projects to public funding, relating to
improvements in circularity and measuring the carbon footprint of
its omnichannel operations. The Lab also completed the 2,282-hour
“Circular Design” training programme, which was attended by 217
participants from the company’s design, purchasing, marketing and
communications, and e-commerce teams.
This new alliance in R&D&I adds to our social contribution to
academia, in collaboration with leading universities and business
schools in Spain focused on fashion management and design, such
as ISEM University of Navarra and CSDMM Polytechnic University
of Madrid. Once again, we opted for sustainability forums to raise
awareness in the sector, preparing the fth Sustainable Design
Conference of the Polytechnic University of Madrid and the Fashion
Sustainability Shot and MOVE opinion forums and platforms of
Modaes.es.
2024 was a pivotal year in the group’s efforts to establish a new
shareholding structure. In February 2025, the signing of the
agreement for a 67.91% controlling stake in Tendam by Multiply
Group, an Abu Dhabi-based investment holding company, was
announced. This acquisition is pending its approval by the competent
authorities. Our current shareholders, CVC and PAI Partners, will each
retain a 15% stake and continue to support the company as it enters
this new growth phase.
This transaction conrms the success of our transformation plans,
showcases the considerable potential of our brands and commercial
formats and establishes the company as a leading player in the
fashion and retail sector for Multiply Group.
In conclusion, I would like to point out that Tendam’s purpose
— “the sum that multiplies, making fashion that matters” — has
informed our ESG strategy for 2024. This strategy aims to generate
a positive impact on society and the planet through three key pillars:
sustainability, equity and quality clothing.
Tendam’s positioning in timeless and quality fashion, a protable
omnichannel retail ecosystem with high growth capacity and social
and sustainability values integrated into our strategy are the best
roadmap to successfully navigate Tendam’s new phase of growth,
with the backing of our Board of Directors and the support of an
excellent group of managers and employees, suppliers, customers,
franchisees and allies from civil society and academia, to whom I once
again express my gratitude.
Jaume Miquel
Chairman and Chief Executive Ofcer of Tendam
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SUSTAINABILITY REPORT 2024 8
01 WE ARE TENDAM
WE ARE TENDAM
01.
2024 milestones / 9
2024 awards / 10
The Group / 11
History / 12
2024 in gures / 14
Tendam’s identity / 15
The Tendam 5.0 Strategy / 17
Much more than brands / 18
Our worldwide presence / 28
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SUSTAINABILITY REPORT 2024 9
01 WE ARE TENDAM
2024 milestones
We have set up a new
omnichannel logistics
centre in Illescas, which
provides the company with
increased logistics capacity
to support future growth.
This expansion boosts
our storage capacity and
garment output, as well as
improving customer service
levels and operational
efciency. By establishing
this logistics centre, we
are enhancing our services
and reafrming our
dedication to innovation
and sustainability.
Our social action initiative Involucrados
[Involved], which began in 2005, has
once again broken its annual record by
raising more than 174,000 euros for the
four foundations selected for this year:
Fundación Blas Méndez Ponce – Ayuda al
Niño Oncológico, Fundación Mary’s Meals
Spain, Fundación Desarrollo y Asistencia
- Nadiesolo and FEDER, the Spanish
Federation for Rare Diseases.
Tendam maintains the EcoVadis Platinum
medal for its progress and the initiatives it
implemented this past year demonstrating
it has a solid management system that
addresses sustainability criteria.
To celebrate its 50th anniversary, Pedro del Hierro is holding a tribute exhibition to its founder
and staging a historical fashion show. The exhibition “Pedro del Hierro. Del maestro a la marca”
[Pedro del Hierro. From master to brand], which opens at the Lázaro Galdiano Museum and
explores the evolution of his legacy, from his early days in haute couture to his establishment
as an iconic brand. Under the concept “La Leyenda del Tiempo” [The Legend of Time], the
brand organised a fashion show at the emblematic Corona de Espinas [Crown of Thorns],
the current headquarters of the Spanish Cultural Heritage Institute. This fashion show took
audiences on a journey through Pedro del Hierro’s ve-decade history, showcasing the
evolution of his designs and his ability to adapt to changes in the fashion world.
The “By Women By
Pedro del Hierro”
initiative is back,
supporting female
entrepreneurship and
raising the profile of
innovative women. For
this second edition,
Pedro del Hierro
will donate all of the
profits from the sale
of a solidarity cape
to WomenPaintToo,
a Paiporta-based
association.
Tendam and the University of Design,
Innovation and Technology (UDIT), with the
support of the iDavinci consultancy, present
the Tendam Sustainability Lab to work on
the Company’s research and development
projects, innovation and employee training.
Fifty, Tendam’s multi-brand
outlet chain, strengthens its
presence in Spain with two new
points of sale in Valladolid and
Viladecans (Barcelona).
Multiply Group, an Abu
Dhabi-based investment fund,
announces the acquisition of
a majority stake (67.91%) in
Tendam from CVC and PAI,
pending its approval by the
competent authorities.
Tendam is strengthening
its international presence
through new openings in the
Middle East, North Africa
and Eastern Europe. We are
continuing to expand our
store network internationally
by focusing on markets and
countries with clear growth
potential and by leveraging
our expertise and multi-
brand capabilities to drive the
success of our brands.
Cortefiel and WWF Spain raise 65,886 euros to
preserve the marine ecosystem. The global conservation
organisation and the fashion brand have teamed up
to collaborate with WWF Spain’s Coral Reef Rescue
Initiative through the proceeds from the sale of solidarity
garments from the “Nuestros corales, nuestros mares”
[Our corals, our seas] collection.
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SUSTAINABILITY REPORT 2024 10
01 WE ARE TENDAM
The Pedro del Hierro brand was recognised with the
Award of Honour for its career and legacy at the 1st
edition of the Spanish Fashion Academy Awards,
organised by the Fundación Academia de la Moda
Española. Nacho Aguayo and Alex Miralles, the
current creative directors, collected the award and
thanked the founder and master dressmaker.
Pedro del Hierro received the L’Oréal Paris award for
Best Collection at the 80th edition of the Mercedes-
Benz Fashion Week Madrid (MBFW Madrid). The
award was collected by Nacho Aguayo and Álex
Miralles, creative directors of the women’s and men’s
brands, respectively.
At the fourth annual Women’s Talent Day, Tendam
was awarded the Diversity Leading Company
2024 award, as a leading company in diversity and
inclusion, and the Empowering Women’s Talent
Seal, for its commitment to female talent. Both
awards highlight the company’s commitment to
diversity and inclusion in its internal management
policies.
“Red Cross Employment Plan” recognition in
Pontevedra and Córdoba: our commitment and
continued collaboration with the Red Cross and its
employment plan was recognised by the Red Cross
at a ceremony held in Pontevedra in November and in
Córdoba in February, where we were presented with
this distinction.
2024 awards
For the second consecutive year, Tendam
has received recognition from the
Vocento Editorial Group “Líderes con
Propósito” [Leaders with a purpose],
which distinguishes us as an excellent
company thanks to our best asset: the
talent of each and every person who
make up this company.
Tendam has received the “Promotion in
equal opportunities” award at the Premis
Catalonia FP BIZ DAY organised by
the Departament d’Educació i Formació
Professional and Caixabank. These
awards recognise companies committed
to the training and employability of
young talent in Vocational Education and
Training (VET) in Catalonia.
The founders and creative directors
of Slowlove, Sara Carbonero and
Isabel Jiménez, received the Creative
Entrepreneurship Award from La
Vanguardia Magazine.
Nacho Aguayo and Álex Miralles, creati-
ve directors of Pedro del Hierro, received
the award in the Fashion category at the
Personalities of the Year Awards 2024,
for taking care of a unique heritage and
projecting it into the future.
Marie Castellví, General Manager of
Corteel, Pedro del Hierro, Hoss Intropia,
Slowlove and OOTO (adult segment), was
recognised as Top 100 in the Management
category, reinforcing our commitment to
female leadership.
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SUSTAINABILITY REPORT 2024 11
01 WE ARE TENDAM
The Group
Tendam is one of Europe’s leading fashion sector groups, with a proven track record and experience that spans over 140 years of history.
The company specialises in the management of
brands for the premium mass market segment,
providing a quality alternative between fast fashion
and accessible luxury. Women’secret, Springeld,
Corteel, Pedro del Hierro, Hoss Intropia,
Slowlove, High Spirits, Dash and Stars, OOTO,
Hi&Bye, Milano and Fifty are our brands and each
of them has a specic target audience. When
combined, they ensure the reach and capillarity
of an innovative and international group whose
collections are distributed in 1,801 points of sale
and online shops around the world.
Our headquarters are in Madrid, and we have
ofces in Barcelona and other strategic markets.
We have international purchasing units in Spain,
Hong Kong, India and Bangladesh that guarantee
our global supply chain, ensuring compliance with
our code of conduct.
In Spain, the company has a main logistics centre in
Aranjuez (Madrid) that acts as the sole distributor
for its own stores in Europe. It also has a new
omnichannel logistics centre in Illescas (Toledo).
Internationally, we operate three logistics centres,
one located in Hong Kong and two in Mexico.
America
318
Points of sale in
Asia
40
Points of sale in
Africa
18
Points of sale in
Europe
1,268
Points of sale in
Middle East and
North Africa
157
Points of sale in
Points of sale Franchises Countries with
in-person sales
Stores managed
directly
Countries with
online sales
1,801 617 671,184 57
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SUSTAINABILITY REPORT 2024 12
01 WE ARE TENDAM
History
144 years of history
1880
The García-Quirós brothers
open a small haberdashery on
Calle Romanones in Madrid
1933
The La Palma shirt factory
opens
1945
The rst men’s suits with the
Corteel label leave the tailoring
factory
1991
International expansion begins
with the opening of stores in
Portugal and France
1960
The company exports to the
USA with the Corteel brand,
which is sold in Macy’s and Saks
1993
Women’secret is created,
focusing on lingerie and
swimwear
1985
Milano, the brand specialised
in tailoring, is created
1988
Springeld, the casual fashion
brand for young people, is created
1999
Acquisition of the Pedro del
Hierro brand
2000
Women’secret starts operating
online
2005
Changes in the shareholding
that result in the entry of CVC,
PAI Partners and Permira
2006
Launch of Springeld Woman
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SUSTAINABILITY REPORT 2024 13
01 WE ARE TENDAM
2012
All of the company’s brands
operate online
2013
Pedro del Hierro unveils its rst
collection at New York Fashion
Week
2014
The company receives the
“National Large Fashion
Enterprise Award”
2018
Launch of the new corporate
brand Tendam as head of
the company to manage the
different brands. Pedro del
Hierro returns to MBFWMadrid
2019
Tendam acquires the brand
HOSS INTROPIA to strengthen
its growth strategy
2020
Third-party brands added
to the physical and online
sales channels
2021
Acquisition of Slowlove and
launch of High Spirits
2022
The menswear brands OOTO
and Dash and Stars, specialising
in sportswear, are created
2023
Launch of the HI&BYE brand,
aimed at teenagers, and the
Springeld Kids line for children
2024
The acquisition of 67.91% of
Tendam by Multiply Group is
announced, pending approval by
the competent authorities.
2017
CVC and PAI Partners acquire
100% of the company
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SUSTAINABILITY REPORT 2024 14
01 WE ARE TENDAM
2024 in gures
Trust is based on data
Tendam Our team
Good governance
12
1,801
+100
1,375
14.9%
9.2%
38
288
10,434
9,164
86%
88,743
42,035
7,055
3,669
77 57
755
100% 354
73
42% 62%
349,383€
Brands
points of sale
million garments
sold
billion euros in
turnover
of total turnover comes
from online sales
growth of the online
channel YOY
million members in
5 loyalty clubs
apparel and accessories
suppliers
1,406
factories tier 1
(Clothing)
factories tier 1 (Wet
processes on nished
garment)
of apparel and
accessories suppliers have agreed
to Tendam’s code of conduct
social audits
carried out
audits semi-
announced
countries in which
we are present
employees on our team
women on the
Board
Code of
Conduct
women in management
positions
people trained
training hours euros allocated to social action
women
training participants
hours in staff training
persons trained
countries with
online sales
Value chain
87%
100%
3%
15%
79%
190 mil 198 mil
56%
Our planet
1,129,645
t CO2e Carbon footprint
compared to base year (2019)
in intensity in scope 3 compared to
base year (2019)
reducción de CO2
CO2 reduction
renewable energy globally in
own operations
renewable energy in own
operations in Spain
Bosque Springeld [Springeld Forest]
trees planted t CO2 offset in full
cycle
more sustainable garments according
to internal company standard
reduction in scopes 1 and 2
compared to base year (2019)
reduction
achieved
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SUSTAINABILITY REPORT 2024 15
01 WE ARE TENDAM
Tendam’s identity
The company’s identity encompasses our mission, vision and way of working through our values. Together we work to create beauty through responsibility and
commitment. We want our passion for fashion to drive condence for a more sustainable future that provides well-being and trust.
The customer
comes rst
Our customers are what
is most important to us,
and they are always at the
forefront of our decisions.
We do our best to meet
their current needs and
anticipate future ones.
Our goal is to exceed their
expectations.
Integrity
Integrity plays a central
role in how we work
at Tendam. Acting in
accordance with what we
think and say contributes
to our development as a
company and that of our
staff as individuals.
Innovation
We are all part of a shared
project. Promoting the
generation of innovative
and effective ideas and
launching revolutionary
initiatives contributes to
generating value for our
customers, employees,
suppliers, subcontractors
and franchisees and,
ultimately, for society.
Excellence
We are passionate about
fashion, our brands and
our products. But we
can improve and we are
constantly working to do
so. The passion for our
business and our attitude
of constant improvement
is reected in what we do
each day.
Honesty
We believe in a
culture of truth, trust,
transparency, respect
and responsibility. We
are honest and respectful
of the surroundings we
work in: socially and
environmentally.
Collaboration
The diversity of our teams
reects the variety of our
markets and customers.
This plurality and
teamwork help us to better
understand our customers
and consolidate our long-
term growth.
Ambition
We want to be leaders, not
just follow trends. Our teams
have the ability to go beyond
the established objectives and
look for challenges so we can
offer the best fashion, with the
best products and in the most
efcient way to improve the
shopping experience for our
customers.
Mission
To lead the transformation
of the textile industry with
customers at the heart of our
business and to contribute to
society’s progress.
Vision
To offer our customers the
best fashion: coherent and
committed, diverse and
enduring, represented by
leading brands in the sector.
Values
The customer comes rst
Integrity
Innovation
Excellence
Honesty
Collaboration
Ambition
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SUSTAINABILITY REPORT 2024 16
01 WE ARE TENDAM
The sum
Tendam is the corporate umbrella under which the
brands in the company’s portfolio are organised,
all complementary to each other but sharing the
same corporate purpose and culture. Third-party
brands are also part of our ecosystem in our multi-
brand omnichannel platform.
At Tendam, we are more than 10,000 employees
working for the company and its brands in 77
markets.
The company’s culture encompasses our mission,
vision and way of working through our values. It is
essential for a responsible company like Tendam
to have a value and quality proposal adapted to
the customer, which integrates innovation as a
strategic challenge and differential feature.
That multiplies
By creating and incubating our own brands, in
2024 we now have 12, this allows us to follow
our customers in the various stages of their lives.
All of them are accessible through an omnichannel
ecosystem where the physical store works hand in
hand with digital stores and complement each other.
We multiply our impact because we believe in having
a network of capillary physical stores integrated into
our omnichannel ecosystem. That is, we have modern
physical stores that are adapted to new commercial
realities without losing their essence. Our network
generates value, employment and local wealth, and
acts as a multiplier that supports the territory and the
commercial fabric.
We also multiply our impact because, from our
position as a relevant company, we work to
contribute responsibly to society.
To make fashion
We promote a value chain with sustainability
at the centre and guiding decision-making. In
this way, our model allows for the ethically
responsible production of each garment, seeking
to extend our commitment as a brand to quality,
valuable, and responsible fashion production.
We make fashion that improves the quality of
life and contributes to a healthier future for our
employees, consumers, suppliers, and society as
a whole.
That matters
Our motto of “making a difference in people’s
lives” includes the customer, but also our team
and suppliers. We strive to make a positive impact
on the world, investing in people to improve their
lives and to build a better future for all. We are
moving towards sustainability so that the way we
work and our products have a positive impact on
society and the environment.
Purpose
The sum that multiplies to make fashion that matters
We are a company specialised in managing fashion brands that join efforts to multiply
exponentially our positive social and economic impact. Positioned in the premium mass
market segment, we create quality fashion that makes a difference in people’s lives,
society and the planet. Our work and products, and the way we attain them, must have
a positive impact on society and the environment, while contributing to the continued
success of Tendam and all of us in the Group.
Our purpose is the central pillar of our vision and our roadmap’s guiding light.
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SUSTAINABILITY REPORT 2024 17
01 WE ARE TENDAM
The Tendam 5.0 Strategy
Tendam has become a unique omnichannel ecosystem that maximises the potential of its consumers.
Tendam has become a unique omnichannel ecosystem that
maximises the potential of its consumers. The model is the
result of the Tendam 5.0 strategy, designed in 2020 and
accelerated over the past few scal years, which is based
on four pillars: customers, our own and third-party brands,
an omnichannel network, and a transversal structure for our
corporate services.
The model is designed to be an ecosystem that seamlessly
connects the digital to the physical, brick-and-mortar stores
become a veritable hub connected to the digital shops, with
customers at the centre.
CUSTOMERS: LOYALTY, PERSONALISATION
AND DIGITALISATION
As pioneers in implementing loyalty clubs,
we have ve clubs associated with the
brands Women’secret, Springeld,
Corteel, Hoss Intropia and Fifty,
with over 38 million members,
which are at the core of the
company’s strategy.
OWN AND THIRD-PARTY
BRANDS. A POWERFUL
MULTI-BRAND OMNICHANNEL
PLATFORM
Our growth is based on incubating,
developing and creating our own
brands targeting different customer
segments.
Our own brands are designed to
accompany our customers throughout
their lives. An ecosystem that is
currently open to third-party brands
that are marketed through our multi-
brand omnichannel platform.
THE TRANSVERSAL STRUCTURE
OF OUR CORPORATE SERVICES
Our brands maintain their
independence and autonomy to
grow on their own, harnessing their
differentiating advantages and the
exibility of different commercial
formats, without any overlapping
between them. Each brand has
its own creative teams for design,
product and marketing, but they
share corporate services in a
transversal manner.
OMNICHANNEL NETWORK
With 1,801 physical points
of sale, we see the physical
store as a fundamental part of
the omnichannel model. It is the
enhanced capabilities of the store
itself that drive our digital business.
We have a capillary network of
physical stores that are nearby
and accessible, which provides the
backbone of the territory, helping
generate employment and wealth in the
local area. We believe in having physical
stores that fully integrate the digital
environment, a more agile physical store model,
which has expanded its role to also become a hub
that provides a comprehensive service.
Loyalty
clubs
Customer
knowledge
Data
analysis/AI
The multi-brand platform
Since the end of 2020, our e-commerce business has
evolved into a multi-brand digital platform delivering
outstanding performance and demonstrating the robustness
of the model.
Since its beginnings, the multi-brand platform has exceeded
expectations and reached 186 third-party brands, which
are distributed in the digital channels of our own brands:
Corteel, Pedro del Hierro, Slowlove, Springeld and
Women’secret.
The platform allows customers to benet from a growing
number of carefully selected third-party branded products,
with all the advantages and benets traditionally associated
with Tendam’s online shopping.
C
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SUSTAINABILITY REPORT 2024 18
01 WE ARE TENDAM
Much more than brands
The sum of our brands multiplies our strength
exponentially, positioning us as an international
leader open to new challenges. All of them work
with passion to make fashion that matters and that
aspires to create a more responsible company. We
offer a value proposal adapted to each segment of the
population to which our commercial offer is aimed,
understanding innovation as a strategic challenge and
differential feature in our culture.
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SUSTAINABILITY REPORT 2024 19
01 WE ARE TENDAM
Women’secret is intimate apparel for condent women, offering
lingerie, sleepwear and bathing suits that combine femininity, comfort
and quality.
It shows its commitment to society by supporting causes that are particularly important to
women.
In collaboration with the Dexeus Mujer Foundation, Women’secret continued with its collaboration
project “Cosas que sí importan” [Things that do matter] to support the fight against breast cancer,
improve the quality of life of patients and destigmatise the disease. This year, its #SíMeImporta
[Yes I Care] movement aims to provide visibility to the problems related to sexuality experienced
by women who have faced cancer and its treatment. The proceeds from the collection of charity
panties designed by the brand were donated to the “’Recovery of intimate well-being after cancer”
programme.
The brand launches the fourth edition of its #RealChangers Scholarships. In this new edition, it
has joined forces with Fundación ANAR to work on awareness-raising, prevention and support for
adolescents facing psychological problems.
Women’secret continues to collaborate with
the Juegaterapia Foundation. The brand has
added the Baby Pelones doll collection, from
the Juegaterapia Foundation, to its website.
The aim is to turn hospitals into magical
places full of playfulness.
Women’secret is teaming up with Putos
Modernos for Women’s Day with the
campaign “the price of comfort should only
be paid in euros”. The brand is reaching out
to all women to emphasise that it sells more
than bras; it sells comfort. Therefore, no
woman should feel uncomfortable for not
wearing a bra.
30.9%
27%
708
74
turnover of the
specialist segment
(Women’secret, Dash
and Stars and HI&BYE)
out of the group’s total
of Tendam’s
employees work for
the brand
points of sale (434
directly operated
stores, 9 corner
stores and 265
franchises)
countries in which
it is present
(physical and
online)
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SUSTAINABILITY REPORT 2024 20
01 WE ARE TENDAM
Created in 1988, Springeld is an urban brand with a versatile and diverse style
that offers its followers their own lifestyle. It began its international expansion in
Portugal in 1993.
The mySPRINGFIELD.com stores incorporate the digital and technological environment into physical
stores to provide customers a complete omnichannel experience.
In 2023 Springeld Kids is created, the group’s rst children’s line, designed for boys and girls aged 5
to 12, and characterised by its comfort and versatility.
The brand, whose emblem is the Tree, has continued to drive the growth of the Springfield Forest
by reaching the mark of 190,000 trees reforested since 2020 in deforested or fire-ravaged areas
in Spain and Portugal.
Springfield teams up with Prime Video to launch the official collection of the My Fault, Your Fault,
Our Fault saga, inspired by Mercedes Ron’s hit trilogy.
We continue our R[ECO]llect initiative to collect post-consumer garments in stores. We are
currently present in 69 stores across Spain and Portugal.
34.8%
34%
741
62
turnover in the youth
segment (Springeld,
Springeld Kids and
High Spirits) out of the
group’s total
of Tendam’s
employees work
for the brand
points of sale (426
own points of sale,
68 corner stores and
247 franchises)
countries in which
it is present
(physical and
online)
For the second year running,
Springfield has joined forces with
Roots Studio to bring indigenous
culture to the world of fashion.
This time, a capsule collection has
been created in collaboration with
the Miao community, with the aim
of preserving their traditions and
protecting their cultural heritage.
Springfield also presents Roots,
its new concept store designed to
enhance the customer experience
with a more functional and
appealing layout.
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SUSTAINABILITY REPORT 2024 21
01 WE ARE TENDAM
Corteel offers the condence of being well-dressed with total
everyday looks for both women and men. Since its inception
in 1945, the brand has been committed to quality fabrics and
garments to provide maximum versatility and comfort.
It is approachable and is committed to its customers and to caring for the planet and
society. It was the first brand created by Tendam and is currently present in 41 countries
with more than 249 points of sale in addition to cortefiel.com.
Thanks to the sale of charity garments “Our corals, our seas”, Cortefiel has raised
65,886 euros for WWF Spain’s Coral Reef Rescue Initiative. The capsule collection
consists of polo shirts, 100% cotton T-shirts and swimming costumes for both men
and women. Through this collaboration with WWF, Cortefiel is contributing to the
conservation of marine ecosystem biodiversity.
The brand also presents its new LOFT Concept Store, which is designed to showcase
the collections in their entirety and adapt to the needs of sales, the customer and the
store. It offers a more attractive and convenient shopping experience.
26.6%
22%
249
43
turnover of the adult
segment (Corteel,
Pedro del Hierro, Hoss
Intropia, Slowlove
and OOTO) out of the
group’s total
of Tendam’s
employees work for
the brand
points of sale (160
stores directly
operated and 89
franchises)
countries in which
it is present
(physical and
online)
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SUSTAINABILITY REPORT 2024 22
01 WE ARE TENDAM
Pedro del Hierro is the Spanish rm inspired by tradition, culture and art, which presents
exclusive and affordable luxury collections for men and women. The brand belongs to
Tendam since 1999.
It is a benchmark on the MBFWM catwalk and on the red carpets of the most important Spanish and international
awards and events. Pedro del Hierro is the brand chosen by Spanish actors, actresses and celebrities for special
occasions. The creative directors design versatile, innovative and functional collections, with elegant garments perfect
for any occasion.
To celebrate its 50th anniversary, Pedro del Hierro is holding a
tribute exhibition to its founder and staging a historical fashion
show.
Pedro del Hierro presents its first Golf collection for men and
women with Beltrán Lozano and Daniela Svedin.
Pedro del Hierro participates in TVE’s “Maestros de la Costura”.
The director of women’s design, Nacho Aguayo, guided and
evaluated the contestants throughout the test on a replica of one
of his dresses.
At the first Spanish Fashion Academy Awards, organised by
FAME, the Award of Honour was presented to Pedro del Hierro in
recognition of his outstanding career and legacy. Nacho Aguayo
and Alex Miralles, the current creative directors, received the
award and thanked the founder and master dressmaker.
Pedro del Hierro received the L’Oréal Paris award for Best Collection at the 80th edition of the Mercedes-Benz
Fashion Week Madrid (MBFW Madrid). The award was collected by Nacho Aguayo and Álex Miralles, creative
directors of the women’s and men’s brands, respectively.
To mark the 50th anniversary, the brand transformed Calle Serrano in Madrid into a blanket of luminous stars during
the Christmas season.
The brand presented the second edition of the solidarity project “By Women By”, committed to female
entrepreneurship and raising the profile of innovative women. This year, the firm is launching a unique solidarity cape
whose profits will go to WomenPaintToo, a Paiporta-based association.
Several well-known faces of Spanish cinema opted for looks from the brand to attend the Feroz and Goya 2025
Award gala.
26.6%
5
15
171
turnover of the adult
segment (Corteel,
Pedro del Hierro, Hoss
Intropia, Slowlove
and OOTO) out of the
group’s total
countries in which
it is present with
independent points
of sale
independent points
of sale
points of sale
integrated in
Corteel
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SUSTAINABILITY REPORT 2024 23
01 WE ARE TENDAM
Hoss Intropia is designed for authentic, creative women who have their
own style and do not follow trends, with a Mediterranean, bohemian/
sophisticated spirit and its own personality. It pays special attention to the
design, quality and handcrafted details of its embroidered garments, both
for everyday wear and for special occasions.
Hoss Intropia was created in 1994 and, after becoming renowned with a successful track record
and strong international growth, Tendam acquired it to relaunch it in 2021, maintaining the brand’s
initial essence.
Hoss Intropia shows at the 33rd edition of 080 Barcelona Fashion. The brand takes us to the
Hindu spring festival, known as the festival of colours and life, with its special fashion show
collection, “HOLI”.
Hoss Intropia has partnered with the Ibiza Preservation Foundation, marking the beginning of
their collaboration to monitor the state of 1,236m2 of Posidonia oceanica in the Pityusic islands
each year. Thanks to donations raised from the sale of a solidarity product, the foundation has
been able to finance a study carried out by the environmental organisation GEN-GOB for the
third consecutive year, as well as purchase thermometers to facilitate the measurement of water
temperature and its impact on the conservation status of this vital marine plant. The foundation
will also allocate part of the contribution to a new study of shark and ray populations in Ibiza and
Formentera.
26.6%
3
15
52
turnover of the adult
segment (Corteel,
Pedro del Hierro, Hoss
Intropia, Slowlove
and OOTO) out of the
group’s total
present in countries
with independent
points of sale
independent points
of sale
points of sale with
a brand presence
in Corteel stores
in Spain and in
Portugal
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SUSTAINABILITY REPORT 2024 24
01 WE ARE TENDAM
The terms “free” and “versatile” are written into Slowlove’s DNA
through its “urban folk” essence. The brand was created by Sara
Carbonero and Isabel Jiménez in 2015.
It joined Tendam in 2021, but Carbonero and Jiménez are still its creative directors,
continuing their signature urban folk style.
Slowlove collections are currently available on the Slowlove and Cortefiel websites and
in 158 physical Cortefiel stores across Spain and Portugal.
The founders and creative directors of Slowlove, Sara Carbonero and Isabel Jiménez,
received the Creative Entrepreneurship Award from La Vanguardia Magazine.
Slowlove continues to show its support for people with mental health problems by
sponsoring the Manantial Foundation’s 13th Charity Race for Mental Health.
To celebrate its 10th anniversary, Slowlove is launching Lipsticks by Slowlove, a new
range of lipsticks designed to reflect the brand’s unique essence.
26.6%
158
turnover of the
adult segment
(Corteel, Pedro
del Hierro, Hoss
Intropia, Slowlove
and OOTO) out of
the group’s total
sales spaces
in stores of the
group’s other
brands in Spain
and Portugal
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SUSTAINABILITY REPORT 2024 25
01 WE ARE TENDAM
Free-spirited, wild and non-conformist, the High Spirits woman is
spontaneous and authentic; she likes to live life in its purest form and to be
the master of her own style.
The proposed collections represent different facets of the HighSpirits woman: Dreamer Spirit, natural,
cosmopolitan and fashionable; Creative Spirit, bohemian, carefree and nomadic; and Authentic Spirit,
daring, carefree and cool.
+116
Springeld stores and through the
Springeld marketplace.
It is available in
Dash and Stars is Tendam’s top sportswear and womenswear brand for
athletic women who like to take care of themselves and live a healthy life.
It was created in March 2022 and is aimed at all women who like to keep t. It is marketed through the
multi-brand online platform and is present in 194 physical Women’secret, Corteel and Springeld
stores in Spain and Portugal.
194
points of sale in Women’secret,
Corteel and Springeld physical
stores in Spain, Portugal, France and
Belgium.
Dash and Stars, our sports brand,
launches the “Ftcoco Tour” together
with inuencer Cocó Constans. Cocó will
lead exclusive sessions of “Ftpilates”,
the innovative method she has
developed, in ve cities in Spain.
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SUSTAINABILITY REPORT 2024 26
01 WE ARE TENDAM
HY&BYE is the recent brand aimed at girls aged 14 to 18 that reects
teenage girls’ desire to express themselves, to be themselves and to show
their positive attitude; girls who value authenticity, who know that beauty is
imperfect and who are discovering their path.
It aims to become a brand that accompanies them on a daily basis. It is sold in Women’secret shops
and on the Women’secret.com website.
In 2022, Andrés Velencoso founded the menswear brand OOTO (Out Of
The Ofce) together with Corteel, designed for conscientious, determined
and fun-loving customers.
Its Mediterranean-inspired collection is mainly made up of casual garments for all uses and
moments, from the office to after work.
125 171
points of sale in Spain,
Montenegro, Portugal and
Serbia at Corteel.com
points of sale in Spain, Portugal,
France and Belgium.
OOTO is joining forces with Gravity
Wave for the Plastic Free Oceans
initiative, aiming to collect 1.5 tonnes of
plastic waste from the Mediterranean,
Cantabrian and Atlantic waters and
ports. With its “Out Of The Oceans”
initiative, OOTO is contributing to the
mission of achieving plastic-free seas
and oceans, as well as raising awareness
of the importance of waste collection
by demonstrating that waste can be
transformed into valuable products.
02 WE ARE RESPONSIBLE
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01 WE ARE TENDAM
A chain of outlet stores where the Milano brand and
other brands of the group (Women’secret, Springeld,
Corteel and Pedro del Hierro) are sold, as well as third-
party brands that are present in the online channel and in
selected stores.
It has its own brand, MILANO, which is brimming with its own DNA with urban
t, fashionable and modern garments. In addition, its smart shopping model
allows customers to experience an omnichannel shopping experience that is
unique in the outlet sector.
7.6%
8%
71
6
of the Group’s
total turnover
of Tendam’s
employees work
for the brand
points of sale
Countries
where it is
present
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01 WE ARE TENDAM
Our worldwide presence
Our international expansion is based on two management models: corporate-owned stores and franchises. Thus, Tendam is present in 77 countries with
1,801 physical points of sale and 57 online markets across four continents: Africa, America, Asia, and Europe.
The Tendam Group manages 1,801
points of sale for the Corteel (CTF),
Pedro del Hierro (PdH), Hoss Intropia
(HOSS), Springeld (SPF), Women’secret
(WS) and Fifty brands. In these
spaces, our brands Pedro del Hierro,
Hoss Intropia, Slowlove, High Spirits,
OOTO, Dash and Stars and HI&BYE
are marketed, which is why they do not
appear as their directly operated stores
in the following information tables, since
they are part of the directly operated
stores identied below.
Europe CTF PDH SPF WS HOSS FF Total
Belgium 0076 00 13
Bosnia 108 5 0 0 14
Bulgaria 101 1 0 0 3
Croatia 00680115
Spain 1293 2 271 286 12 55 755
France 0 0 47 10 0 48
Hungary 0 0 11 11 0123
Italy 0 0 28 0 0 0 28
Luxembourg 00410 0 5
Montenegro 101 1 0 0 3
Portugal 273061 58 210 158
Serbia 1018 22 0 142
Total 160 2 463 400 14 68 1.107
Number of directly operated stores
Middle East and
North Africa CTF SPF WS Total
No. Points Of Sale 28 48 81 157
Asia CTF PDH SPF WS Total
No. Points Of Sale 4 7 10 19 40
Europe CTF PDH SPF WS HOSS SPF
KIDS
DASH&
STARS Total
No. Points Of Sale 18 458 77 1 1 2161
America CTF PDH SPF WS SPF KIDS Total
No. Points Of Sale 29 2 96 84 30 241
Franchises
3 Including 39 HOSS corners in Corteel stores (36 in Spain and 3 in Portugal).
America SPF WS FF Total
Mexico 31 43 3 77
Africa CTF SPF WS Total
No. Points Of Sale 10 4 4 18
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02 WE ARE RESPONSIBLE
WE ARE
RESPONSIBLE
02.
Our sustainable vision / 30
Milestones in our progress towards sustainability / 31
What matters to our stakeholders / 32
Double materiality analysis / 35
Risk management / 39
Strategic Sustainability Plan / 42
Objectives and progress / 47
Contribution to the 2030 Agenda and the SDGs / 48
Strategic alliances / 53
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We are committed to aligning our operations
with the expectations of our stakeholders
and promoting the integration of ESG
(environmental, social and governance)
criteria throughout our value chain. We face
signicant challenges, including promoting
the circular economy, optimising waste
management, ensuring the traceability of our
garments and complying with human rights
and the principles set out by the International
Labour Organisation.
Taking these factors and industry trends into
account, we have developed a sustainability
strategy that takes a holistic and long-term
approach. This strategy aims to minimise
our environmental impact, improve working
conditions and create value for society
without compromising the company’s
nancial strength and viability.
Our sustainable vision
As one of Europe’s leading fashion companies, our global reach and scale allow us to drive continuous improvement. This is underpinned by key pillars such as
corporate, social and environmental responsibility, and a leadership- and transparency-based business model.
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02 WE ARE RESPONSIBLE
Publication of the
first Code of Conduct
for suppliers and
manufacturers.
2001
We join the United
Nations Global Compact.
Creation of the Corporate
Social Responsibility
Department.
2002
Publication of the first
Sustainability Report
based on the guidelines
of the Global Reporting
Initiative (GRI).
2006
First development of
an ethical code of conduct
as a first step towards a
company-wide code of
conduct.
2008
We publish our first Equality
Plan.
We calculate the CO2 emissions
of our operations for the first time.
2012
We launch an anonymous
and confidential Ethics Channel
accessible to third parties.
2013
We join
the Diversity
Charter.
2015
We become
a member of the
AMFORI network.
2017
2018
We launch our first
sustainable collection.
We sign an
agreement with the
ONCE Foundation’s
INSERTA programme
to recruit people with
disabilities.
2019
Tendam joins
the Fashion Pact
to formalise its
commitment to
biodiversity, oceans
and climate change.
We receive the
Business Ambition 1.5ºC.
recognition from the
United Nations Global
Compact at COP25 in
Madrid.
We join the
United Nations
Fashion Industry
Charter for Climate
Action.
2023
EcoVadis Sustainability
Rating achieves the highest
rating of Platinum.
We become a member
of the Sustainable Apparel
Coalition (Cascale)
2024
Adherence to the
International Accord for
Health and Safety in the
Textile and Garment Industry.
A new omnichannel
logistics centre is launched in
Illescas, Toledo.
Tendam and the University
of Design, Innovation and
Technology (UDIT) present the
Tendam Sustainability Lab.
2022
The Delegated
Sustainability
Commission,
reporting to the
Board of Directors,
and a Sustainability
and Human Rights
Committee, comprising
various cross-
functional areas are
formalised.
A rating is obtained
in the Carbon
Disclosure Project.
The Gold rating in the
EcoVadis Sustainability
Rating is maintained.
2021
Our science-based
emissions reduction targets
are endorsed by the Science
Based Target Initiative
(SBTi)
Publication of a new
Responsible Sourcing
Policy.
We join the Better
Cotton Initiative (BCI)
and Zero Discharge of
Hazardous Chemicals.
An international
agreement is signed with
trade unions to work
together on concrete
actions in the supply chain
Approval of the
company’s 2nd Equality Plan.
Milestones in our progress towards sustainability
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We are committed to maintaining continuous
and effective communication with our
stakeholders, promoting their participation and
enabling the most appropriate communication
channels in each case. This allows us to
integrate their needs into the company’s
decision-making processes.
We collaborate with our stakeholders on
various initiatives, participating in discussion
forums and learning spaces, and forming
part of sector organisations at national and
international levels. This allows us to keep
abreast of sectoral trends, contribute to the
evolution of our industry, and strengthen our
relationships with key market players.
What matters to our stakeholders
Identication and
prioritization of
stakeholders
In order to prioritise the stakeholders, a
two-way impact analysis was carried out
in terms of their importance to Tendam
and vice-versa.
CUSTOMERS
SUPPLIERS
PARTNERS
FRANCHISEES
INVESTORS EMPLOYEES
Prioritisation of our
main stakeholders
Developing a mutual
growth strategy
Identification of
material matters
Creating value for
our stakeholders
VALUE
CREATION
SOCIETY
Stakeholders have a fundamental role in our business model, as we recognise both the value they bring to the company and the impact our operations have
on them.
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02 WE ARE RESPONSIBLE
Presence in 77 countries
1,801 points of sale
Over 100 million garments sold
38 million loyalty club members
9.2% growth in the online channel
70% satisfaction rate
200 million visits to Group brand websites
10,434 employees
62% women in management positions
9,164 employees trained
88,743 training hours
273.56 million euros invested
in salaries and social security
contributions
288 apparel and accessories suppliers
354 social audits
73 semi-announced factory audits
100% of apparel and accessories suppliers sign
the Code of Conduct
CUSTOMERS EMPLOYEES SUPPLIERS
Satisfactory shopping experience
Product and service quality
Customer service throughout the entire buying
process, including after-sales
Customer loyalty
Health protection through quality apparel
Increasing the supply of more sustainable apparel
Data privacy and security protection
Respect for human rights
Inclusive, transparent communications that embrace
diversity
Accessibility
Protection of human rights
Protection of employment rights
Quality and stability of employment
Employee benefits and work-life
balance
Occupational safety, health, and risk
prevention
Training and professional development
Equal employment opportunities
A relationship based on trust and teamwork
Compliance with human rights
Compliance with labour rights
Commitment to sustainability and innovation
Stability in business relationships
Fair contracting and payment arrangements
Trusting and stable relationship
Corporate website
Brand websites
Loyalty clubs
Customer service
Social media
Media
Physical stores
Whistleblowing channel
Nexus corporate intranet
Whistleblowing channel
Works councils
Social media
Internal marketing
Courses and training days
Sales conventions
Supplier portal
Whistleblowing channel
Corporate website
Regular meetings and visits
Global agreement with trade unions
External code of conduct
Regular meetings and visits
RELATIONSHIP
TOOLS
RELATIONSHIP
TOOLS
RELATIONSHIP
TOOLS
COMMITMENTS COMMITMENTS COMMITMENTS
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02 WE ARE RESPONSIBLE
Franchises present in 58 countries
617 franchised points of sale
2 annual conventions
5.8% of sales come from franchisees
17 non-profit projects supported
349,383 euros donated
16% carbon footprint reduction in intensity
compared to 2019
190,000 trees planted, offsetting 198,420
tCO2.
25,410 garments worth 169,400 euros
donated to social organisations
EcoVadis Platinum medal
Rating 44/100 S&P
6.75% increase in turnover
344.2 million euros recurring EBITDA
PARTNERS - FRANCHISEES SOCIETY INVESTORS
Development of innovative solutions
Promotion of employment
Ensuring equality and diversity
Commitment to innovative and more
sustainable design
Respect for the environment
Ensuring compliance with the regulation
Engaging with the communities in which
we operate
Full service management
Smooth and ongoing communication
Training
Consulting
Transparent relationship
Financial and economic stability
Good corporate governance
Sustainability and Corporate Social Responsibility
Proactive, two-way communication based on
transparency
Corporate website
Whistleblowing channel
Social media
Agreements and collaborations
Media
Newsletter
Communication platforms
Seasonal conventions
Training
Consulting
Whistleblowing channel
Corporate website
Investors department
Results reporting
Press releases
Specific email account
RELATIONSHIP
TOOLS
RELATIONSHIP
TOOLS
RELATIONSHIP
TOOLS
COMMITMENTS COMMITMENTS COMMITMENTS
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02 WE ARE RESPONSIBLE
The methodology used to identify and assess the
most relevant impacts, risks and opportunities in
areas such as climate change, pollution, water
and marine resources, biodiversity, resource
use, the circular economy, and the management
of own workforce, workers in the value chain,
affected communities, consumers and end-
users, as well as business conduct, is explained
below. It should be noted that, in addition to the
issues covered by the regulation, the company
has identied other relevant issues, such as
cybersecurity and data protection.
The analysis is based on a qualitative and
quantitative assessment of Tendam’s Impacts,
Risks and Opportunities (IROs), covering all
links in its value chain. The double materiality
approach takes two perspectives. On the one
hand, it identies the company’s outward-facing
impacts and effects on the environment and
society (impact materiality).
Double materiality analysis
Throughout 2024, Tendam conducted a Double Materiality Analysis in accordance with the methodology set out in the Corporate Sustainability Reporting Directive
(CSRD) and the European Sustainability Reporting Standards (ESRS) proposed by EFRAG. The main purpose of this analysis is to detect and evaluate the main
positive and negative impacts that Tendam’s activity has on the environment and society (impact materiality), as well as the risks and opportunities that this
interaction entails for the company (nancial materiality).
On the other hand, it examines the risks and
opportunities that external factors, including
social and environmental requirements, pose
for Tendam (nancial materiality). Through this
approach, the company can identify priority
issues on which to focus its strategy and
management actions.
The study was developed at group level,
covering all of Tendam’s operating geographies
and stages of its value chain. This included its
own activity and relations with direct third parties
(tier 1, upstream and downstream). Additionally,
the analysis includes a review of locations
where activity is most signicant, capturing
the relevance of impacts in specic contexts.
To reinforce the exercise, Tendam has been
supported by a sustainability specialist supplier.
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Assessment and prioritisation of IROs
To assess their magnitude, Tendam consulted
the most signicant internal (employees) and
external stakeholders, seeking their perception
of the relevance of the different issues. In
addition, the company’s key areas carried out
an in-depth assessment of the different IROs
analysed.
According to ESRS 1, the assessment is carried
out over short, medium and long-term time
horizons of less than 1 year, 1 to 5 years and
more than 5 years respectively.
The assessment methodology includes
variables such as:
Scale: Outcome of stakeholder surveys,
sector analysis and assessment of key issues
considered by analysts for the sector.
Scope: This denes the extent to which an
impact on both the population groups and
the geographical scope will materialise.
Remediability: It constitutes the Company’s
capacity to remedy a negative impact,
taking into account the time horizon and the
nancial and human capital effort required.
Likelihood: It establishes the likelihood of
an IRO materialising, based on the analysis
of actions and strategies implemented by
Tendam and independent analysis over
different time horizons.
This is combined with the economic valuation
of risk or opportunity, in line with internal risk
management, to estimate the nancial impact
and integrate the results into the corporate risk
map (see the “Risk management” section for
more information). Additionally, positive (actual
or potential) and negative (actual or potential)
impacts are distinguished, with each category
assigned a weighting formula adapted to scale,
scope, remediability, and likelihood.
This approach enables Tendam to recognise
the dependencies and effects of its business
model on society and the environment, while
simultaneously identifying the nancial threats
and opportunities arising from these interactions.
The Sustainability Department, together with the
relevant areas, prioritises actions based on the
likelihood and potential economic impact of risks
and opportunities, thus dening the appropriate
controls and management plans.
The methodological process consists of three main parts:
Identication of potentially
material IROs
Based on the sustainability topics, subtopics and
sub-subtopics described in Appendix A of ESRS
1, and following a detailed overview of Tendam’s
business, all applicable impacts, risks and
opportunities due to the nature and scope of its
activity are preliminarily identied.
Subsequently, meetings are held with the main
areas of the organisation to rene and narrow
down the list of IROs to be assessed in the next
phase.
Tendam’s internal and external
context analysis
First, a context study was prepared based on
internal sources, such as previous annual reports,
the corporate risk map, workshops with key areas,
policies and manuals, as well as external sources,
including sectoral trends and reference standards:
SASB, TCFD, GRI, EFRAG; public information from
competitors; and ESG analyst assessments: MSCI,
DJSI and Sustainalytics). This approach provides a
holistic view of the value chain and the potentially
relevant issues for the company.
For a more detailed denition of
controls, decision-making mechanisms
and determination of IROs, see section
“3.2 Sustainability Governance” of
this report. This section describes the
governance that ensures the consistency
and integration of results into corporate
strategy.
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Impacts on climate change and GHG emissions
Tendam examines its GHG emissions (Scopes
1, 2 and 3) by integrating them into the impact
identication process within the upstream
value chain mapping phase. A scale and scope
assessment is assigned to those internal or
external activities with the biggest impact on the
organisation’s carbon footprint. The likelihood
of additional impacts materialising (e.g. new
regulations or emissions exceeding internal limits)
is estimated based on the maturity of corporate
energy efciency and GHG reduction strategies.
Climate-related physical risks
The company addresses physical risks in its
operations and in the upstream and downstream
phases of the value chain considering the
determination of climate-related risks. This is done
by identifying physical risks (increased extreme
temperatures, droughts, oods or superstorms) based
on high-emission climate scenarios, using sectoral
and scientic projections as a reference.
Climate transition risks and opportunitiesa
In parallel, Tendam considers transition factors towards a low-
carbon economy, where regulatory, technological, and market trends
could pose threats or present opportunities to the business model:
Determination of transition events. Following the
recommendations of initiatives such as the TCFD, the company
examines scenarios that are consistent with limiting global
warming to 1.5°C and take into account the potential for “no or
limited overshoot”. This analysis covers the expected evolution
of more restrictive regulations, carbon taxes, technological
innovations and changes in consumption preferences.
Assessment of exposure of assets and activities. Using the
methodology described above (scale, scope, likelihood and
remediability), the gross transition risk and opportunities that
could arise in each business segment are estimated:
Changing trends: possible need for sustainable materials or
redesign of the supply.
Carbon tax: additional costs in production and logistics.
Investments in green technology: efciency improvements or
development of new business segments.
The result is a catalogue of transition risks - which the Company
seeks to mitigate with innovation and emission reduction measures -
and opportunities in areas such as sustainable fashion or additional
recycling and circular economy services.
Analysis of the “climate change” issue
Specically addressing this issue, Tendam has dened an approach to identifying, classifying and assessing its greenhouse gas (GHG) emissions, physical risks, and the opportunities and transition risks linked to it, in
both its direct operations and its value chain. This process forms part of the above-described methodology, but focuses on specic aspects of the climate dimension:
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This double materiality assessment is summarised in a matrix showing the relevance or severity of Tendam’s impacts, and the nancial
relevance of each issue to the company. This identies material issues in both dimensions: those especially notable for their social or
environmental impact, and those primarily signicant in the nancial sphere. For an issue to be considered material, it is sufcient for it to
be dened as such from either perspective.
Results of the double materiality analysis
Issue Impact
materiality
Financial
materiality
Environmental Climate change Material Material
Pollution Material Material
Water
management Material Material
Biodiversity and
ecosystems Material Material
Circular economy Material Material
Social Employees Material Material
Sustainable value
chain Material Material
Local
communities Material Material
Consumers and
end-users Material Material
Governance Corporate
governance Material Material
Cybersecurity and
data privacy Material Material
A total of 11 material issues and 32 material sub-issues have been
identied:
In terms of environmental topics, “water management” has been
identied as material due to its presence in the upstream value chain
rather than in Tendam’s own operations.
Double materiality Employees Water management
Cibersecurity and data privacy Corporate governance Sustainable value chain
Local community Climate change Pollution
Circular economy Customers and end-users Biodiversity and ecosystems
3
15
7
2
4
9
6
8
10
11
ENVIRONMENTAL SOCIAL GOVERNANCE
MATERIAL
Impact materiality
Financial materiality
NON-MATERIAL
3
1
5
7
2
4
9
6
810
11
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C
o
n
s
t
a
n
t
a
s
s
e
s
s
m
e
n
t
C
o
m
m
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n
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The company incorporates various periodical activities for the proper control and management of risks:
There are specific committees in
the different areas of action (e.g.
the Cybersecurity Committee, the
Sustainability and Human Rights
Committee, the Working Group for
digital activity in stores, etc.). These
committees manage the various
risks that have a cross-cutting
impact on the different areas.
Risks are measured using defined
monitoring and control indicators.
The risk map shows the risks
identified for each type, together
with their assessment, risk
tolerance and action plans.
Regular meetings are held with
the various business units to
review the status of risks and risk
indicators and update action plans,
which are periodically monitored
by the Risk Committee.
Identification
of potencial
risk
Risk analysis: definition
of risk appetite and
tolerance level
Risk treatment and
assestment
(likelihood and impact)
Establishing prevention
and mitigation policies and
procedures
Monitoring and
reporting results
Assesign the
effectiveness of
measures
RISK MANAGEMENT CYCLE
1 2 3 4
Risk management culture
Various initiatives are in place to promote and enhance a risk management
culture and to disseminate risk management values and attitudes:
In the commercial network, the control environment is strengthened
through continuous monitoring of own stores by the business areas and
by the Internal Audit department, in order to improve the effectiveness
and efciency of operations and to prevent and deter situations where
fraud may occur.
Policies and protocols are in place to encourage proper implementation of
the company’s existing compliance framework.
An ad hoc training plan is offered to promote a risk management culture,
including training on the Code of Conduct and other ethical compliance
issues, as well as training on the prevention of corruption and fraud.
We extend the Whistleblower Channel to the various stakeholders as
a tool that allows us to detect behaviour that is contrary to the ethical
values, commitments and best practices established by Tendam. This
channel can also be used to make enquiries about our Code of Conduct.
Regular communication is carried out via the corporate intranet on various
aspects of business ethics, including policy updates and reminders,
dissemination of the existence of the Whisteblower Channel and ongoing
training.
Risk management
The Tendam Group’s risk management system operates as part of the company’s Group management. It identies material issues for the organisation and the
interests and expectations of stakeholders. Risk management comprises the identication, analysis and control of risks, as well as establishing action plans for their
prevention, mitigation and monitoring. Periodic communication and reporting on its evolution and action plans is carried out.
This information is reported to the Audit and Risk Committee at least once a year.
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Risk management
Tendam has a risk management model that
denes the level of risk it is willing to take.
The model includes the following concepts:
Risk management governance
The risk management system at Tendam has a dual structure according to its function: it has a supervisory structure that corresponds to the governing bodies of
the Board of Directors as well as a coordination and execution structure at the management level.
Board of Directors The Group’s Board of Directors is ultimately responsible to the shareholders for the
operation of Tendam’s Risk Management System.
Monitoring the Risk Management System.
Reporting to the Board of Directors on Risk Management at Tendam.
By delegation of the Board of Directors, the Audit Committee is responsible for:
The Risk Committee is the oversight body for Risk Management. Its main functions are:
Implementing risk strategy and its management
system.
Disseminating risk management and control
culture.
Establishing and/or modifying the risk levels
considered acceptable for the Group (the
tolerance level).
Designating risk owners.
Approving risks proposed by the risk owners.
Knowing and approving the control and mitigation actions
and plans proposed by the risk owners.
Risk Committee
Made up of members
of the Management
Committee
Level Board of DirectorsManagement Level
Audit and Risk Committee
Made up of members of the Board of
Directors, it acts through delegation of
the Board of Directors.
Risk appetite: the risks that the
group and its brands are willing
to take in order to achieve its
strategic goals.
Risk tolerance: the decision on
the difference or deviation from
the organisation’s risk appetite.
Indicators: facilitate the
continuous monitoring of risks in
the assessment and follow-up
phases.
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Risk map
Tendam has a risk map and indicators that are periodically reviewed by the Risk Committee. The risks are grouped
into different categories according to their nature. In order to control them, monitoring is carried out on the basis of
follow-up indicators and action plans implemented or planned.
Sustainability and climate change risks are included into the group’s risk map under the category of Strategic
Risks.
These risks are:
EMERGING RISKS
Related to the supply
chain
Risks arising from exposure to logistical disruptions and
uctuations in the supply of raw materials due to dependence
on external suppliers. These include the possibility of non-
compliance with socio-environmental standards, difculties
in managing regulatory changes at source and the need to
protect the company’s reputation from the practices of third
parties.
Related to the
transformation of
business models and new
technologies
Risks due to changes in business models and disruptive
emerging brands, associated with the technological speed
to adapt the business and the value offer to the consumer.
Consumer 4.0:
greater awareness of
sustainability
Risks arising from increased social and environmental scrutiny
of customers. The demand for transparency and consistency
in line with responsible consumption values is driving the need
to strengthen traceability, reduce the carbon footprint, and
ensure that brands are aligned with consumer expectations.
Emergence of new market
risks and geopolitical
constraints
Risks arising from the impact of regulation and measures
in international markets and changes in the geopolitical
context, which may affect the logistics of operations,
production and movement of goods.
Increasing complexity
of the ESG regulatory
framework
Risks arising from the impact of new regulations, primarily
within the EU framework, may affect logistics, production
and the movement of goods. There may also be a
deterioration in condence in the company’s ability to full
its commitments, as well as penalties for non-compliance.
Strategic
risks
Operational and
business risks
Compliance
risks
Financial and
reporting risks
Related to
cybersecurity and
data protection,
sustainability,
and corporate
reputation.
Related to business, supply
chain and human resource
management risks affecting
the different geographical
locations where the
business is located.
Related to internal
regulations and
compliance with the
legislation in force in
the countries in which
the Group operates and
sources its supplies.
Related to nancial
activity and the
obligation to disclose
nancial and non-
nancial information.
Those related to the
global warming situation,
greenhouse gas emissions and
their impact on the environment
and the population, which may
affect the business model in
operational, nancial and
reputational terms.
Those related to the
increasing complexity of ESG
regulation and enterprise risk
management analysis.
Type of risk:
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The company launched its rst Strategic Sustainability Plan in 2018, covering the 2019–2021 period.
This subsequently evolved into the 2022–2025 ESG Plan.
Strategic Sustainability Plan
The company has made specic commitments which have been translated into policies and internal procedures, as well as into its Strategic Sustainability Plan.
This plan guides strategic decision-making and process management throughout the value chain.
This Strategic Sustainability Plan establishes an ESG (environmental, social and governance)
management framework based on the principle of double materiality. The purpose of
this framework is to focus actions on the most relevant areas, structure the company’s
sustainability ambitions, reinforce its commitment, and highlight the impact generated by its
activities. It is a comprehensive plan that denes Tendam’s strategy for generating economic,
social and environmental value, promoting continuous improvement, and demonstrating its
contribution to the environment in which it operates.
It also reinforces the company’s alignment with the UN Sustainable Development Goals
(Agenda 2030), prioritising ten of them as fundamental to its operations. Tendam’s
sustainability strategy is based on its “The sum that multiplies to make fashion that
matters” purpose and is transversal to the different areas through the “We Care” culture.
The plan comprises 64 initiatives organised into four strategic pillars and has been
endorsed by the Board of Directors and its Sustainability Committee. The Sustainability
and Human Rights Committee is responsible for monitoring compliance and ensuring
proper implementation.
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SUSTAINABILITY PLAN 2022-2025
THEME STRATEGIC LINES ACTIONS PROGRESS SDG
Climate
Change
Carbon footprint
Extending the calculation of Scope 3 emissions (GHGP)
Providing training on climate change
Develop an action plan for the fullment of the SBTi objectives
Participate in carbon offset projects
Sustainable mobility programme Incentivising the use of low-carbon transport for employees
Continue work on electric charging points
Climate risk identication and management Dene a structured process for managing climate-related risks and opportunities
Align climate-related risk and opportunity analysis with TCFD recommendations
Circular
economy:
waste
Waste management strategy Conduct audits to map waste generation points
Analyse and control waste generated in the store and corrective plans
Plastics Develop a B2B and B2C plastic substitution and elimination plan
Circular
economy:
product
Textile collection and recycling Post-consumption garment collection in store
Sustainable consumption strategy
(customers)
Establish an environmental awareness plan for the customer
Collect information on the life cycle and environmental impact of garments and good environmental
practices for their care
More sustainable product
Achieve product traceability
Increase the line of sustainable products
Participate in initiatives to promote circularity
Ongoing
Completed Pending
ENVIRONMENT
SDG 13
SDG 12
SDG 12
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THEME STRATEGIC LINES ACTIONS PROGRESS SDG
Energy Renewable energy Extend initiatives to achieve 100% renewable energy supply by 2030
Construction Measure and manage sustainable criteria in
our buildings Measure and manage store information to improve efciency and sustainability
Water Water consumption management and
reduction plan.
Map water consumption points along the value chain
Design and implement corrective measures to improve consumption efciency
THEME STRATEGIC LINES ACTIONS PROGRESS SDG
Diversity and
inclusion
Inclusion in employment and disability
Evaluate and expand new initiatives targeting vulnerable groups
Promote the hiring of people with disabilities
Wage Gap
Broaden the scope of the wage gap study and identify the categories where the gap is most pronounced
Articulate an Action Plan with corrective actions to mitigate the disparity (where it exists)
Attracting and
retaining talent Equality Plan Boost the representation of women in management positions (Tendam Women Sponsoring)
Communications Internal Communication Plan Design/implement communication actions with stores
Training
Training Programme Identify training needs and promote a personalised training plan
ESG training Deliver training sessions on ESG issues
SOCIAL ENVIRONMENT
Ongoing
Completed Pending
SDG 13
SDG 13
SDG 6
SDG 10
SDG 5
SDG 5
SDG 8
SDG 4
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THEME STRATEGIC LINES ACTIONS PROGRESS SDG
Multi-
stakeholder
initiatives
Strategic alliances with global impact
Participating in the Business Environmental Performance Initiative (BEPI)
Expand participation in ZDHC and Better Cotton
Join new initiatives in the sector: SAC - HIGG Index
Establish multi-stakeholder partnerships with potential impact on the protection of human rights
Supply
chain
Social audits Maintain the programme of semi-announced social audits
Traceability Achieve supply chain mapping and product traceability
Environmental audits Expand the environmental audit programme
Risk map ESG country risk map
Selection of suppliers Establish criteria for prioritising suppliers in terms of greenhouse gases and water treatment
Chemical control Encourage our supply chain to adopt the ZDHC guidelines
Corporate
Volunteering Volunteer scheme
Corporate volunteering programme and encouraging employee participation
Extend volunteering initiatives to the environmental eld.
Human
rights
Due diligence and risks
Design and implement a Human Rights Policy
Initiate the implementation phase of Due Diligence
Communication and remediation channel Dene the procedure for the effective handling of human rights complaints
Monitoring and control Update the corresponding internal procedures following the approval of the Human Rights Policy
Transparency and reporting
Disseminate the policy internally and externally to relevant groups
Develop an awareness and training plan at corporate level by function
Sustainable
nancing ESG-linked supplier nancing Study and implement, where appropriate, improvements in supplier nancing according to ESG criteria
EXTERNAL PARTNERSHIPS
Ongoing
Completed Pending
SDG 12
SDG 17
SDG 13
SDG 16
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THEME STRATEGIC LINES ACTIONS PROGRESS SDG
Good
governance
Policies and procedures
Develop a Sustainability Policy and review and adapt to new regulatory requirements
Developing sustainability policies
Dene a human rights complaints procedure
Environmental responsibilities
Structure the tree of responsibilities of management and each area with the Climate Change Strategy
Report to management on the status of the strategy and the achievement of actions
Report and oversee the identication and assessment of climate-related risks by the Risk Committee.
Remuneration
and incentives
Variable remuneration linked
to ESG criteria
Align monetary targets to incentivise the implementation of the Climate Strategy.
Implement a system of non-monetary incentives for all employees.
Transparency
and reporting ESG assessments and ratings
Tendam reporting improvement plan (TCFD, SASB, GRI, ECOVADIS, CDP)
Review and update of reporting in line with new European legislation
Risk
assessment
and risk
management
Human Rights Risks Develop an ad hoc agenda in case of relevant human rights events for discussion and treatment by the
Sustainability and Human Rights Committee.
New business
models Circularity Assess the feasibility of new business models and/or establish partnerships (subscription/rental/second-
hand models).
GOVERNANCE
Ongoing
Completed Pending
SDG 16
SDG 13
SDG 13
SDG 16
SDG 16
SDG 12
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Pillar (ESG Plan) Target Year 4 KPI 2024 Status Report
Reference
Diversity and
inclusion
60% women in management positions 2025 62% of women in management positions Page 99
50% women on the Board of Directors 2025 42% women on the Board of Directors
(3 out of 7 members) Page 99
Establishment of the Diversity and Inclusion Committee 2024 - -
Circular
economy:
product
50% apparel with sustainable features according to Tendam’s Sustainable
Product Standard 2025 56% Page 127
50% demand for Better Cotton in our apparel 2025 82% Page 128
Climate
Change
46.2% reduction in scope 1 and 2 GHG emissions (baseline year 2019) 2030 -79% Page 133
62% GHG emission reduction per €M of turnover of Scope 3 (base year 2019) 2030 -14,7% Page 133
Energy
100% renewable energy consumption 2029 87% Page 137
50% of stores with LED lighting in Spain 2026 41.5% Page 130
30% of stores with AA efcient equipment 2026 Nd -
Construction Having an environmentally certied logistics centre 2025 Illescas Logistics Centre with Leed Platinum
Certication -
Circular
economy:
waste
100% elimination of B2C non-recycled single-use plastics 2025
100% paper boxes and envelopes for online
shipments
99.4% of bags in stores are made of paper
Page 146
100% elimination of B2B non-recycled single-use plastics 2030 - Page 145-146
En cursoAlcanzado Pendiente
Objectives and progress
4 Fiscal year set for meeting the target.
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PRIORITY GOALS ACTIONS INDICATORS
5.1 Ending all forms of discrimination
against all women and girls around
the world.
We ensure best practice in recruiting and retaining talent, ensuring that we adhere to the principles of
equal opportunity and non-discrimination.
A specic training pack on equality and non-discrimination is provided to promote an inclusive
culture.
Our team is 86% female.
5.5 Ensuring the full and effective
participation of women, and equal
opportunities for leadership at all
decision-making levels in political,
economic, and public life.
We promote the Women Sponsoring Program for the promotion of women in the company’s
management positions.
We are part of the Empowering Women’s Talent initiative promoted by Teams and Talent.
We signed the Diversity Charter for the 2024–2025 period to further promote diversity and respect
in the workplace.
We set up collaborations with business schools and universities to offer training programmes and
scholarships aimed at the women in our team.
62% of women hold managerial positions.
We were awarded the Empowering Women’s Talent seal at
Talent Day 2024, recognising our work to promote equality and
empower women in the workplace.
5.C Adopting and strengthening
sound policies and laws applicable
to promote gender equality and
empowerment of all women and girls
at all levels.
We ensure compliance with the 2nd Equality Plan, making our commitment to equal opportunities
between women and men visible, following the guidelines established by the applicable legislation.
We have the gure of the Equal Opportunities Ofcer and the Equal Opportunities Committee, which
ensure non-discrimination of women who are part of Tendam, as well as compliance with the 2nd
Equal Opportunities Plan.
Various procedures are promoted: breastfeeding policies, sexual harassment prevention protocol and
protocol on inclusive language and the use of women’s image in communication messages.
The Board of Directors is effectively equal, with 3 of the 7
members being women, i.e. 42%.
Related material issues: Fair remuneration.
Contribution to the 2030 Agenda and the SDGs
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PRIORITY GOALS ACTIONS INDICATORS
8.5 By 2030, achieving full and
productive employment and decent
work for all women and men,
including young people and persons
with disabilities, and equal pay for
work of equal value.
We have renewed the cooperation agreement we signed with the ONCE Foundation in 2019 to join the
INSERTA Programme, with the aim of making our commitment to creating jobs for people with disabilities
more visible.
We remain committed to young talent and are working to create opportunities through our Professional
Internship Plan, in partnership with more than 250 entities.
Through our work inclusion programme, we promote the recruitment of people with disabilities and people at
risk of social exclusion to ensure that they live and work in a society where equal opportunities are guaranteed
for all.
1,231 trainees or scholarship holders in stores
15% rate of recruitment of trainees or scholarship
holders in stores
We work with 58 organisations to promote inclusion in
the labour market
8.7 Taking immediate and effective
action to eradicate forced labour,
putting an end to contemporary forms
of slavery and human trafcking,
and ensuring the prohibition and
elimination of the worst forms of child
labour, including recruitment of child
soldiers, and the effective abolition of
child labour in all its forms by 2025.
We have been a member of AMFORI since 2017. Its social and environment audits provide an international
framework to support actions aimed at reducing the risks associated with the supply chain.
The External Code of Conduct extends the company’s values and commitments to the Supply Chain, ensuring
effective measures to eradicate forced labour, slavery and human trafcking.
Social audits are carried out to detect any violation of the commitments made, along with semi-announced
visits to the factories.
In 2022, the rst Global Framework Agreement (GFA) was signed together with global unions to further
promote the implementation of international labour standards in the Group’s supply chain.
In 2024, Tendam joined the International Accord for Health and Safety in the Textile and Garment Industry
and the Accord Pakistan. These agreements aim to improve health and safety standards in the textile and
garment industry, and we are committed to ensuring safe working conditions in our factories.
354 social audits and 73 semi-announced factory
audits have been carried out to ensure compliance with
the ethical principles set out in the company’s Code of
Conduct.
100% of our apparel and accessories suppliers are
signatories to the External Code of Conduct.
8.8 Protecting labour rights and
promoting a safe work environment,
without risks for all workers, including
migrant workers, particularly migrant
women, and people with precarious
employment.
Thanks to our Health Protection Plan, we contribute to the safety and well-being through cardio protected
spaces, medical service, and workplace risk prevention.
We carry out recurrent Psychosocial Assessments to detect and address possible work climate problems in
the workplace.
Our Whistleblower System, in which we highlight Tendam’s Whistleblower Channel, which allows employees
and third parties to communicate, directly and condentially, queries and/or possible breaches of Tendam’s
Code of Conduct.
We have 27 Health and Safety Committees that enable the implementation and consolidation of the goals
established in health and safety matters, through continuous analysis and monitoring of the programmed
preventive activity.
100% of the workforce is covered by a collective
bargaining agreement and/or the relevant labour law.
OHS Policy and Prevention Plan in place
72 psychosocial assessments
3 occupational diseases have been detected
100% of the group’s facilities are covered under the
Health and Safety Policy.
8,314 hours of OHS training / 8,134 employees trained
Related material issues: Respect for human and labour rights in the supply chain.
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PRIORITY GOALS ACTIONS INDICATORS
12.2 By 2030, achieving sustainable
management and efcient use of
natural resources
Our brands are still committed to creating collections with more environmentally friendly materials and
processes, under our own Sustainable Product standard.
Strict product control that ensures compliance with required quality standards is one of the pillars on which
Tendam brands bases the quality of its apparel.
In 2023 the company was certied in the following Textile Exchange sustainable standards: GOTS and OCS
for organic content, and GRS and RCS for recycled content.
56% of our garments meet sustainable criteria. We have
surpassed, ahead of schedule, the target of reaching
50% by 2025.
We have surpassed our goal for 50% of the company’s
cotton demand to be Better Cotton by 2025, as 82% of
the company’s cotton is currently Better Cotton.
12.5 By 2030, considerably reducing
waste generation through prevention,
reduction, recycling and reuse.
We work to minimise and/or eliminate single-use plastics in our products, both in the plastic elements used
to transport the apparel to the point of sale and in the redesign of the packaging and the elements that allow
us to protect and present the products. The recycled plastic used in the Polybags is certied according to the
UNE EN 15343 standard.
Through the R[ECO]LLECT project we collect post-consumer garments in several of our Springeld stores
with three objectives: to repurpose, reuse or recycle these garments.
We have a textile reuse programme: the sale of apparel through the Involucrados project and donations to
non-prot organisations.
We have clothing and footwear collection containers at our ofces in Madrid and Barcelona.
More than 99% of in-store bags and 100% of packaging
used for online shipments are made of FSC and PEFC
certied paper/cardboard.
R[ECO]LLECT project to collect post-consumer garments
in 69 stores across Spain and Portugal. There have been
968 collections and a total of 2,695 packages.
25,410 garments have been donated to third sector
organisations to the value of 169,400 euros.
With ModaRe- 2,122 kg of garments have been
collected in our ofces in Madrid and Barcelona.
12.6 Encouraging businesses,
especially large and transnational
companies, to adopt sustainable
practices and incorporate information
on sustainability in their reporting
cycle.
We increase the transparency of our business by including public information on sustainability in various
channels: websites, social media, Sustainability Report, garment labelling, etc.
Through brand communication channels, we share information about the impact that our garments have in
the hands of the consumer, and raise awareness of the impact on the environment, offering advice to extend
the life cycle of the product.
We promote transparency by participating in ESG
assessments:
In 2024, we revalidated our EcoVadis Platinum medal
and obtained an A- rating in the Carbon Disclosure
Project (CDP) Climate 2023 (at the time of publication of
the report, we were awaiting the 2024 rating).
We use various reporting frameworks to improve our
sustainability reporting: TCFD, Carbon Footprint (GHG
Protocol) and European Taxonomy.
Related material issues: Product quality and safety, Plastic substitution, Garment collection and recycling, Efciency in the use
of raw materials, Minimisation of the impact on biodiversity, Mitigation of water pollution, Water management and Minimisation
of packaging.
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PRIORITY GOALS ACTIONS INDICATORS
13.1 Strengthening resilience and
adaptability to risks related to weather
and natural disasters in all countries.
The risks and opportunities arising from climate change are part of the company’s current Risk Map.
We have aligned our climate-related reporting to the recommendations of the TCFD (Task Force on Climate-
related Disclosures)
We have consolidated the Sustainability Committee within the Board of Directors to oversee sustainability.
13.2 Introducing measures related to
climate change in national policies,
strategies, and plans.
We made progress in developing the decarbonisation roadmap towards the Decarbonisation Plan.
We continue our Bosque Springeld (Springeld Forest) emissions offsetting programme.
We expand the use of renewable energy and implement energy efciency measures in our stores.
Promote sustainable mobility actions.
Participation and involvement in environmental
initiatives: Fashion Pact, 1.5º C Business Ambition,
UN Fashion Charter for Climate Action and UN Global
Compact.
We added 40,000 trees to our Bosque Springeld
[Springeld Forest] programme.
At the close of 2024, 100% of the energy purchased in
stores, ofces and logistics centres in Spain and Portugal
was renewable.
Sustainable mobility 74.2% eco taxis.
Related material issues: GHG emissions management, waste management and energy management.
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PRIORITY GOALS ACTIONS INDICATORS
16.5 Substantially reducing corruption
and bribery in all their forms.
We are committed to ghting fraud, corruption, bribery, money laundering and the nancing of terrorism. To
ensure transparency and to combat unethical and dishonest practices and behaviour, the company has put
in place various procedures, measures, and controls.
We have a robust ethics and compliance training programme, including specic training on corruption and
bribery, criminal compliance and the code of conduct.
We have a Compliance Department and a Compliance Manager.
1,079 of the group’s own stores have been audited for
internal control purposes
3,669 employees in Spain have been trained in the Code
of Conduct since their incorporation
16.6 Creating effective, transparent,
and accountable institutions at all
levels.
Our ethical principles are set out in the Code of Conduct , which requires a commitment to ethical behaviour
and strict compliance with the law in the performance of our activity, rejecting any illegal business practice,
as well as any inappropriate behaviour in the working environment.
100% of garment manufacturers accept the Code
of Conduct, therefore ensuring the extension of the
company’s values throughout the supply chain.
100% of employees have signed the Internal Code of
Conduct.
PRIORITY GOALS ACTIONS INDICATORS
17.16 Enhancing the global
partnership for sustainable
development, complemented by multi-
stakeholder partnerships that mobilise
and share knowledge, expertise,
technology and nancial resources,
to support the achievement of the
sustainable development goals in
all countries, particularly developing
countries.
Our contribution to the Sustainable Development Goals is materialised through collaboration with other
entities to promote networking, innovation and talent management, contributing to the betterment of
society.
We participate in various initiatives together with our stakeholders such as discussion forums and learning
circles and we are present in national and international industry organisations to keep abreast of the latest
trends, contribute to the transformation of our industry and stay close to the main market players.
We are proud to have joined the Fashion Pact, Business
Ambition 1.5°C, the UN Charter for Climate Action, the
UN Global Compact and the SERES Foundations, among
others.
In 2023, together with Decathlon, H&M, IKEA, Inditex,
Kiabi and Mango, we founded RE-viste, the association
for the collective management of textile waste. New
members have joined this year, including El Corte Inglés,
Sprinter/JD and Primark.
Related material issues: Transparency in management, corporate culture and codes of conduct.
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Sustainable Apparel Coalition
(Cascale)
Since 2023, Tendam has been a candidate
member of Cascale, formerly known as the
Sustainable Apparel Coalition. This platform unites
over 300 members from 36 countries, including
brands, manufacturers, and institutions within the
textile sector. Its mission is to promote responsible
practices within the supply chain. Our membership
enables us to engage with the community and
access valuable resources like the Higg Index,
paving the way for a seamless transition to full
membership.
RE-VISTE
Tendam founded RE-VISTE together with
Decathlon, H&M, Inditex, IKEA, Kiabi and Mango.
RE-VISTE is the rst Collective System of
Extended Producer Responsibility (EPR) in Spain
for textile and footwear recycling. The association
is adding new members, including El Corte
Inglés, Sprinter/JD and Primark, and is seeking
to transition to a circular production model by
appropriately treating textile waste.
RE-VISTE intends to comply with the extended
responsibility of the producer, resulting from the
transposition process of Directive 2008/98/EC on
waste through the new Law 7/2022 on waste and
contaminated soil for a circular economy
Strategic alliances
In order to advance our sustainability goals and contribute positively to sustainable development, Tendam encourages the formation of strategic alliances.
We believe it is crucial to build transparent and collaborative relationships with a variety of organisations, and we actively participate in national and international
sector organisations. By participating in working groups and steering committees, we share experiences and collaborate to achieve shared objectives.
Textile and Fashion Observatory
Tendam holds the vice-presidency of the Textile
and Fashion Observatory, a forum that promotes
sustainability and circularity in the textile and
fashion sectors. The Observatory’s work is aligned
with the European Union’s 2030 Strategy. This
platform for business cooperation and public-
private coordination aims to encourage change
throughout the sector’s value chain.
Better Cotton
Tendam has been a member of Better Cotton since
2021. This initiative has more than 2,700 members
worldwide and its mission is to help cotton
communities survive and thrive, while protecting
and restoring the environment. At Tendam we are
committed to sourcing 50% of our cotton as Better
Cotton by 2025.
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Diversity Charter
Tendam is a signatory to the Diversity Charter,
a voluntary initiative based on respect in the
workplace, which promotes equality, diversity and
inclusion. We renew our commitment to its ten
principles every two years.
United Nations Climate Change
Global Action
An initiative of the United Nations, this is a portal
where the different public and private actors can
show their progress in favour of the commitment
to act against climate change. This online platform
was launched in 2014. Tendam participates in
this way by presenting the measures it is taking to
achieve SDG 13 Climate Action.
The Fashion Pact
Tendam has joined a coalition of leading global
fashion companies that have committed to
environmental goals related to climate change,
biodiversity, and the oceans. We are actively
involved in the decision-making process of this
organisation through our participation in its
Operating Committee.
Carbon Disclosure Project (CDP)
CDP is a global non-prot organisation that operates
the world’s only independent environmental
disclosure system.
In 2023, Tendam received an A- climate rating in
the CDP assessment. At the time of publishing
this report, the result of the 2024 assessment
had not yet been released. This achievement is
demonstrated by initiatives such as our Climate
Roadmap, established in 2020, and the approval of
our emissions reduction targets by the SBTi in 2021.
UN Global Compact
The United Nations Global Compact is one of the
largest corporate sustainability initiatives and
aims to align business strategy and operations
with ten principles in the areas of human rights,
labour rights, the environment and anti-corruption.
Tendam joined the Global Compact in 2002 and is
working to become an agent of change, extending
sustainability and promoting human rights
throughout its value chain.
Forética
Forética is a reference organisation whose mission
is to integrate environmental, social and good
governance aspects in companies and other
types of organisations. Tendam joined in 2020 to
reinforce its commitment to further advance the
incorporation of sustainability into its strategic
business decision-making.
Zero Discharge Hazardous
Chemicals (ZDHC)
Since 2021, Tendam has been a partner of
the Roadmap to Zero programme of ZDHC, an
organisation that brings together more than 150
brands and suppliers in the textile and footwear
sector. This initiative aims to reduce the chemical
footprint in the supply chain, promoting more
sustainable and safer manufacturing processes for
consumers, workers and ecosystems.
Science Based Targets Corporate
Climate Action (SBTi)
The company submitted its science-based targets
to the SBTi in 2020 and was approved in 2021.
This initiative provides a clear path to companies
to reduce their carbon footprint in line with the
goals of the Paris Agreement. Launched in 2015,
it is an alliance between the Carbon Disclosure
Project (CDP), the United Nations Global Compact,
the World Resources Institute (WRI) and the
World Wide Fund for Nature (WWF).
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Alliances with sectoral organisations
Tendam maintains an active participation in various national and international
organisations in the textile and fashion sector, contributing through its governing
bodies, committees and working groups. These alliances include:
Asociación de Creadores de Moda de España (ACME)
Asociación Empresarial del Comercio Textil, Complementos y Piel (ACOTEX)
Asociación Española de Calidad (AEC)
Confederación Moda España
Asociación Española del Pacto Mundial de Naciones Unidas (ASEPAM)
European Branded Clothing Association (EBCA)
Federación Española de Empresas de la Confección (ASECON)
Foro de Marcas Renombradas Españolas (FMRE)
Foro Inserta-Once
Foro Social de la Industria de la Moda
Spanish Textile Retail Association (ARTE)
Spanish Fashion Academy Foundation (FAME)
Business Ambition for 1,5ºC
Tendam is one of more than 1,000 companies that
have signed the “Business Ambition for 1.5°C”
campaign, led by the Science Based Targets
initiative (SBTi). This commitment involves setting
emission reduction targets aligned with limiting
global warming to 1.5°C above pre-industrial
levels and achieving net zero emissions by 2050.
Foro Social de la Moda
Tendam participates in the Foro Social de la Moda
[The Fashion Social Forum] a platform for dialogue
in Spain that integrates trade union organisations,
NGOs, companies and other entities in the sector.
The aim of the forum is to promote social, environ-
mental and economic sustainability within the fas-
hion industry by addressing issues such as labour
conditions within supply chains and the adoption
of responsible scal practices.
Fundación Seres
We are part of the Seres Foundation along with
150 other companies, with the aim of promoting
actions to benet society and promote individual
and collective learning. The ultimate purpose is to
generate value for all parties.
Fundación Lealtad
A not-for-prot organisation, of which we have
been a member since 2003, to support the work
of disseminating transparency in the third sector
and promoting its best practices. Its mission is
to promote society’s trust in foundations and
associations and to increase cooperation with
individuals and institutions.
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WE ARE GOOD
GOVERNANCE
03.
Corporate Governance / 57
Sustainability Governance / 61
Ethics and transparency / 66
Regulatory compliance / 72
Information security / 74
Respect for Human Rights / 77
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Corporate Governance
The Tendam Group’s corporate governance system is based on ethical values, transparency, and a commitment to continuous improvement, ensuring efcient and
rigorous business management.
Our sustainable growth strategy is geared towards generating
protability and creating value for all our stakeholders. Our
internal organisation incorporates national and international good
governance and compliance practices and recommendations as
part of the organisation’s compliance system.
Tendam’s corporate governance structure is made up of bodies
charged with direction, management, supervision and control.
BOARD OF
DIRECTORS
GENERAL
SHAREHOLDERS’
MEETING
Audit
and Risk
Committee
Sustainability Committee
Appointments and
Remuneration Committee
Sustainability and Human
Rights Committee
Risk Committee
Ethics
Committee
MANAGEMENT
COMMITTEE
General Shareholders’ Meeting
Shareholder composition
Tendam Brands, S.A.U. is the parent company of the set of companies that make up Tendam.
As of the date of this report, the company is 50% owned by CVC Capital Partners and PAI
Partners through the company Castellano Investments, S.a.r.l.
Tendam owns 100% of the share capital of Tendam Fashion S.L.U., and through it, 94.26% of
the share capital of Tendam Retail S.A. Formally, Tendam Fashion S.L.U. holds a 92.29% stake.
Leaving aside the Company’s treasury stock, the effective holding and the associated voting
rights represent 94.26% of the share capital. The remaining shares are owned by a small group
of minority shareholders.
On 25 February 2025, the group announced the pending acquisition of a 67.91% stake in
Castellano Investments, S.a.r.l. by MG Ventures Holding LLC (Multiply Group), which is subject
to approval by the competent authorities.
Shareholder and investor relations
Throughout 2024, the company maintained continuous contact with shareholders, analysts and
investors to meet their information needs on the Group’s overall performance.
The Investor Relations Department maintains permanent contact with the market to provide
information and attend to these stakeholders’ requests, proposals and expectations.
The General Shareholders’ Meeting
is the body in which shareholders
are represented. Its powers and
functioning are regulated by the
Articles of Association and current
legislation.
Its functions include approving
the nancial statements and the
proposed allocation of prots,
the performance of the Board of
Directors, the remuneration of the
board members and the Group’s
Strategic Plan. The Sustainability
Report is part of the Management
Report and is therefore subject to
approval by the Board.
General meetings may be annual or
extraordinary. The Annual General
Meeting is held within the rst six
months of the nancial year, and the
2024 General Meeting was held on
22 July 2024.
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Board of Directors
The Board of Directors is the highest body responsible
for the representation, direction, management and
control of the Tendam Group. As set out in the Articles
of Association, its functions include dening general
guidelines, policies and strategies, and supervising and
controlling corporate management. The board also
ensures that the interests of shareholders, employees,
customers and other stakeholders are protected.
The Tendam Brands Board of Directors comprises eight
members in total: a Chairman, who also serves as CEO,
and six members, equally distributed to represent the
controlling shareholders. The Board’s secretary is not a
director.
The Board’s structure, number of members and
qualications are aligned with the organisation’s needs
and strategy, thus guaranteeing efcient and dynamic
business management. Directors are appointed for a
statutory period of six years, and may be re-elected for
successive terms of the same duration indenitely.
As the number of members is odd, the objective of parity on the board can be considered
met. This milestone has been maintained since 2022, with the target of having 50% women
on the board by 2025 being met ahead of schedule.
The Board of Directors meets, on an ordinary basis, ten times a year. Attendance was 100%
at all meetings.
Women Men
Board Members
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Delegate committees
For its proper functioning, the Board has three delegated
committees that are advisory in nature.
The Audit and Risk Committee oversees the preparation
and presentation of the nancial information, monitors
compliance with legal requirements and supervises and
evaluates the company’s risk management and corporate
governance systems (including ESG risks). It also oversees
the Internal Audit Department and the Ethics Committee.
The mission of the Ethics Committee is to ensure
compliance with the Group’s Code of Conduct and other
ethical and compliance policies. The Compliance Manager
acts as committee secretary.
The Sustainability Committee oversees sustainability
policies in the social, environmental, human rights,
health and safety areas of the products marketed by the
Group and supervises the preparation of non-nancial
information. It also monitors compliance with the strategic
sustainability plan, recommends actions in this area and
analyses reports from the Sustainability and Human
Rights Committee, submitting recommendations to the
Board.
The Appointments and Remuneration Committee
formulates and reviews the criteria for determining the
remuneration of directors and members of the Group’s
management team and denes succession plans for
members of the Management Committee.
Member Prole Committee
memberships
Date
appointed *
Jaume Miquel Naudí Chairman and CEO Chairman
21/09/2017
21/09/2017
31/05/2019
José Antonio Torre de Silva y López de Letona
representing Theatre Directorship Services Beta, S.A.R.L.
Non-executive
Director
Chairman
Member 27/07/2017
Federico Conchillo Armendáriz Non-executive
Director
Member
Member 27/07/2017
Julie Gautier Non-executive
Director Member 26/03/2021
Álvaro Sendagorta Cudós
representing Theatre Directorship Services Delta, S.A.R.L.
Non-executive
Director Member 27/07/2017
Marta Martínez Alonso
representing Theatre Directorship Services Alpha, S.A.R.L.
Non-executive
Director Member 27/07/2017
Laura Muries Fenoll Non-executive
Director
Chairwoman
Member 27/07/2017
Ramón Hermosilla (**) Non-director
Secretary
Secretary
Secretary
Secretary
20/12/2024
* The average length of service of Tendam Brands’ board members is 5.7 years.
** During the year, Mar Oña left the company and was replaced as Non-director Secretary by Ramón Hermosilla.
Conicts of interest
Directors are required to inform the rest of the Board of any direct or indirect conict of interest that they or persons
related to them may have with the company’s interests.
Likewise, they are banned from conducting activities, on their own behalf or on behalf of a third party, which entail
effective competition with the company.
Audit and Risk Committee Sustainability Committee Appointments and Remuneration Committee
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Management committee
The Management Committee is
supported by:
The Risk Committee, which is
responsible for defining, supervising
and controlling risks, including those
related to sustainability, as drawing up
and monitoring the risk map.
The Sustainability and Human
Rights Committee, which is in charge
of promoting and supervising the
Sustainability Plan, and overseeing the
implementation of, and compliance
with, related policies.
Promoting gender diversity in
management positions
The Appointments and Remuneration
Committee is responsible for ensuring
that the selection procedure for directors
and senior management is inclusive and
encourages the presence of women.
The percentage of women on the
Management Committee is 27.3%,
although 62% of management positions
are held by women.
Tendam has a specic programme to
promote the representation of women
in management positions (known as
Tendam Women Sponsoring) which is
bringing excellent results.
Remuneration policy
In accordance with Tendam’s Articles of Association,
members of the Board of Directors will not receive, in
their capacity as members of the Board of Directors,
any remuneration. However, the chairman and
directors with executive functions are entitled to
remuneration, the amount of which is determined by
the Board of Directors.
This remuneration may consist of a xed amount,
a variable amount related to meeting targets,
remuneration in kind or contributions to long-term
savings plans. They may also receive severance pay
and compensation for any post-contractual non-
compete obligations.
In the case of Tendam’s Board, the Chairman and
CEO is the only one who receives remuneration,
given his executive duties, which consists of a xed
amount plus a variable amount based on achieving
objectives. He is also entitled to severance pay and to
compensation for his post-contractual noncompete
obligations.
In 2025, the total gross remuneration paid to the
company’s chairman, CEO, and all senior management
for all items amounted to 7,486,316 euros. Broken
down by gender, the average gross annual salary
was 738,292 euros for men and 558,298 euros for
women.
Member Role
Jaume Miquel Chairman and CEO
Manuel Serrano Chief Financial Ofcer
Manel Jiménez Head of Supply Chain and Operations
Pedro Esquivias Chief Customer Ofcer
Elisa Gómez de Bonilla (*) Chief Legal Ofcer
Javier Figar General Manager of Global Retail and Fifty
Eva Romeo General Manager of Women'secret, Dash and Stars and HI&BYE
(specialist segment)
Carlos Domínguez General Manager Springeld and High Spirits (youth segment)
Marie Castellví General Manager of Corteel, Pedro del Hierro, Hoss Intropia,
Slowlove and OOTO (adult segment)
Antonis Kyprianou Franchise General Manager
Ramón Amorós HR General Manager
Management Committee
27.3%
62%
women on the
Management Committee
of management positions
are held by women
(*) During the year, Mar Oña left the company and was replaced as Chief Legal Ofcer by Elisa Gómez de
Bonilla.
Responsible for ensuring the guidelines
set by the Board are implemented, and for
directing and coordinating the day-to-day
management of the business. To this end,
it establishes operational strategies for the
different brands and corporate units aimed
at achieving goals.
Each segment directorate also has its own
committee to manage the Group’s different
brands.
The Management Committee comprises 11
members, three of whom are women: i.e.,
27.3% female representation.
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Within this framework, the Sustainability Department, together
with the various corporate and business areas, is responsible
for carrying out the double materiality exercise, which involves
identifying, prioritising and managing the organisation’s most
relevant ESG impacts, risks and opportunities.
Sustainability ofcers collaborate closely with the Sustainability
Department, to ensure the proper management, measurement
and communication of progress in their area, in line with the
global strategy guidelines. The Sustainability Department,
supported by Internal Audit, also continuously monitors
the Sustainability Plan and reports on its progress to the
Sustainability and Human Rights Committee every quarter and
to the Sustainability Committee of the Board of Directors twice a
year.
The Management Committee’s involvement in ESG issues
ensures that sustainability is a shared responsibility throughout
the organisation, fostering a culture of ethical commitment and
transparency.
We have therefore integrated climate goals into the variable
remuneration of our Board of Directors and Management
Committee. Specically, 10% of its EBITDA performance-related
bonuses are contingent upon meeting absolute greenhouse gas
emission reduction targets. This reinforces our commitment to
climate change management at all levels of the organisation and
promotes a culture of environmental responsibility.
In 2022, more than 160 company executives participated in a
specic training programme on sustainability and ESG provided
by ISEM-University of Navarra. A comprehensive human rights
and due diligence training plan for employees and managers
has also been implemented in collaboration with the SERES
Foundation, strengthening the capacity of the governing bodies
to effectively monitor sustainability challenges and opportunities.
Directors have access to forums and reference clubs, such as the
PAI Sustainability Club, where they can share best practices on
sustainability in the nancial sector.
Through this governance framework, Tendam reafrms its
commitment to integrity, transparency, and honesty in business
performance. The active involvement of all teams, together with
the professionalisation and specialisation of management and
supervisory bodies, puts the Company in a strong position to
anticipate major ESG challenges and seize opportunities on its
path towards a sustainable future.
Sustainability Governance
At Tendam, sustainability is driven from top management and permeates the entire organisational fabric, thus establishing a solid, cross-functional internal
governance system. The Board of Directors denes the overall sustainability strategy, and the Management Committee ensures the implementation and execution
of initiatives under its direction. The Sustainability Committee, as an advisory body, and the executive Sustainability and Human Rights Committee coordinate and
monitor progress on ESG issues, aligning strategic priorities with the action plans of each area.
This governance model is based on three main
pillars.
Firstly, each area and each department
develops procedures, policies and
commitments to ensure compliance with
corporate sustainability objectives.
Secondly, teams across the value chain
implement initiatives consistent with the
brands’ essence and the needs of their
respective markets.
Finally, global projects and alliances are
undertaken to reinforce the Company’s
purpose and enable knowledge sharing and
synergies between the different business
units.
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Sustainability governance in Tendam
BOARD OF DIRECTORS
Sustainability
Commitee
Audit and Risk
Committee
Ethics Committee
Sustainability and Human
Rights Committee
CORPORATE MANAGEMENT
Body responsible for overseeing
compliance with the strategy
and creation of working groups
for its execution
Other areas
involved
Sustainability
Department
Body responsible for
advising the Board
of Directors and
overseeing proposals on
sustainability issues
Body reporting to the Audit and
Risk Committee, whose mission
is to ensure compliance with the
Code of Conduct
MANAGEMENT COMMITTEE
Sustainability committee
Since its creation in December 2022, Tendam has had an
Advisory Committee to the Board of Directors.
This body is chaired by the Chairman and CEO of the company
and comprises two additional female directors.
Its main duties are supervising sustainability initiatives in the
social, environmental, and human rights areas, as well as the
health and safety of products marketed by the company. The
committee is also tasked with overseeing stakeholder relations
and verifying ESG-related non-nancial information.
This committee plays a pivotal role in liaising between the
Group’s management and the Board of Directors to ensure
strategic alignment in these areas.
SUSTAINABILITY COMMITTEE
Jaume Miquel
Chairman
Julie Gutier
Member
Marta Martínez
Member
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Sustainability and human rights committee
The Sustainability and Human Rights Committee was also created in 2022. Working under
the coordination of Corporate Management, the committee meets three times a year to
perform its assigned functions:
Monitoring the progress of the goals and actions set out in the Strategic Sustainability
Plan.
Monitoring the contributions to the Sustainable Development Goals (SDGs).
Monitoring the implementation of the Human Rights and Due Diligence Policy.
Monitoring compliance with the Human Rights and Due Diligence Policy.
Supervising and monitoring compliance with the external and internal regulatory
framework on sustainability and Human Rights.
Approving minor policies and action protocols.
Establishing and coordinating working groups on ESG matters.
Monitoring public information on sustainability.
Overseeing the double materiality analysis.
Sustainability and Human Rights Committee
Ignacio Sierra Chief Corporate Ofcer
Luis Mesa Internal Audit Ofcer
Mar Oña Chief Legal Ofcer
Manel Jiménez Chief Supply Chain Ofcer
Ramón Amorós Chief HR Ofcer
Pedro Esquivias Chief Customer Ofcer
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Governance of material issues
The corporate sustainability team works across the company’s various departments, especially those linked to product and
marketing of our brands, as well as human resources, the supply chain, customer and legal affairs, among others. This close
collaboration enables continuous, effective and holistic communication between the company’s different units.
For its part, the sustainability department implements and monitors sustainability
policies, targets and indicators. Specically:
It reports directly to the Chief Executive Ofcer and to the relevant designated
bodies, which report to both the Management Committee and the Board of
Directors.
It monitors key indicators and progress against dened targets with senior
management -CEO, CFO, chief risk, security and compliance ofcer.
It works with the brands, coordinating and motivating their managers to
implement the company’s sustainability purpose and strategy.
As part of the company’s environmental strategy, the risks and opportunities
arising from climate change are part of the company’s current risk map and
therefore the Board of Directors oversees the climate strategy.
The Audit and Risk Committee, one of the Board’s key advisory bodies, is tasked
with ensuring compliance with the mitigation and correction plans related to
climate risks. Identifying and assessing climate-related risks and opportunities is
critical to managing our business and dening our short, medium and long-term
strategies. In addition, this year we have conducted a Double Materiality exercise,
in which risks and opportunities associated with climate change adaptation and
mitigation have been identied.
We have adopted the recommendations of the Task Force on Climate-related
Financial Disclosure (TCFD) to improve our understanding and reporting on the
risks and opportunities derived from our activity in relation to the climate. Please
refer to the relevant section in Chapter 7 for more information on this topic.
Structure level Body Functions
Board of
Directors
Sustainability Committee
Comprising Tendam’s chairman
and CEO and two female
directors.
Its main functions are to oversee the company’s propo-
sals in the social, environmental, human rights, health
and safety areas of the products marketed, as well as
relations with the various stakeholders within the scope
of its competencies. The committee also monitors com-
pliance with the ESG Plan, receives and analyses reports
from the Sustainability and Human Rights Committee,
and makes recommendations to the Board.
Audit and Risk Committee
FComprising members of the
Board of Directors, it acts as an
advisory body reporting to the
Board of Directors.
The Audit and Risk Committee is responsible for
overseeing enterprise risk management and mitigation
activities across a range of risks, including ESG risks.
Management
Committee
Sustainability and Human
Rights Committee
Comprising the general managers
of supply chain, sustainability,
legal, customer, HR and internal
audit.
A collegial body responsible for the oversight of the ESG
roadmap, as well as the implementation and enforcement
of ESG policies and contribution to the SDGs.
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The role of the CEO in the
governance of ESG issues
The Chairman of the Board of Directors and Chief
Executive Ofcer plays a pivotal role in formulating,
driving and executing the company’s sustainability
strategies. He is responsible for ensuring the
allocation of the necessary nancial, human and
strategic resources for their implementation.
As Chairman of the Sustainability Committee,
the CEO reports to the Board of Directors on
progress and challenges relating to sustainability
and climate change. The committee meets twice a
year to oversee the development and fullment of
the goals set out in the company’s ESG Strategy,
which incorporates environmental and climate
commitments. The committee proposes adjustments
or improvements as required. The Sustainability
and Human Rights Committee monitors compliance
with climate and sustainability goals, identifying
any deviations and, if necessary, activating a specic
team to develop immediate corrective action plans.
The CEO demonstrates his commitment to
sustainability by participating in various forums,
such as the Wake up, Spain! forum and the third
edition of the SDG Observatory. He is also a
member of the Executive Committee of the SERES
Foundation (Fundación Sociedad y Empresa
Responsable), actively contributing to the integration
of sustainability into the business fabric.
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Internal Code of Conduct
The Code of Conduct is Tendam’s fundamental internal regulation. It has been approved by the Board and all professionals in the group are obliged to
understand it and comply with it.
It establishes the values, principles, and standards of behaviour required of its directors, managers, and employees, as dened in the following sections:
The company incorporates these values into its
corporate culture and strategies through the
following key tools:
Internal Code of Conduct, which sets out the
values, principles and standards of behaviour
to be followed by directors, managers and
employees.
External Code of Conduct for suppliers,
which extends Tendam’s ethical standards
to its supply chain. Acceptance of this code is
mandatory for all suppliers and franchisees
that work with us.
Awareness and training programme,
aimed at strengthening the culture of ethics,
compliance and crime prevention within the
organisation.
Our Whistleblower System, in which we
highlight Tendam’s Whistleblower Channel,
which allows employees and third parties to
communicate queries and/or possible breaches
of Tendam’s Code of Conduct directly and
condentially.
Ethics Committee, a body responsible for
promoting a culture of compliance and, among
other things, preventing criminal offences.
Through the Compliance Department and
the Compliance Manager, it supervises and
reinforces the implementation of the company’s
Crime Prevention and Detection Model.
Compliance with the law
Using and protecting
corporate resources
Counterfeiting of means of payment
Commitment to human and
labour rights
Corporate image and reputation
Transparency and record-
keeping
Respect for people
Conicts of interest
Personal data privacy
Honesty, integrity and
excellence
Political neutrality
Bribery and corruption
Respect for the environment
Condentiality, market behaviour and
respect for free competition
Intellectual and industrial property
The health and safety of
people
Money laundering and payment
irregularities
External Code of Conduct
Ethics and transparency
Tendam is unwavering in its commitment to conducting business activity with integrity, based on ethics, transparency and honesty.
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External code of conduct
Tendam extends its commitment to ethics and compliance through
its values and principles to its supply chain and to other third
parties it works with as part of its business activity.
To this end, Tendam has established an External Code of Conduct,
which is mandatory for all suppliers and franchisees.
This External Code of Conduct is available in 18 languages and
establishes a regulatory framework that all suppliers must adhere
to. It sets out 12 fundamental principles of action aligned with
the values of the United Nations Global Compact, of which the
Group is a signatory, and the guidelines of the International Labour
Organisation (ILO).
Ethical principles set out in the external code of conduct:
1. Support and respect for protection of human rights proclaimed
internationally in its area of inuence
2. Non-complicity with abuse of rights
3. Health, safety and hygiene
4. Pay and benets
5. Maximum working hours
6. Defence of freedom of association and the right to collective
bargaining
7. Elimination of all forms of forced and compulsory labour
8. No child labour
9. Non-discrimination
10. Respect for the environment
11. Compliance with the laws
12. Supervision
Communication to suppliers
The Group’s Procurement Policy stipulates that its commercial contracts
must include the contractual obligation to adhere to the External Code of
Conduct. This is a prerequisite for entering into a business relationship
with our suppliers and other business partners, as well as a way to
promote ethical and responsible business models. In addition, in 2023,
Tendam added a new clause to its standard terms of business for
suppliers of apparel and accessories that requires them to inform their
employees and subcontractors of the existence of the Whistleblower
Channel and the content of Tendam’s External Code of Conduct.
The Code of Conduct is available in three languages
and is available to all stakeholders on the Group’s
website and intranet.
When they sign their employment contract, Group
employees are required to sign a specic clause stating
that they accept the Code of Conduct. In addition, they
have to take a specic training course on this internal
standard.
The internal Code of Conduct is regularly reviewed and
updated as appropriate. Tendam’s Board approved the
latest version of its Code of Conduct on 27 October
2023.
Onboarding training
At Tendam’s headquarters, a new
employee onboarding process was
implemented in 2021, including a training
session on the Code of Conduct.
The Code of Conduct is disseminated to
the staff of the store network in Spain
through a training plan supported by
collaborative tools and audiovisual
materials.
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Employees trained 540
Hours of training 1,080
Ethics and compliance training and awareness
En 2023 se ha llevado a cabo las siguientes formaciones:
Compliance training
Training on Internal Controls
Training on the Code of Conduct
2024 2023 2022 2021
Employees trained 96 83 174 154
Hours of training 192 166 348 308
2024 2023 2022 2021
Employees trained 3,669 5,900 3,869 597
Hours of training 7,055 13,760 7,738 1,194
In 2024, training in Criminal Compliance continued for managers and other
employees located at our headquarters in Madrid. In addition, two specic
remote training sessions have been held focusing on supply chain and
intellectual property.
Each year, training is provided to employees of the store network group’s
brand, as well as to specic areas of our Madrid headquarters through the
business school.
3,206
employees from the
current Spanish workforce
received training on the
Code of Conduct, during
the year
Tendam has specic Training and
Awareness Plans on the Code of
Conduct and other matters related to its
ethical and compliance culture:
Prevention of criminal offences
General Data Protection Regulation
Information security
Training programme on internal
fraud control and prevention in
stores
Both the Code of Conduct and the
corporate policies and procedures
are available to employees and other
stakeholders through the Group’s
intranet and corporate website.
Scope: Spain.
Scope: Spain.
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Whistleblower Channel
The company has a Whistleblower Channel as part of
Tendam’s Whistleblower System, available in 8 languages
and accessible from the corporate website, as well as from
the Group’s intranet.
This channel helps the organisation to prevent or
detect improper conduct contrary to the ethical values,
commitments, and good practices that must be applied
to the management of Tendam’s business, as set out
in the Code of Conduct and current legislation. The
Whistleblower Channel is also a tool for resolving queries
or doubts about Tendam’s Code of Conduct.
The Board of Directors of Tendam has appointed the
Ethics Committee to oversee the proper functioning of the
Whistleblower System. The Ethics Committee, in turn, has
delegated management of the Whistleblower Channel
to the Group’s Compliance Manager and secretary of the
Ethics Committee.
The principles of action that inspire the Whistleblower
System and, consequently, govern the Whistleblower
Channel, are as follows:
Accessibility
Compliance with the law
Non-Disclosure
Anonymity
Effective handling of reports led
Presumption of innocence and the right to honour
Right of defence
Principle of unrestricted weighing of evidence
Independence, impartiality and absence of conicts of
interest
Principle of good custodial practice
Reasonableness and proportionality
No reprisals
In addition to the Whistleblower Channel, any employee
can contact the Ethics Committee, via a specic email
address, and make any enquiries regarding the Code of
Conduct or submit any questions related to Tendam’s
Crime Prevention and Detection Model.
In 2024, the Whistleblower Channel received
1,252 visits, 10% less than the previous year. All
communications and information received were
processed in accordance with the internal procedures
established for this purpose. 105 incidents were reported,
of which 84 were validated. 73,3% of the complaints
received during this period were in the Human Resources
category. At the end of the year, there were 8 complaints
pending resolution. In relation to the Whistleblower Channel, the Whistleblower System Policy and Report
Management Procedure were approved by the Board of Directors in 2023.
*Complaint concerning the HR category. International
Category Related matters 2024 2023 2022
HR
Harassment, discrimination and abuse 69 41 32
Conduct contrary to corporate
standards 717 8
Conflicts of interest 01* 1
Manifest and repeated negligence in
performance 021
Other categories 14 3
Fraud
Theft or removal of company property
by employees and/or suppliers 010
Corruption involving suppliers or
customers 00 0
Other legal or regulatory breaches 55 1
Other categories of fraud 212
Compliance 00 0
Human Rights 00 0
Rejected 21 82
Complaints received through the Whistleblower Channel
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Whistleblower Report Management Procedure
The Whistleblower Report Management Procedure is an integral part of
Tendam’s Whistleblower System and is governed by the principles and rules
set out in the Whistleblower System Policy approved by the Board.
The procedure follows dened steps to ensure complaints and reports are
tracked and followed up on at all times.
Access to the channel.
2. Submitting reports/complaints and classication by category.
3. Receiving and ling the reports/complaints. Preliminary assessment
of the reports/complaints and the evidence provided.
4. Assessment of admissibility or inadmissibility.
5. Investigation/inspection phase. Investigations into reports will be
governed by the Protocol for Investigating Reports/Complaints received
through the Whistleblower Channel.
6. Report on conclusions.
7. Preparation of a Remediation Plan (where appropriate).
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Ethics committee
The Ethics Committee is composed of the Human Resources,
Legal, Internal Audit and Compliance Managers. It reports to the
Audit and Risks Committee
Its functions include the following:
Promoting and monitoring Tendam’s ethical and compliance
culture.
Promoting and monitoring compliance with its Code of
Conduct.
Promoting, supervising and adapting the Crime Prevention and
Detection Model.
Establishing, where appropriate, the necessary actions to
remedy any detected ethics and compliance incidents.
Examining projects that need to be aligned with the Group’s
ethical and compliance culture.
The Ethics Committee meets regularly, although it may hold
special meetings where circumstances and needs dictate. In 2024,
the committee met formally on ve occasions.
Crime prevention and detection manual
At Tendam, we have mechanisms in place for preventing crime
that are provided in the Group’s Crime Prevention and Detection
Model. Specically, we have a Crime Prevention and Detection
Manual that aims to promote a culture of ethics and compliance
and to help prevent crimes from being perpetrated within the
organisation. This manual denes the basic lines of the design,
structure and operation of Tendam’s Crime Prevention and
Detection Model, as well as the rest of the rules, protocols and/
or procedures that emanate from the Manual and develop it in its
different areas of deployment.
As Tendam’s senior decision-making and supervisory body in
charge of controls at the company, the Board approves this
Manual and its subsequent modications. In addition, it regularly
monitors and supervises, through the Audit and Risk Committee,
its effectiveness and content so that they are aligned with
Tendam’s vision, mission and values. The latest revised version of
the Crime Prevention and Detection Manual was approved by the
Board on 27 January 2023.
Channels of communication and transparency
As part of its duty of transparency, the Group and its commercial brands have various internal and external communication
channels that are made available to stakeholders to inform them of news of interest to them, to enable listening mechanisms
and also to facilitate access to the complaints and claims system.
Loyalty clubs
Complaints channels
Whistleblower channels
(enquiries section)
Corporate intranet
Surveys and Focus Groups
Conferences and other events
Newsletters
Customer service
Social media
Corporate website
Group brand websites and apps
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Regulatory compliance
Tendam has integrated into its corporate culture strict compliance with the local, national and international laws that apply to its businesses in Spain and the rest
of the world. To this end, it implements mandatory control measures, policies and procedures within the Group’s perimeter, as well as for its value chain.
Tendam’s internal regulations are based on its Code of Conduct, deployed in policies, procedures, protocols and other controls that are mandatory for the organisation, which assumes commitments and processes of
good practices applicable to all members of the company.
Human
Resources
Equality Plan
Protocol for the prevention of sexual harassment
Occupational Risk Prevention Plan
Travel and Expenses Policy
Pregnancy and breastfeeding protocol
Governance
Internal Code of Conduct
External Code of Conduct for Suppliers
Human Rights Policy
Information Security Policy
Third-party due diligence procedure
Whistleblower report management procedure
Disciplinary regime
Complaints management procedure
Protocol for investigating complaints
Apparel and
Accessories
Suppliers
Responsible Purchasing Policy
Protocol for social and environmental audits of suppliers
Environmentally responsible manufacturing standard
Responsible employment manufacturing standard
Sustainable product standard
Customer Product quality and safety protocol
Business
Procedure for approving and signing contracts
Franchise contracting procedure
Corporate Purchasing Policy
Policy on internal controls in stores
Data protection
and security
Data protection by design and by default policy
Awareness-raising policy
Guideline on audits of applications
Data protection policy in the workplace
Information security policy
Policy on documentation and data processing in stores
Policy on using technological resources provided to employees
Internal policy on using social media
Security breach management procedure
Action protocol for security incidents
Protocol for monitoring and accessing technological resources granted to workers
Protocol on processing CVs in stores
Protocol on using Tendam’s video surveillance installations
Social Policy on donations to entities with social purposes
Whistleblower
Channel
Whistleblower System Policy
Whistleblower Report Management Procedure
Investigation Protocol
Whistleblower Channel Privacy Policy
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Combating corruption, bribery and money laundering
and the nancing of terrorism
Tendam is a company committed to combatting unethical and immoral practices
and behaviour. The Group has a number of procedures, measures and controls
in place, including:
A ban on accepting in-store payments, in cash, for sums of more than 1,000
euros in a single payment or in several instalment payments.
Not agreeing, without the appropriate verications, to pay large sums to third
parties in cash, by means of bearer cheques or into a bank account opened in
a country other than the country where they are domiciled.
Under no circumstances may Tendam employees offer, request or accept
gifts, presents, payments, promises, benets, aid, etc., with the aim of
directly or indirectly obtaining advantages for Tendam or for the employees
themselves.
Prohibition against receiving payments without the appropriate contractual
coverage.
Means of payment verication procedures to combat the entry of counterfeit
money into circulation or the fraudulent use of credit or debit cards.
The establishment of control measures in the cash register systems (in-store
POS).
Control measures for payments in cash, through bearer cheques in foreign
currencies, or to people, entities or accounts domiciled in tax havens.
Due diligence procedures and the mandatory prior approval of suppliers and
franchisees, based on risk-based approach principles.
Contributions to non-prot
foundations and organisations
We are a company that is committed to social issues, and
we regularly collaborate with foundations, associations
and other non-prot entities.
The company has a policy on donations to corporate
entities that includes control protocols to ensure
transparency and integrity in the nancing of
philanthropic activities and contributions to foundations
and non-prot entities.
Contributions to foundations and non-prot entities are
made by properly analysing the entity receiving the gift
or sponsorship, as well as its reputation and nancial
transparency.
In any case, collaboration agreements must be signed,
after rst being reviewed and approved by the CSR
Department, that set the terms and commitments
adopted. Control mechanisms are also established
for nancial transactions and the issuing of the
corresponding donation certicates is always required.
To select which charities to contribute to, Tendam uses
the transparency analyses of the Lealtad Foundation,
which assesses the suitability of the charities with which
partnerships are established, giving priority to those that
have some type of certicate.
Financing political activities
Tendam does not take part in or nance political activities
in any country or community in which it does business.
In this regard, it recognises and respects the rights of
freedom of expression, of political thought and, in general,
of participation in public life for its employees, of whom
it only requires that they keep their exercising of these
rights to their private life.
90% of the group’s own stores were
audited for internal control purposes
in 2024
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Information security
Tendam considera la información como un activo estratégico, y como tal, debe ser protegido adecuadamente en todos los países donde opera y garantizar
el desarrollo de su modelo de negocio para mantener la conanza de los clientes.
Tendam considers information to be a strategic asset. Therefore,
it must be adequately protected in all the countries where it
operates, and the development of its business model must be
ensured to maintain customer condence.
The company has an Information Security Policy that
constitutes the regulatory reference framework aimed at
dening, managing, administering and implementing the
necessary security measures to ensure that the integrity,
condentiality and availability of customer, supplier and
employee information cannot be compromised.
We are members of the ISMS
Forum
This is a non-prot organisation founded to
promote the development, knowledge and culture
of Information Security in Spain and to act for the
benet of the entire community involved in the
sector.
Under these guidelines, the Security Master Plan is drawn up and
two governing bodies are formed:
The Cybersecurity Committee is tasked with monitoring the
Master Plan and reports hierarchically to the Management
Committee. It is made up of the CEO and the Supply Chain,
Internal Audit, Organisation and Systems, and Information
Security departments. Its functions are:
Monitoring the level of cybersecurity risk and the measures
implemented to mitigate it to an acceptable level for the
company.
Monitoring the projects and actions included in the Security
Master Plan, ensuring they are aligned with business goals.
Prioritising projects and actions based on risk reduction
criteria.
Promoting the necessary resources to achieve these actions.
It meets quarterly in ordinary session and may be convened
by any of its members.
The Information Security and Privacy Group ensures compliance
with the Information Security Policy guidelines and comprises
the Organisation and Systems, Information Security, Human
Resources and Legal departments. In addition, the Company’s
Data Protection Ofcer (DPO) will support its Data Protection and
Privacy matters. Its functions are:
Promoting and developing good information security practices
within the company.
Promoting the dissemination, knowledge and compliance with
the Policies and Procedures on Information Security and Privacy
in the Tendam Group.
Guiding actions in case of doubt.
Providing assistance to directors, employees, suppliers and
other stakeholders in fullling their information security and
privacy responsibilities.
Serving as a communication channel for notifying breaches in
Information Security and/or Privacy.
Assessing the adequacy and implementation of privacy
regulations within the organisation.
It meets at least three times a year in an ordinary session, at the
request of any of its members, and reports to the chairman and CEO.
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To comply with information and personal data security guidelines and legislation, the company has implemented, among
others, the following information security and privacy policies and procedures:
Data protection by design and by default policy
Policy on documentation and data processing in stores
Policy on using technological resources provided to employees
Internal policy on the use of social media
Data protection policy in the workplace
Security breach management procedure
The company has designed a Business Continuity Plan (BCP) that contemplates various risk scenarios for the business
and for its critical processes. It regulates the mechanisms to be implemented in the event of an incident or crisis and
establishes minimum recovery periods.
Within the Business Continuity governance framework, the following roles and responsibilities are dened:
Continuity Committee: responsible for directing, supervising and approving any measure related to the Business
Continuity Plan. The Committee meets regularly every four months and may be convened by the Business Continuity
Manager in the event of urgent needs related to the Plan.
Business Continuity Manager: responsible for executing tasks related to the Business Continuity Plan, reporting to
the Continuity Committee on its progress, potential changes, and the outcomes of tests conducted.
Crisis Committee: responsible for managing the company’s response to a crisis by establishing communicated
strategies and coordinating actions to minimise the impact and facilitate the company’s recovery. In the event of a
crisis, it acts as the ofcial spokesperson and makes decisions regarding resources and the restoration of normality.
To ensure that the systems and contingency plans are robust, the Continuity Plan is reviewed annually, and training is
provided to the heads of the departments involved.
To reinforce this security system, external data protection audits are carried out on a regular basis. The monitoring
systems and the ability to detect and respond to an attack are assessed on an ongoing basis. Network team audits, cyber
crisis incident response simulations, application and infrastructure security audits and vulnerability tests are carried out.
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Cybersecurity and data protection
Training action: Cybersecurity and data processing
4,480 employees trained
8,960 hours of training
All company proles
In 2024, several mandatory training courses were provided to
various groups on this subject.
Awareness-raising activities have been dened to consolidate basic
information security concepts and knowledge:
Training pills (microlearning on privacy and cybersecurity)
Surveys and knowledge tests
Posters and leaflets
Newsletters
Simulation exercises
Training days or courses
Cybersecurity risks jeopardise the continuity of the
company’s business and we employ measures and
techniques to safeguard the data and information we handle
within the company. Information security systems are a key
part of ensuring business continuity.
We are aware that the source of attacks and data breaches
may lie outside our systems. The value chain has to be
aligned with the importance of information security and we
must engage everyone who is involved.
The security policy and measures to ensure the protection of
information and data protection are binding for our suppliers
and are transmitted to them in a contract.
In the eld of data protection, we have a specic data
protection ofcer (DPO) who ensures the rigorous
implementation of policies and procedures.
Specic data protection audits are carried out, such
as a review for implementation of the Spanish Ley de
Protección del Informante [Whistleblower Protection Act]
and an external audit of compliance with the General Data
Protection Regulation.
Tendam has a Training and Awareness Plan to establish
a solid foundation and a culture of cybersecurity and data
protection throughout the company. This plan includes various
training and informative actions tailored to each department or
hierarchical level. There are also other tools such as sending
out informative posters and internal communications on a
regular basis on issues such as phishing, fraudulent calls, use
of personal data, credit cards, etc.
The Training and Awareness Plan must be updated
annually, taking into account the results obtained at the end
of the year.
Los riesgos relacionados con la ciberseguridad ponen en peligro la
continuidad de la actividad de la compañía. por lo que empleamos
medidas y técnicas para salvaguardar los datos y la información
que manejamos en la compañía. Los sistemas de seguridad de la
información son una pieza clave para garantizar la continuidad de
negocio.
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Respect for Human Rights
The Universal Declaration of Human Rights is the international standard that guarantees the recognition of individual freedoms and dignied living conditions
for everyone in the world. Central to securing these rights is the role of companies whose businesses have an international inuence and wide-ranging human
rights impacts.
Tendam rst formalised its commitment
to defending Human Rights in 2002 by
expressly adhering to the United Nations
Global Compact.
Creating fashion that matters is not only
about making garments that integrate
environmental sustainability into every
process, but also about ensuring respect
for human rights throughout the value
chain. This implies strict compliance with
current legislation in the countries in which
Tendam operates and a commitment to the
most demanding standards, complied with
voluntarily, based on best practices and
applied to the entire supply chain.
We believe that respecting and effectively
guaranteeing human rights are fundamental
and indispensable elements for the
sustainable development of the company
and the environment in which we work. In
accordance with Tendam’s Human Rights
Policy, both our Internal Code of Conduct
and our External Code of Conduct for
Suppliers and Franchisees describe our
commitment to respect human and labour
rights throughout our global value chain, as
well as our absolute commitment to respond
and cooperate in the event of any breach. We
therefore encourage our employees, suppliers
and any third parties to communicate any
information or complaint to us.
Human Rights governance and
compliance
Supervision of respect for Human Rights in Tendam is
the responsibility of the Management Committee, which
carries out this task through the Sustainability and Human
Rights Committee, in charge of managing and monitoring
its development and compliance. This Committee acts
in coordination with the Ethics Committee to ensure the
proper management of the Whistleblower Channel with
both committees working towards the shared objective of
ensuring compliance with the Code of Conduct.
Due diligence and operational oversight of processes
with a human rights impact are also the responsibility
of the Sustainability and Human Rights Committee. The
committee comprises representatives from the internal
audit, corporate, human resources, supply chain, legal and
customer divisions. Through each of these areas, Tendam
transversally deploys the commitments established
in the company’s Human Rights Policy throughout the
organisation.
Tendam’s rm position on Human Rights has been
formalised in our Code of Conduct since 2012, from which
our commitments emanate in relation to the people in our
value chain.
As a general principle, we are committed to being
accountable for the impact we generate on the people with
whom we interact through our operations, regardless of
their location.
Human Rights Policy and domestic regulatory framework
Tendam’s commitment to human rights stems
from a maturity analysis and is rooted in its values,
ethical principles and approach to those within its
value chain. Tendam’s positioning in the fashion
industry, which is far from fast fashion, contributes
to the sustainability of its business model. This
model is based on establishing lasting commercial
relationships founded on loyalty and commitment
to people.
The regulatory framework includes the Human
Rights Policy, which addresses the various ways
in which the company’s activities could directly
or indirectly affect the human rights of those
impacted by these activities, as well as the human
rights of third parties with whom the company
does business.
The purpose of the policy is to identify, prevent,
mitigate and manage the actual and potential
impacts that the company’s operations may
have on people’s fundamental rights. This
includes implementing grievance, redress and
compensation mechanisms.
Policies and Procedures
related to human rights
Human Rights Policy
Internal Code of Conduct for
Employees
External Code of Conduct for
Suppliers and Franchisees
Responsible Sourcing Policy
Due Diligence and Auditing of
Third-Party Relationships
Responsible Communication
Policy
Standard of Accountability to
Workers
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Identication of value chain impacts
A study was conducted using the Seres Foundation’s LabS methodology to assess the maturity of the management of relevant human rights issues. The study identied
some of the potential risks in the value chain, as well as opportunities for improvement with groups and individuals whom we refer to as “Right Holders”, whose
fundamental rights could be impacted by our business activities.
RELEVANT
ISSUES
RELATIONSHIP
FRAMEWORK
Fair hiring and
remuneration
Health and safety
Freedom of association
Diversity and equality
Mutual respect, trust,
equity, fair treatment and
zero tolerance for abuse
of authority or harassment
Positive and stimulating
work environment
Fair hiring conditions and
freedom of association
(ILO compliance)
Traceability and supplier control
Traceability and control of the
supply chain back to raw materials
Responsible purchasing practices
Local empowerment
Stable, long-lasting and trusting
relationships
Collaboration for continuous
improvement of environmental,
labour and human rights issues
Health and safety
(product use)
Responsible, transparent
and inclusive
communications,
generating conscious
consumers
Data privacy and use
Security, transparency
and data protection
Environmental
protection and safety
(use of chemicals)
Inclusive business
Dialogue with communities
Promoting effective
governance
Positive contribution to local
development
Supplier
employees
People
from local
communities
Customers
To ensure that our business partners
promote human rights in a similar way
among their own Right Holders, the
Company is committed to:
Demanding that they provide their
employees with human rights
commitments equivalent to those
established for its own employees.
They are therefore required to
comply with their countries’ labour
laws, as well as the ILO Declaration
on Fundamental Principles and
Rights at Work.
Transferring responsibility for
ensuring the right to personal
data protection and privacy of
customers to business partners.
Promoting, among its business
partners, commitments to
responsible and inclusive
communication in their relationship
with end consumers, through
awareness-raising and unbiased
communication.
Facilitating women’s
empowerment, with the utmost
respect for social and cultural
traditions.
Our
employees
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Multi-stakeholder partnerships
These partnerships strengthen Tendam’s
commitment to human rights. The company
therefore participates in a number of multi-
stakeholder initiatives to address major
challenges.
Cross-disciplinary:
Fundación SERES
Forética
European Branded Clothing Alliance (EBCA)
Social:
AMFORI (Trade with Purpose)
Business Social Compliance Initiative
(BSCI)
ASEPAM (Spanish Association of the
United Nations Global Compact)
Inserta-Once Forum
Business Women Empowerment
Foro Social de la Moda
Diversity charter
Ambientales:
The Fashion Pact
UN Fashion Industry Charter for Climate
Action
United Nations Global Climate Action
Sustainable Apparel Coalition (Cascale)
Zero Discharged of Hazardous Chemicals
(ZDHC)
RE-VISTE
Global partnership agreement
with trade unions
Tendam has a Global Agreement with the
trade unions CCOO Industria and Federación
de Industria de UGT, who also represent their
international federations. The agreement is to
work together on the verication and application
of international labour standards in the supply
chain at a global level.
In 2024, Tendam joined the International
Accord for Health and Safety in the Textile and
Garment Industry and the Accord Pakistan. These
agreements aim to improve health and safety
standards in the textile and garment industry,
and we are committed to ensuring safe working
conditions in our factories.
The signing of both agreements involves carrying
out assessments at our factories to ensure that
health and safety conditions are met and that our
employees receive training in these areas.
This strengthens our joint work on labour rights,
such as the right to health and safety, non-
discrimination, the prohibition of child and forced
labour, and the eradication of any form of abuse,
harassment or intimidation. All of these aspects
are covered by our External Code of Conduct
and have been subject to internal and external
audits since the establishment of our international
purchasing and sourcing ofces in the 1990s.
Grievance and remediation
mechanisms
The mechanism provided extends to our partners
and suppliers throughout our entire production
chain, including human rights clauses and
information on the Whistleblower Channel in the
contracts signed by both parties, support in the
form of awareness-raising programmes and a
monitoring programme through audits from the
start of our collaboration.
We have a reporting system that guarantees the
rights and respect of our stakeholders and those
individuals who report incidents in this area, as
set out in our human rights complaints, incidents
and allegations management procedure.
The possibility of a report or complaint is mainly
articulated through the Whistleblower Channel,
which can be accessed via the corporate Intranet
and the website.
In 2024, the Whistleblower Channel did not
receive any reports of human rights violations
by third parties. However, there have been 69
allegations classied by the complainant as
“harassment, discrimination and ill-treatment”
received through the Whistleblower Channel
without the complainant’s classication as
such implying that the conduct complained of,
effectively corresponds to such an infringement.
Human Rights Training
It is essential to integrate respect for human
rights into the company’s culture through training
and awareness-raising on the importance of
acting responsibly and without negative impacts.
To ensure that all its employees are aware of the
commitments arising from the Human Rights
Policy, TENDAM provides specic training and
awareness-raising plans on human rights.
Training is recurrent and designed according
to the risks of each area and position. In 2024,
human rights training took the form of four
specic modules (supply chain, customers as
right holders, store management and store staff).
A total of 1,327 people received a total of 2,654
hours of training.
In addition, beTalent provides training in the form
of “training pills” for all employees.
TENDAM also promotes the training and
awareness among the other members of its value
chain, using the usual communication channels
with each of them. Depending on their needs and
particularities, specic training is made available
to them.
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We make fashion that matters
Our history denes us by creating timeless fashion that goes beyond design. In recent years, we have been committed to creating apparel in a more responsible
way, using more sustainable materials and following circular design principles. The value chain5 integrates sustainability measures into the different stages of
the product life cycle, from the design of the garment to its sale in the Group’s retail network of brand stores6. We pay attention to the conditions in which each
garment is designed, produced and distributed in order to minimise its impact on the environment and society.
5 The company does not own any of the real estate in which it operates (ofces, logistics centres and stores). The logistics, manufacturing and procurement process is carried out in factories and/or third party facilities and the entire model is coordinated, managed
and controlled by Tendam.
6 The value chain described does not include third-party brands acquired exclusively for distribution and sale.
7 The physical sales channel comprises our own stores and franchisees, with the latter forming part of the “downstream” phase of the value chain.
We recognise that achieving real transformation in the textile industry requires a
collaborative, cross-cutting approach throughout the value chain, from design to
the end of the garment’s life.
As part of the double materiality process, we have analysed our chain to identify
the main actors involved in each of the phases (upstream, own operations and
downstream).
Raw material production, garment manufacturing and the logistics responsible
for supplying nal garments constitute the “upstream” of our value chain, as
do furnishings and third-party brands. Through this process, we can initiate
marketing activities, including the sale of third-party brands, via the two available
sales channels: physical stores7 and online. At Tendam, we also design and
conceive garments, ensuring a constant ow between the factories (upstream)
and our own operations.
Logistics activities such as packaging and transport ensure that the end
customer receives their order properly. Additionally, the “downstream” recycling
and reverse logistics process enables recycled materials to be returned to
manufacturing for reincorporation into the value chain.
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UPSTREAM TENDAM DOWNSTREAM
FURNITURE DOWNSTREAM LOGISTICSONLINE
PHYSICAL STORE
MARKETING
GARMENT DESIGN AND CONCEPTION
MANUFACTURING
RAW MATERIALS
OWN
STORES
Third-party brand ow
The physical
channel includes
company-owned
stores and
franchises
Flow of new and
reused furniture
UPSTREAM LOGISTICS
THIRD-PARTY BRANS
FRANCHISES
RECYCLING
REVERSE DOWNSTREAM
LOGISTICS
Recycled materials are returned,
through a reverse logistics process, to manufacturing
to be reincorporated back into the supply chain
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Our designers are at the forefront of our commitment to sustainability, seeking to prioritise the most appropriate processes and
materials to ensure that our product standards are met. We incorporate sustainable objectives into the design process to ensure the
quality and durability of our apparel.
To reinforce this vision, the Group has developed a training programme in eco-design in collaboration with the University of Design,
Innovation and Technology (UDIT) and the iDavinci consultancy rm as part of its alliance with the Tendam Sustainability Lab (TSL).
This initiative aims to provide a solid foundation in the application of sustainability to fashion design through a programme consisting
of four modules: “Regulatory Framework”; “Circular Design Strategies”; “Life Cycle Analysis” and “Sustainable Communication”. The
programme is designed to equip the company’s creative teams with the skills to incorporate sustainable criteria into the conception
and design of garments, integrating a critical understanding of environmental impact, global trends and regulatory requirements.
Overall, this training programme strengthens the Tendam Group’s position as a leader in sustainable R&D&I, while also paving the
way for the transformation of the textile business model into a more innovative, resilient and circular one.
The production of textile apparel uses large amounts of energy, water and chemicals that can have a signicant impact if not
managed properly. We work with our suppliers to implement the environmental and social standards and best practices that
will enable us to continue our journey towards sustainability. We continue to invest in our products to improve quality and focus
on reducing, reusing and recycling the waste we produce. Although Tendam decides and selects suppliers according to its
manufacturing processes, social requirements and environmental conditions, the production and procurement phase is carried out
by third parties.
We strive for maximum efciency in managing the logistics of products from the time they leave the factory until they reach
the stores or are sent directly to the customers. We work with several suppliers (third parties) to achieve the best combination
of shipping options based on speed, costs and sustainability, and we take measures to minimise energy use and reduce waste
throughout this process.
We connect with customers and communicate the values of our brands through their design and the creation of unique spaces.
Each store has its own concept and personality and offers a unique interactive experience. We connect with our customers
through innovative and inspiring experiences and promote respect for the environment through our distribution channels.
PRODUCTION
AND SOURCING
CONSUMER
SALES
Our journey
towards a more
conscious fashion
Guided by the motto “Make fashion that
matters”, the company has embarked on an
ambitious journey to reduce its environmental
impact. We recognise that the majority of Scope
3 emissions are associated with production
processes and customer use of garments. This
approach sees us committed to transforming
the way we produce, distribute and consume
fashion.
To meet the sustainability challenge, we have
dened four strategic lines to guide our efforts
to minimise the most signicant impacts
throughout the life cycle of each garment:
Reducing the environmental impact
of our products
Decarbonisation of the
supply chain
Boosting the circular economy
Promoting more responsible
consumption among our customers
GARMENT DESIGN
TRANSPORT
AND LOGISTICS
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Production and sourcing
We work closely and constantly with our apparel and accessories suppliers, guided by the same principles and values that govern Tendam’s activity. We are
committed to building strong, lasting partnerships that are transparent and based on mutual benet.
Supplier management is organised
according to their eld of activity. The
General Purchasing department establishes
and manages relationships with corporate
suppliers. Meanwhile, the Sourcing (Supply
Chain) department, together with the
Purchasing and Design teams, coordinates
apparel and accessories suppliers, which
are subject to different requirements to
those of corporate suppliers.
Hong Kong 1.98%
France 4.05%
Spain 55.38%
Hong Kong 10.93%
Spain 40.20%
France 0.42%
India 3.14%
Italy 0.04%
Hungary 0.15%
Mexico 4.18%
Pakistan 4.73%
Portugal 1.30%
Serbia 1.33%
Russia 0.21%
Singapore 3.05%
Other 4.89%
Bangladesh 10.21%
Belgium 0.82%
Bosnia and Herzegovina 0.40%
China 13.62%
Hungary 2.29%
India 2.14%
Italy 1.28%
Mexico 5.30%
Portugal 4.65%
Russia 0.95%
Serbia 3.17%
Singapore 0.08%
Bangladesh 1.06%
Belgium 3.02%
Bosnia and Herzegovina 2.16%
China 3.07%
Croatia 2.06%
Croatia 0.37%
Other 6.53%
suppliers of apparel,
accessories and services
Supplier network
prole
3,980
Number of active suppliers (apparel, products and services) Distribución de pagos a proveedores (prendas, productos y servicios)
Pakistan 0.85%
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Management policies
In order to transition to an ethically and sustainably managed
supply chain, Tendam relies on a robust set of policies and
standards to ensure understanding of, and compliance with, its
social and environmental principles. This normative basis enables
us to promote responsible practices throughout our network of
partners.
Regular monitoring mechanisms and a rm commitment to
aligning our operations with the highest social and environmental
standards sustain the process of continuous improvement.
This means that we maintain the following with all suppliers:
Constant updating: Purchasing policies and standards
are periodically reviewed to ensure consistency with the
company’s internal principles and current legislation.
A contractual commitment: Compliance with the
External Supplier Code of Conduct is a prerequisite for
establishing business relationships and forms the basis of
any contractual agreement.
In particular with apparel and accessory suppliers there is, in addition:
A holistic approach: Our strategy combines management
systems, monitoring programmes and social and environmental
audits to ensure that suppliers operate to high ethical and
performance standards.
Operational transparency: Suppliers must have a thorough
understanding of their supply chain and ensure that Tendam’s
social and environmental requirements are passed on to all
subcontractors involved.
Pre-validation: All new suppliers and manufacturers undergo a
rigorous evaluation process before being integrated into our supply
chain.
In line with our goal of extending excellence and ethical commitment
throughout the supply chain, we have developed the following policies and
procedures:
External Code of Conduct
Third Party Due Diligence
Responsible Sourcing Policy
Corporate Purchasing Policy
Sustainable product standard
Environmentally responsible manufacturing standard
Responsible manufacturing standard for workers
Product Safety and Quality Policy
In addition, this year work has been carried out on the development of the
Ecodesign Policy and the Environmental and Sustainability Policies. The
latter two were approved in April 2025 by the Board of Directors, after the
close of the 2024–2025 nancial year.
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Corporate Purchasing Policy
This policy governs the purchase of goods and services at a corporate
level, with the exception of clothing and accessories. All areas with
contracting capacity must be aware of the policy and apply it.
Compliance is monitored through periodic reviews led by the Internal
Audit department together with Corporate Purchases. Corrective action
is taken in the event of non-compliance.
Additionally, the 2021 update incorporated a specic sustainability
clause, placing signicant weight on environmental criteria in the award
process. This measure strengthens the company’s commitment to the
Sustainable Development Goals and the principles of the United Nations
Global Compact.
Product Safety and Quality Policy
At Tendam we have set rigorous standards to ensure compliance
with all applicable legislation on hazardous and noxious substances
in the countries where we market our products. The policy focuses on
identifying and controlling hazardous substances to ensure that all
products manufactured by our suppliers comply with safety and quality
requirements at every stage of production.
All suppliers receive clear guidelines on the types of tests to be carried
out, permitted limits, and methods related to the use of substances and
similar products during the production phase, through a comprehensive
control procedure. The company does not accept products that do not
guarantee compliance with the established standards in terms of either
harmful substances or quality parameters.
Additionally, the Group has developed a “Manual of Specications of
Harmful Substances and Quality Parameters” for all suppliers, available
on the website. This proactive approach ensures strict compliance
with current regulations and demonstrates Tendam’s commitment to
continuously improving its product safety and quality practices.
We extend our commitment to the
whole supply chain
Our production network is built on close
collaboration with a diverse and exible supplier
base. These suppliers may operate different
factories to develop our collections, and they are
responsible for ensuring that their subcontractors
also comply with the fundamental principles that
govern our supply chain:
Knowledge of and adherence to the Code
of Conduct: Before entering into any business
relationship, subcontractors must be informed of
and understand the Code of Conduct requirements,
which set out the conditions necessary to ensure a
decent working environment.
Access to the Whistleblower Channel: Suppliers
must inform their employees and subcontractors of
the existence of Tendam’s Whistleblower Channel
and the content of the External Code of Conduct.
Responsible Sourcing Policy
This policy, approved in 2021, species the minimum
requirements that must be met by all parties involved in the
production of our garments and accessories. It is based on the
principles set out in the External Code of Conduct and includes
specic standards on product sustainability, working conditions,
and environmental protection.
Key commitments include:
Respect for the Human Rights as dened by the United
Nations.
Compliance with applicable laws, including a public
commitment to comply with applicable anti-corruption and
anti-bribery laws.
Protection of intellectual property and responsible use of
personal data.
Extension of the obligation to comply with this Policy not only
to the direct supplier of the product, but also to all its business
partners and collaborators.
Establishment of minimum requirements in the different areas
of employee working conditions in line with the External Code
of Conduct.
Commitment to the implementation of health and product
safety legislation.
Respect for animal welfare.
Acting in an environmentally responsible manner in
accordance with the legislation of the country in which they
are located.
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Communications with
our suppliers
Our sourcing ofces in Hong Kong, Bangladesh,
India and Madrid are responsible for monitoring
both at the contract and service delivery stages. To
this end, we have a supplier portal where all brand
orders worldwide can be tracked and identied in
real time. This platform allows them to track their
orders, payments and other information.
Number of suppliers of apparel and accessories classied by Made In and percentage of purchase:
Apparel and accessories suppliers
288 apparel and accessories
suppliers 775
factories tier 1
(Wet processes on nished garment)
1,406 factories tier 1
(Clothing)
Spain 24 1.50%
Italy 2 0.02%
Portugal 5 0.23%
Turkey 14 1.23%
Europe Nº % compra
Egypt 2 0.08%
Ethiopia 5 0.58%
Madagascar 1 0.12%
Morocco 10 1.04%
Rwanda 1 0.35%
Tunisia 2 0.01%
Uganda 1 0.02%
Nº % compra
Africa Bangladesh 43 32.73%
Cambodia 18 2.99%
China 110 29.97%
India 49 5.24%
Myanmar 24 10.75%
Pakistan 21 10.17%
Sri Lanka 2 0.06%
Vietnam 11 2.91%
Nº % compra
Asia
126 factories carried out an
FSLM (Social) Assessment
195 factories with an FEM
(Environmental) Assessment
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Technical assessment
This analysis conrms that the factory has the necessary
resources to meet our production requirements. Operational
processes, available machinery and production capacity are
examined. This is a critical stage: those factories that do not
pass this assessment will not be able to move forward in
the process until they meet the required standards.
Minimum requirements
verication process
SUPPLIER CLASSIFICATION
A B C D E
Supervision
Periodic audits
Monitoring
Technical assessment
Social assessment
Identication,
validation, and
prioritization of
stakeholders
Assessment
Corrective action plans
Validation
Follow up
ZERO
TOLERANCE
Human rights and social dialogue
At Tendam, we ensure that all parties in our supply
chain share our commitment to sustainability.
Accordingly, before entering into any partnership,
we conduct a thorough verication process to
ensure that a new supplier’s processes, policies
and protocols align with our ethical, social and
environmental standards.
This rigorous selection procedure analyses not only
the supplier’s technical and productive capacity, but
also its environmental impact and performance in
key social areas. Only those suppliers that pass this
dual validation can be integrated into our supply
chain.
During this initial phase, the proposed factories
undergo two main assessments: a technical
assessment and a social assessment. If the results
are positive, the supplier is entered into our
monitoring system and is subject to regular audits. If
not, they are offered a period of up to six months to
correct any deciencies.
Social assessment
To ensure respect for workers’ rights and proper working conditions, suppliers present
internationally recognised certications or undergo social audits by accredited bodies.
These reports are reviewed and validated by Tendam technicians.
We have a formalised procedure for this assessment, which is based on promoting
decent working conditions. The aspects analysed include ensuring that workers are
adequately informed of their rights, that working hours comply with regulations, that
fair remuneration is guaranteed and that safe and healthy working environments are
maintained.
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Validation and follow-up
Tendam conducts social and environmental audits,
together with regular assessments, to ensure the
correct application of its policies and to address
possible breaches or complaints. By constantly
monitoring factories, the company ensures that its
suppliers operate ethically and sustainably, both in
their activities and in their communities.
The company has a system that updates the status of
its suppliers continuously from the beginning of the
tendering process and throughout the professional
relationship with Tendam. If a factory fails to comply
with the requirements or implement the necessary
corrective plans, the platform will block any new
production until a review is carried out.
Social Audits
A recurring social audit programme veries suppliers’
compliance with social principles and respect for
human rights, which is veried at the beginning of
the contractual relationship with each supplier as a
prerequisite for joining the supplier network.
These on-site audits are carried out by third parties
and are renewed every two years. Internally, Tendam
reviews these audits to ensure that its suppliers
operate in a responsible manner.
Bangladesh 38
Cambodia 21
China 196
Egypt 2
Spain 8
Ethiopia 4
India 30
Italy 1
Morocco 5
Myanmar 6
Pakistan 18
Portugal 3
Sri Lanka 1
Turkey 8
Vietnam 13
Total 354
2024 354
2023 354
2022 367
2021 369
2020 495
Evolution of the number of audited factories
No. of social audits carried out in factories per country
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1. Classication system for Social Audits
Categories have been dened according to the degree of compliance
with the External Code of Conduct and following the principles
established by AMFORI to assess our 547 garment factories.
There are 5 categories graded from A to E, with A being the highest.
A - B > Can produce. The audit is renewed every two years.
C > Can produce. The audit will be reviewed annually and a full audit
will be repeated after two years.
D > Can produce and corrective plans will be followed up every 6
months. If the remediation plan is implemented and validated by an
auditing body, we may consider reinstatement. In the case of review, if
the factory gets a D for the second consecutive time, we will reject the
factory permanently.
E > The factory is rejected. No production can take place.
The Sustainable Apparel Coalition uses the Facility Social & Labour
Module (FSLM) tool to assess the social and labour conditions of workers
in the value chain. Tendam is currently validating SAC’s FSLM as a third
party social audit alongside the others that were already accepted:
SMETA, BSCI, ETI, SA8000, among others.
Results and ranking of social audits 2024
81 93
179
10
A
Total 354
B C DE
2. Zero tolerance
Tendam has a zero-tolerance policy towards suppliers
who do not comply with its social standards. The company
rejects any collaboration with those who violate fundamental
human rights, including the right to physical integrity, the
prohibition of forced or child labour, and the right to freedom
of association. The Social Audit system aims to promote and
encourage good practices, so factories can reapply once their
situation meets the requirements.
3. Corrective plans
When areas for improvement or potential conicts are
identied during an audit, a corrective action plan is created,
detailing the non-compliances and setting improvement
targets. This document is signed by the auditor and factory
management and serves as a guide for future audits and
follow-up. Tendam uses an internal management platform to
facilitate coordination between the procurement department
and suppliers. This enables oversight of supply chain
assessments and monitoring of sustainability improvements,
including environmental audits. Suppliers can also use this
tool to track their progress and action plans.
Evolution of the number of semi-announced audits
49
66 70 77 73
2020 2021 2022 2023 2024
4. Semi-announced audit programme
We have a semi-announced audit programme which is
undertaken at factories which have obtained a low score in
a previous audit, as well as for factories that have signicant
production volumes with regard to the total. If these audits
reveal negative results regarding social matters, Tendam will
cease all activity with the supplier immediately. We have a zero
tolerance approach to those who do not respect our human
rights policy on physical integrity and freedom of association,
forced labour and child labour.
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Strategic partnerships in the value chain
Human rights and social dialogue: Global Framework
Agreement with Trade Unions
The commitment to respect Human Rights has a holistic
approach within the Tendam Group. The company has a
Global Framework Agreement (GFA) with UGT and CCOO and
their international federations to promote the application of
international labour standards in the Group’s supply chain. This
allows the trade unions to visit suppliers’ workplaces and try to
resolve and/or report any incidents they nd.
Sustainable Apparel Coalition (Cascale)
This alliance is made up of more than 300 members representing
all links in the global apparel, footwear and textile value chain.
They help transform companies to drive industry sustainability by
making their Higg Index measurement tool available to members
to create a comprehensive approach to measuring and assessing
the social and environmental impacts of value chains and
products. In 2023, our candidacy was formalised.
Collaboration with AMFORI
This organisation promotes responsible production through
practices that improve supply chain management and minimise
risk. Streamlines continuous improvement by mapping, analysing
and monitoring progress. The BSCI (Business Social Compliance
Initiative) monitors the social performance of suppliers. The BSCI
Code of Conduct contains principles including fair remuneration,
freedom from child labour and issues related to the protection
of human rights. In addition, work is underway to extend this
system to include environmental performance assessment.
Zero Discharge of Hazardous Chemicals (ZDHC)
The ZDHC initiative implements a roadmap that eliminates
the use of restricted substances in manufacturing processes,
ensuring all garments meet health and safety standards in target
markets.
International Accord for Health and Safety in the Textile
and Garment Industry and the Pakistan Accord
These agreements aim to improve health and safety standards
in the textile and garment industry, and we are committed to
ensuring safe working conditions in our factories.
The signing of both agreements involves carrying out
assessments at our factories to ensure that health and safety
conditions are met and that our employees receive training in
these areas.
This strengthens our joint work on labour rights, such as the
right to health and safety, non-discrimination, the prohibition of
child and forced labour, and the eradication of any form of abuse,
harassment or intimidation. All of these aspects are covered by
our External Code of Conduct and have been subject to internal
and external audits since the establishment of our international
purchasing and sourcing ofces in the 1990s.
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Transport and logistics
Logistics management is an essential strategic pillar of our supply chain. At Tendam, we strive to strike a balance between operational efciency, protability, and
reduced environmental impact, a constant challenge that we tackle with a holistic approach.
The strategic location of our distribution centres is one of the key elements of efcient logistics. We currently have ve logistics centres in four strategic locations: two in Spain, two in Mexico and one in Hong Kong. This
network enables us to support our international operations and respond swiftly to the requirements of our various sales channels.
Each centre fulls a specic function within our supply chain. They receive goods from our suppliers, manage the processing and packaging, and nally distribute the products to our own stores, franchises, and online
customers, ensuring efcient, coordinated coverage.
Central logistics centre
(Aranjuez)
Our Aranjuez distribution centre is our central distribution
centre, located in the centre of Spain. It has a usable area of
approximately 100,000 square metres and is certied as an
Accredited Agent and Known Consignor of the State Security
Agency. It serves as a storage, handling and packaging centre for
our products, before they are delivered to our company-owned
stores or our franchises.
Approximately 50% of the inbound ows of this warehouse are
of the cross-dock model, aimed at minimising storage time and
logistics costs.
Omnichannel logistics centre
(Illescas)
During this nancial year, we introduced a new omnichannel logistics
centre in Illescas, Toledo, which reinforced our distribution network
and supported growth across all sales channels. Designed to the
highest standards of operational efciency and sustainability, this
facility is LEED Platinum certied for its low environmental impact.
The centre incorporates advanced technological solutions to
improve the traceability, agility and efciency of logistics processes.
It enables us to manage orders for physical stores, franchises
and online customers in an integrated way. It also contributes to
reducing emissions by using renewable energies, optimising energy
consumption, and managing water resources and waste responsibly.
Due to this change in working practices, the e-commerce centres in
Tarancón and Seseña ceased their activity during this nancial year.
International operations
(México y Hong Kong)
Internationally, our logistics centres in Mexico and Hong Kong
play a key role in Tendam’s global development. The Hong Kong
centre acts as a receiving point for goods from Asian suppliers,
distributing them to both international franchisees and our centre
in Mexico. The latter, which is also operated by a logistics partner,
supplies our own stores in Mexico, Central America and South
America.
Centralising multi-brand distribution enables us to optimise routes
and reduce unnecessary journeys, thereby directly contributing to
reducing emissions associated with transport.
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Import and export
(B2B)
We rigorously monitor our transport operations to identify opportunities
for improvement and reduce our environmental footprint. In line with this
strategy, we prioritise modes of transport that have a lower environmental
impact, such as land, sea or rail, and only use air transport in exceptional
situations.
Last mile logistics
(B2C)
In collaboration with our logistics partners, we implement last-mile
solutions that prioritise efciency and sustainability. We collaborate
with operators who are committed to carbon neutrality and offset the
CO₂ emissions generated by their activities through certied climate
programmes.
Many of our carriers also have ISO 14001-certied environmental
management systems and have implemented various initiatives to reduce
their environmental impact, such as expanding eets of sustainable
vehicles, reducing plastic and paper usage, and improving waste
management efciency.
We also implement measures in our daily operations to optimise the
use of space in boxes and their arrangement on transport vehicles. We
recognise that small logistical improvements can result in signicant
reductions in emissions and are therefore an integral part of our
commitment to sustainability.
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05 WE ARE PEOPLE
Our team
We believe that a company’s most valuable resource is its people. We are convinced that promoting equal opportunities enables us to achieve sustainable
growth, strengthen human talent and improve competitiveness.
10,434
8,985 1,449
women men
Women (62%)
Men (38%)
Senior managers
229 (2%)
Women (84%)
Men (16%)
Middle managers
2,321 (22%) Women (88%)
Men (12%)
Technicians and
shop assistants
7,884 (76%)
employees on our team
14%86%
We are committed to
developing talent regardless
of gender, ability, ethnicity,
religious beliefs or sexual
orientation. We therefore
consider diversity to be a key
factor in business success, and
we promote fairness and non-
discrimination throughout all
our processes, from recruitment
to promotion and career
development.
Our staff are based at our
corporate headquarters in
Madrid and Barcelona, our
international ofces, our logistics
centres, and our extensive
network of commercial stores.
Our commitments
to employees:
To assemble the best team of people, ensuring
their health and well-being.
To promote a work environment that ensures
personal motivation and satisfaction.
To implement a remuneration system that helps
to attract and motivate people.
To promote inclusive hiring, which allows us to
select top talent.
To have a team that allows the company
to grow, making the most of their ability to
innovate.
To value all people based on equality and non-
discrimination.
To provide new challenges and foster
professional development so employees reach
their highest professional potential.
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Country 2024 2023 2022
Bangladesh 88 8
Belgium 53 57 67
Bosnia 79 68 71
Bulgaria 18 16 14
Croatia 88 82 96
Spain 7,728 7,495 7,261
France 88 94 102
Hong Kong 50 49 48
Hungary 195 189 183
India 10 910
Luxembourg 25 25 24
Mexico 432 345 290
Montenegro 24 23 19
Portugal 1,354 1,334 1,276
Russia 13 21 193
Serbia 269 248 255
Total 10,434 10,063 9,917
2024 2023 2022
Gender
Men 1,449 14% 1,414 14% 1,417 14%
Women 8,985 86% 8,649 86% 8,500 86%
Total 10,434 100% 10,063 100% 9,917 100%
Age range
Under 25 2,351 23% 2,108 21% 1,980 20%
Between 25 and 35 4,002 38% 3,841 38% 4,103 41%
Between 35 and 50 3,371 32% 3,416 34% 3,190 32%
Over 50 710 7% 698 7% 644 6%
Total 10,434 100% 10,063 100% 9,917 100%
Professional
category
Senior managers 229 2% 230 2% 232 2%
Middle management 2,321 22% 2,280 23% 2,347 24%
Technicians 7,884 76% 7,553 75% 7,338 74%
Total 10,434 100% 10,063 100% 9,917 100%
Number of employees per country and their evolution Number of employees by gender, age and professional category
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Permanent contract 2024 2023 2022
Gender
Men 1,289 1,280 1,267 1,270 1,271 1,262
Women 7,538 7,438 7,276 7,229 7,209 7,043
Professional
category
Senior managers 229 228 230 231 232 233
Middle management 2,236 2,210 2,198 2,181 2,267 2,291
Technicians 6,362 6,280 6,115 6,087 5,981 5,790
Age
range
Under 25 1,570 1,448 1,404 1,278 1,315 1,167
Between 25 and 35 3,374 3,420 3,252 3,331 3,510 3,425
Between 35 and 50 3,190 3,170 3,207 3,203 3,023 3,014
Over 50 693 680 680 688 632 639
Full-time work 2024 2023 2022
Gender
Men 898 896 880 891 899 907
Women 3,567 3,548 3,444 3,475 3,531 3,550
Professional
category
Senior managers 208 208 209 212 214 178
Middle
management 1,972 1,922 1,908 1,889 1,995 2,014
Technicians 2,285 2,314 2,207 2,265 2,221 2,228
Age
range
Under 25 444 401 355 370 429 456
Between 25 and 35 1,701 1,734 1,644 1,683 1,795 1,794
Between 35 and 50 1,809 1,804 1,819 1,803 1,734 1,725
Over 50 511 505 506 510 472 482
Part-time work 2024 2023 2022
Gender
Men 551 559 534 536 518 534
Women 5,418 5,496 5,205 5,229 4,969 5,038
Professional
category
Senior managers 21 21 21 20 18 17
Middle
management 349 385 372 391 352 363
Technicians 5,599 5,649 5,346 5,354 5,117 5,190
Age
range
Under 25 1,907 1,932 1,753 1,681 1,551 1,564
Between 25 and 35 2,301 2,359 2,197 2,288 2,308 2,356
Between 35 and 50 1,562 1,575 1,597 1,606 1,456 1,482
Over 50 199 189 192 192 172 169
Temporary contract 2024 2023 2022
Gender
Men 160 177 147 157 146 179
Women 1,447 1,604 1,373 1,476 1,291 1,545
Professional
category
Senior managers 0 0 010 0
Middle management 85 98 82 99 80 85
Technicians 1,522 1,683 1,438 1,532 1,357 1,638
Age
range
Under 25 781 885 704 774 665 758
Between 25 and 35 628 672 589 639 593 725
Between 35 and 50 181 209 209 205 167 207
Over 50 17 15 18 14 12 12
Distribution of staff and annual average by type of contract Distribution of staff and annual average by type of work contract
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2024 2023 2022
Gender
Men 85 120 98
Women 399 602 470
Professional
category
Senior
managers 11 12 57
Middle
management 76 184 277
Technicians 397 526 234
Age
range
Under 25 158 211 176
Between 25
and 35 194 315 239
Between 35
and 50 119 173 128
Over 50 13 23 25
Dismissals by gender, age and professional category
and its development
Average remuneration by country (€)*
Professional category Gender Age range Average
remuneration
2024
Average
remuneration
2023
Country Senior
managers
Middle
management Technicians Men Women < 25
Years
25-34
Years
35-49
Years
>50
Years
Bangladesh 23,325 - 7,042 9,542 8,176 -6,989 7,081 23,326 9,089 8,176
Bélgica -44,184 30,807 42,148 37,224 29,721 31,081 41,438 32,467 35,105 37,224
Bosnia -16,697 13,241 34,061 11,837 13,489 12,997 16,211 37,052 14,735 11,837
Bulgaria -14,810 12,230 11,649 12,299 13,156 12,046 15,445 13,707 13,395 12,299
Croacia 93,382 16,565 14,332 13,708 14,607 15,503 15,775 17,599 26,460 16,342 14,607
España 93,359 34,466 23,233 37,809 26,639 21,287 24,206 30,311 41,108 28,088 26,639
Francia 117,671 36,813 29,348 32,157 31,872 30,667 30,848 27,928 46,582 31,960 31,872
Hong Kong 109,879 62,541 37,918 59,704 52,827 28,285 48,777 54,121 57,451 54,165 52,827
Hungría 64,039 18,629 14,412 16,859 14,825 14,680 15,648 20,630 44,720 16,908 14,825
India 15,164 22,626 23,788 74,052 8,632 -75,827 27,864 -46,078 8,632
Luxemburgo -44,388 39,063 41,660 43,635 40,989 36,474 42,866 43,041 40,650 43,635
México 49,026 17,757 12,442 15,120 14,065 11,486 14,617 21,552 10,848 15,165 14,065
Montenegro -13,718 9,401 9,263 12,112 9,553 10,699 12,057 -11,135 12,112
Portugal 102,335 20,756 16,762 22,122 18,393 16,439 17,108 21,769 29,727 18,426 18,393
Rusia 37,701 5,521 10,908 32,925 14,865 239 8,687 11,349 -9,414 14,865
Serbia 106,278 14,812 11,214 36,098 10,616 11,204 11,264 19,438 24,995 13,837 10,616
* Calculated based on the total remuneration of staff (xed + variable) converted from local currency to euros.
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Equality, diversity and inclusion
An Internal Code of Conduct for Employees and an External Code of Conduct for Suppliers.
A sexual harassment prevention protocol that compiles the basic recommendations on preventing
situations of sexual or gender-based harassment at Tendam and establishes action guidelines.
Protocol on using inclusive language in our communication channels.
An internal protocol on using women’s images that is applied to advertising campaigns, supporting
healthy beauty standards and respect for personal dignity in all its facets.
We have an Equality Ofcer who designs, directs, coordinates, streamlines, implements, manages
and evaluates plans, programmes, projects and positive action campaigns regarding equal
opportunities and gender equality in different areas of the company.
A specic training programme on equality and non-discrimination.
The “Women Sponsoring Programme” initiative to promote women’s leadership in the quest for
proportionality in senior management.
We are part of the Empowering Women’s Talent initiative promoted by Equipos y Talento. This
is a programme on developing female talent, equality, and diversity that offers training and skills
development programmes for women as well as mentoring and networking programmes.
II Equality Plan
We use various tools to make good on our commitment to equality:
We promote equal opportunities for
all, regardless of gender identity,
age, cultural background, religion
or personal values, and support all
employees in joining and progressing
within the company. We believe
that diversity in all its forms fosters
creativity and innovation.
We implement the best practices for
attracting, selecting and retaining
talent to ensure fairness and non-
discrimination. At Tendam, we value
our professionals based on their skills
and how well they align with our
corporate culture and values. When
dening hiring conditions and salary
policies, we take into account the
ability and performance of employees,
regardless of gender, nationality,
religious beliefs, disability or sexual
orientation.
We also reafrm our commitment to
equality, diversity and inclusion in our
relationships with customers in all the
markets in which we operate.
764
hours of training on non-discrimination
and equality issues
The targets of 50% women on the Board of Directors
(considered fullled, as 3 out of 7 members are
women) and 60% women in management by 2025
have been achieved ahead of schedule. 42% women
on the Board of Directors.
390
employees trained
62% women in management
positions
86% of the workforce are
women
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Recognised for our commitment to equality
and diversity Have an aperitif with...
At the 4th edition of Women’s Talent Day, Tendam has been recognised with the Diversity
Leading Company 2024 award, which recognises leading companies in diversity, equity
and inclusion, and the Empowering Women’s Talent award for companies committed to
female talent. Both awards highlight the company’s commitment to diversity and inclusion
in its internal management policies.
To mark International Women’s Day, a colloquium on women’s leadership was held over
drinks. The General Manager of Women’secret, Dash and Stars and HI&BYE, the manager
of General Purchasing and the manager of Labour Relations, shared their experiences,
career paths and learnings in the business world.
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II Equality Plan
Tendam’s Equality Plan presents a set of measures to promote equal treatment and opportunities between
women and men in the company, eliminating discrimination on the grounds of sex. In the Plan, approved in
2021 and signed by the Negotiating Committee formed by the employees’ legal representatives (RLT) and
the company, specic targets have been set, establishing the strategy and actions to be taken, as well as the
monitoring systems that will allow their achievement to be evaluated. The Equality Plan will apply to all company
staff, without distinction of any kind.
Equality Plan targets:
Long-term:
Ensure equal treatment and opportunities for
women and men in recruitment, hiring, promotion
and training, work-life balance, occupational health,
sexual and/or gender-based harassment, gender-
based violence, communication and company
culture.
Prevent and address gender-based discrimination in
the workplace, especially indirect discrimination.
Facilitate the work-life balance of the people who
make up the company’s workforce, promoting
shared family responsibilities between women and
men.
Apply the gender perspective to all areas,
policies and decisions of the company (gender
mainstreaming).
Train key positions on sexual and gender-based
harassment and gender-based violence.
Standardise equality criteria and gender perspective
in all areas of human resources policies.
To ensure equal pay for work of equal value by
eliminating all forms of gender discrimination.
Short-term:
Considering the general targets set, goals
and actions are developed which in some
cases involve the application of positive action
measures. The short-term targets and areas of
action focus on the following areas:
Commitment to equality
Working conditions
Recruitment and selection
Promotion and professional development
Remuneration policy
Continuous training
Organisation of work time, work-life balance
and shared family responsibilities
Occupational health
Prevention and handling of sexual
harassment
Communication: Awareness-raising and
Equality Gender-based violence
Wage gap
At Tendam, we are rmly committed to equal pay. We ensure that salary differences are
determined by objective factors such as job level and professional experience. To this end, we
periodically conduct a detailed analysis of salary differences to identify and correct possible
inequalities.
Along these lines, a new analysis has been conducted for the 2024–2025 nancial year,
applying a robust statistical methodology that allows the various elements impacting
remuneration to be broken down. Using a semi-logarithmic linear regression model, we
examined data from Central Services and Stores separately to assess the specic weight of
variables such as organisational level, career path and gender.
The results obtained conrm the continuity of the trends observed in previous years. Job level
remains the main determinant of remuneration, and once the corresponding adjustments are
applied, the effect of gender on wage gaps remains low and within the expected statistical
margins.
Finally, the analysis conducted in Portugal offers results that are aligned with those observed in
Spain, maintaining the adjusted gender wage gap at comparable levels and even lower in the
reviewed period.
202482023 2022
Corporate
Headquarters 0.90% 0.90% 0.70%
Stores 1.26% 1.10% 0.80%
8 The data presented in the table do not cover the entire
Group workforce, since in some countries there are no
digital systems that allow the information to be collected
and processed appropriately. For this reason, the analysis
focused on the available data from Spain and Portugal,
where data processing was possible. In total, 100%
of the workforce in Spain and Portugal were analysed,
amounting to 87% of the total workforce.
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Workplace inclusiveness programme
The company has an integration programme designed to encourage
the hiring of people in vulnerable situations, including those with
disabilities. The programme is based on the principles of inclusion,
equal opportunities, and non-discrimination. It also identies and
promotes the talent and motivation of people at risk of social
exclusion, including people with disabilities. At the same time, we
are working on incorporating inclusion initiatives that enable us to
offer products and services tailored to the needs of different groups.
At year-end, Tendam had 90 employees with disabilities, of whom
71 were women and 19 men.
This Integration Programme groups together the following
initiatives that are carried out to help integrate disabled staff
into the workforce, creating a favourable working environment
where they can be welcomed and offered the ideal tools for their
professional development.
In particular, these include:
Active participation in volunteering activities for people
with disabilities.
A specialised training module for store managers to
encourage them to recruit people with disabilities.
Improvements to the recruitment and selection procedure
to make it more inclusive, based on job analysis to
strengthen the possibility of recruitment from this group.
Development of an internship programme for potential
employees with disabilities in collaborating entities with
the ultimate aim of hiring them.
Initiatives and partnerships to promote workplace inclusiveness
We are committed to continuing to make progress on inclusiveness in the workplace, promoting hiring people with disabilities and people at
risk of social exclusion, so that they live and work in a society where equal opportunities are guaranteed for all. That is why Tendam promotes
programmes aimed at different groups by working together with 58 entities.
Sumando Oportunidades
A programme aimed at young people at risk of social and employment exclusion, with the aim of detecting talent and generating
employment opportunities through training, potentially hiring these students.
Your skills benet you
The project aims to integrate and normalise diversity within the company by supporting and providing information to employees
who need it, as well as offering employment and internship opportunities. As part of the project, we have collaborated with Down
Foundations in Alicante, Castellón, Ourense, Vizcaya and Zaragoza.
We have also collaborated with the Plena
Inclusión Foundation of the Valencian
Community to promote the social and
occupational integration of this group.
Furthermore, Tendam has signed a
collaboration agreement with Esfera, a
foundation that promotes the integration of
people with intellectual disabilities into the
labour market.
And there are agreements with: FAMMA
(Madrid Federation of Persons with
Physical and Organic Disabilities), FEAFES
(Spanish Confederation of Mental Health),
Adecco Foundation, COCEMFE (Spanish
Confederation of Persons with Physical
and Organic Disabilities), SERES, Instituto
Montserrat Roig de Terrassa...
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The INSERTA Programme with the ONCE Foundation
Since 2019, Tendam has been working with the ONCE Foundation on its INSERTA Programme,
which is periodically renewed every three years to promote the integration of people with
disabilities into the workplace within the Group’s companies. This initiative is supported by
providing employees with the appropriate information through internal communication campaigns
with the main objective of raising their awareness.
Recognition in Pontevedra and Cordoba “Red Cross Employment Plan”.
Our commitment and ongoing collaboration with the Red Cross and its employment plan was
recognised at two events held by the Red Cross in Pontevedra in November and Córdoba in
February. We were awarded both distinctions at these events.
Agreement with Fundatul
The Group has signed an agreement with the Andalusian Regional Government so that people
with disabilities can do practical training in the stores of our commercial network for three months,
receiving nancial compensation. This way we help to train them as sales representatives,
improving their employability and increasing their chances of nding work.
Incorpora Programme
Participation in the Incorpora Programme of the La Caixa Foundation to promote the recruitment of
people with disabilities and young people at risk of social exclusion.
Fórmate con Garantía
A joint project with the Secretariado Gitano Foundation to train young people under the age of 30
in skills for employment and personal development, in both theory and practice, with the aim of
ghting against exclusion and discrimination of the Roma population.
Stories of a life
A project focused on emotional education and professional guidance for people at risk of social
exclusion.
Quiero trabajo Foundation
We collaborate with this Foundation to boost the employability of women who are at risk of social
exclusion due to their situation as migrants, applicants for international protection and refugees,
women over 45 years old, single mothers, etc.
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Safety, health and well-being
We care about the health and wellbeing of our team. We have made establishing
safe and healthy working conditions one of our priority objectives. We achieve this
through the prevention of occupational risks and strict compliance with current
regulations.
To this end, we adhere to all the provisions set out in the Occupational Risk
Prevention Act and its associated regulations, viewing them as the minimum
standard of action in this area. We have an Occupational Risk Prevention Policy
applicable to all our work centres and our entire workforce. This policy is reviewed
annually to ensure it remains up to date. This Policy is approved and signed by the
Chairman and CEO.
Through this Policy the company has committed to:
Establish an occupational risk prevention system that has the appropriate means
to achieve its aims.
Encourage a preventive culture and promote actions that are not limited to
merely correcting detected risk situations.
Develop training and information activities aimed at promoting greater
awareness of the risks arising from work and the preventive measures to be
adopted.
Encourage employees to ask questions and get involved in managing
occupational risk prevention.
Develop preventive and action plans aimed at continuously improving
occupational risk prevention.
Promote the planning of prevention by seeking a coherent whole that integrates
technique, social relations, organisation and working conditions.
Establish procedures for preventing and resolving possible situations of
workplace harassment. Develop, implement and keep the prevention plan up to
date. Integrate preventive activity at all levels and actions of the company.
Occupational Risk Prevention Service
No signicant risks or relevant cases of occupational
disease arising from the Group’s activities have been
identied within the Group and its various brands.
With regard to indirect personnel, we coordinate
our suppliers’ activities and operations to ensure
compliance with established safety standards and
legal provisions, safeguarding the health and well-
being of all workers involved.
4facilities with a
Self-Protection Plan. 3occupational diseases have
been detected.
100% investigation of accidents
and incidents.
Tendam has its own Prevention Service in Spain that covers the
specialities of Safety at Work, Ergonomics and Psychosociology and
Industrial Hygiene and an external service for Health Monitoring.
In Spain, the company has 89 health and safety ofcers distributed
across 30 provinces, representing 6,205 employees in OHS matters.
Communication is constant and quarterly meetings are held with the
27 Safety and Health Committees that allow us to implement and
consolidate the targets that have been set regarding health and safety
by continuously analysing and following up on planned preventive
actions.
In 2024, the following actions in the area of occupational risk prevention
were of particular note:
Studying, detecting and preventing possible problems in the work
environment at the work centres with 72 in-store assessments of
psychosocial factors.
Carrying out and/or reviewing the risk assessments and the
Evacuation and Emergency Plans in 124 stores.
Training in Basic Life Support and semi-automatic debrillation is
provided and renewed every two years. Last year, 5 employees
undertook the training and it will take place again in 2025.
1,483 employees have received health and safety training.
Coordination of periodic medical examinations for employees
at headquarters and warehouses. A total of 1,298 medical
examinations were carried out.
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Occupational risk prevention training
At Tendam, we promote a safe and healthy working environment and provide our teams
with the necessary tools to identify, prevent and respond to any potential risks. Details of the
persons and hours of training provided in this area during the year are given below.
Men Women Total
Ofce staff
Senior managers 101
Middle management 101
Technicians 7 27 34
Store staff
Store managers 36 213 249
Shop assistants 64 509 573
Total 109 749 858
2024 2023 2022
Number of employees trained 8,138 7,280 5,496
Hours of training 8,324 14,324 16,243
Employees who received training in OHS
Evolution of OHS training
78% of the total workforce.
Occupational accidents
Monitoring and analysing occupational accidents enables us to identify areas for improvement and
reinforce our preventive measures. We constantly monitor key safety-related performance indicators,
promoting an active culture of prevention. The following table shows the evolution of the main accident
data during the year.
Scope: no data on accidents without sick leave are available for international staff
Scope: Spain
Spain International
Accidents with sick leave Men Women Men Women Total
Minor 22 113 13 83 231
Serious or very serious 0 0 0 0 0
Accidents without leave 14 92 - - 106
Days missed due to accidents 497 3,198 129 1,117 4,941
Men Women
Frequency Rate
(Number of accidents with sick leave at the workplace + while commuting x
1,000,000) / Hours worked. 11.83 11.27
Severity Rate
(Days of leave due to occupational accidents + while commuting x 1,000) /
Hours worked. 0.21 0.25
Occupational accident rates
*Number of hours not worked due to accidents at work and common illnesses.
2024 2023 2022
Men 74,184 75,470 141,681
Women 583,539 577,782 1,156,881
Absenteeism from work*
Number of accidents by gender
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Medical service at headquarters
The medical service at our headquarters, made up of its own staff, carries out preventive
care and treatments that ensure the safety for those performing different jobs.
General medical consultation that dispenses medicine and prescriptions.
Nursing care: monitoring blood pressure, blood sugar, dressings, injections, etc.
First aid for work emergencies and accidents so they can be referred to a health centre.
Flu vaccine campaigns.
Optician and dental service arrangements.
Collaboration with the Madrid Transfusion Centre.
Internal communication campaigns focused on protecting mental health.
Blood donation campaign.
Cardiac-Protected Area
We have committed to creating cardiac-protected areas
that have automated debrillators at the headquarters
in Madrid, in the logistics centre in Aranjuez and in some
stores. In addition, we have established a comprehensive
cardiac protection plan for any cardiac emergency. 5
facilities with debrillators.
General medical consultations 6,686
Medical and nursing actions 7,717
Medication dispensed 2,648
Employees who have taken part
in the blood donation campaign 55
No. of employees vaccinated
against u 163
Medical examinations 1,298
Healthcare Assistance (Headquarters - Madrid)
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Be!HEALTHY
Tendam has an employee care programme called Be!Healthy,
based on the premise that professional performance depends to a
large extent on physical and emotional well-being.
The following actions were carried out in 2024 to promote
employee well-being:
Physiotherapy service at the central ofces.
Inter-company paddle tennis league that promotes sport among
employees and contributes to creating healthy habits and
strengthening team relationships.
The Healthy Cities Challenge, developed in partnership with
Sanitas to achieve more sustainable and healthy cities and
citizens.
Access to different offers and discounts through the Be!Benets
portal, which all employees can access.
Wellhub application, a comprehensive platform completely
oriented to the world of tness, with access to a network of
gyms to promote physical exercise.
Meditation sessions at our headquarters in Madrid to prevent
stress, boost concentration and look after the mental health of
our employees.
In collaboration with Sanitas, we hold monthly virtual workshops
related to wellness and health.
As part of the “Menstrual Point” movement, we have installed
feminine hygiene product dispensers in our Madrid, Barcelona
and Aranjuez ofces. As part of this project, two “Menstrual
Health” workshops were held.
Sponsorship and promotion of popular races and sporting
events.
Psonrie: our psychological
support service
Be!Healthy presenta Psonrie, un servicio de
atención psicológica que a través de web o app
permitirá a los empleados de Tendam contar con
sesiones psicológicas individuales, además de
ofrecer contenidos interactivos gratuitos.
Slowlove raises the prole of mental health
Our Slowlove brand
continues to show its
support for people with
mental health problems
by sponsoring the
Manantial Foundation’s
13th Charity Race for
Mental Health.
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Labour relations and social dialogue
Tendam promotes dialogue with trade unions, ensuring freedom of
afliation and the right of workers to be represented to defend and protect
their labour rights.
The collective agreements in force include improvements to employment
and working conditions, setting standards that are higher than those
required by the applicable regulations.
The workforce in Spain, Belgium, Luxembourg, France, Mexico and
Portugal is 100% covered by their respective collective bargaining
agreements.
The labour laws applicable in each country apply in the various markets in
which we operate.
As a general rule, procedures for consulting, representing and informing
workers are regulated in collective agreements and managed through the
trade union bodies specied therein. In Spain, the best-represented trade
unions are UGT and CCOO. At regional level, CIGA in Galicia, ELA in the
Basque Country and Intersindical Canaria in the Canary Islands also stand
out. Tendam has signed up to the 52 provincial collective agreements for
the textile trade. To ensure condentiality and effective communication,
employees can use various channels, such as the ethics line, to report
any violations or breaches of their collective bargaining agreements. This
maintains a constant dialogue between management and staff, ensuring
their needs are met, potential conicts are resolved, and they are kept up
to date with relevant information.
There are 32
Works Councils
throughout
Spain
314
staff delegates and
committee members
38
meetings with workers’
representatives in Spain
7,728
employees are covered by
collective bargaining agreements
All employees
in Spain are
represented by a
trade union
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Training and development
At Tendam, we are strongly committed to the learning and
professional development of our teams. We encourage individual
growth to foster productivity and loyalty.
To this end, we provide training in a wide range of areas, offering a
catalogue of courses designed according to job role. We believe that
professional development is essential for achieving goals and for
providing an efcient, personalised service to our customers.
Each year, we design a Training Plan for implementation in Spain
based on the principle of equal opportunities. This plan covers a
variety of disciplines, languages and competencies that promote
personal and professional development. In addition, we have training
itineraries adapted to each prole, available in classroom and
online mode, both for our sales network and for corporate teams.
Implementing an e-learning training system enables us to provide
more employees with access to knowledge.
We have faith in our staff’s abilities and provide growth opportunities
for those who wish to expand their knowledge and develop their
careers within the organisation. To this end, we have established
partnerships with universities and business schools that provide our
employees with discounts on postgraduate courses and master’s
programmes.
Our stores’ teams are a fundamental part of our value chain. For
this reason, from the moment they join, we welcome them with an
onboarding programme designed to familiarise them with the brand
and their functions. They then receive continuous skills training
through Be!Talent and product training through Be!Player, which
facilitate their daily performance. Store managers also participate in
our Business Schools, which are specic programmes providing them
with all the knowledge they need to full their role as team leaders.
Additionally, based on the results of the Performance Assessment,
each employee receives a personalised training programme to
develop identied areas for improvement through the Skill Academy
programme.
88,743
hours of training 42,035
participants in training
activities
9,164 14% men
86% woman
In 2024
employees trained
2024 2023 2022
Corporate
Services
Senior managers 874 387 335
Middle management 2,576 1,625 1,179
Technicians 10,086 6,493 4,367
Stores
Managers and
assistant managers 31,978 26,646 27,653
Shop assistants 43,229 45,552 34,080
Total 88,743 80,703 67,613
Hours of training by professional category in Spain and its evolution
Age range Hours
Under 25 22,339
Between 25 and 35 33,051
Between 35 and 50 28,463
Over 50 4,890
Total 88,743
Training hours by age range
Scope: Spain Scope: Spain
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Business management schools
A training programme that takes place both in person
and online, aimed at store personnel in Spain, both for
managers and assistant managers.
Junior School: for promoted employees or new hires,
its aim is to train this group in personnel management,
leadership, omni-channelling, ratios, etc.
Senior School: for proles that have been in the
company for a longer period of time and need an
update of contents related to their prole (Productivity,
Situational leadership, Boosting sales, etc.).
193
managers trained
The store employees trained
this year were:
4,816
hours of training
Initiatives to boost training
We are committed to using professional development as a driving force for innovation and improvement. We adapt training content to the specic needs of each area and professional prole. This training approach
enables us to strengthen both technical and transversal skills and align the performance of our professionals with Tendam’s values and goals.
Be!PLAYER
We have implemented a gamication strategy to
share product and Marketplace knowledge with store
employees. This initiative takes the form of a mobile
application that uses game dynamics to motivate
participants, including the accumulation of points,
progression through levels, challenges and rewards.
This year, the programme has been extended from Spain,
Portugal, Hungary, Croatia, Mexico and Serbia to the
following new countries: Bosnia, Bulgaria, Montenegro,
France, Belgium and Luxembourg. Employees have
responded positively to this learning modality,
appreciating its dynamic and interactive nature.
Participants Hours
Portugal 3,416 1,440
Bosnia 53 18
Spain 12,308 12,308
Bulgaria 13 5
Montenegro 4 0
Hungary 139 115
France 37 10
Croatia 36 14
Belgium 53
Serbia 164 82
Luxembourg 10 5
Mexico 358 1.659
Total 16,543 15,659
Be!TALENT
Be!Talent is our online training and development portal.
All our employees have access to it from the moment they
are hired. It contains customised digital courses on skills
(leadership, creativity, resilience, etc.) as well as mandatory
courses (Risk Prevention, Compliance, etc.)
75,276 hours of e-learning
Gamication training 2024
8,953 people trained
through e-learning
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TECHNICAL TRAINING
ON FABRICS AND FIBRES
In collaboration with our training
partner Textilae, all members
of the Design, Purchasing and
e-commerce teams have an
annual subscription that enables
them to access training on
fabrics and bres. This allows
them to stay informed about
new sustainable materials and
learn about properties, textile
processing and more through
various virtual sessions.
VISITS TO OUR
LOGISTICS CENTRE
IN ARANJUEZ
In collaboration with our
logistics colleagues, we
organise visits to the
logistics centre in Aranjuez,
where employees can see
how it works rst-hand.
We believe that our people are our greatest asset.
Consequently, we are constantly working to attract, develop
and retain talent, recognising that these aspects are essential
for the company’s sustainability and protability.
Our talent management strategy is underpinned by principles
such as ethics, collaboration, fairness, and respect for diversity.
Our strategy focuses on identifying, developing and evaluating
professionals through transparent selection processes,
adapted training, internal promotion and mobility within the
organisation.
As an employer brand, we aim to highlight the professional
growth opportunities available at Tendam across its various
departments. Thanks to the efforts of our Human Resources
teams in forums and specialised employment programmes,
an increasing number of people are becoming aware of our
company and expressing an interest in joining us.
In the area of talent management, we have a Management
by Objectives programme for employees with variable
remuneration. Through this system, each manager denes
specic objectives for their team that are aligned with the
corporate strategy, thus fostering the connection between
the company’s mission and individual development. These
objectives are measurable and have clear indicators, agreed
between the departmental manager and the employee. For
ofce staff, the objectives are distributed according to the
criteria of the area director, following the established ratio of
20% qualitative and 80% quantitative.
Additionally, sustainability criteria are integrated into
incentive remuneration. Once the individual targets have been
calculated, the company sets group targets, including those
related to reducing emissions and increasing the number
of sustainable products. Managers in the Purchasing and
Design Supply Chains have 10% out of 20% of their individual
qualitative targets linked to sustainability objectives.
Talent management
ARTIFICIAL INTELLIGENCE
WORKSHOP
With the help of our IT & e-commerce
colleagues, we held a training session called
“Exploring Articial Intelligence”, which
covered topics such as what AI is and where it
is taking us.
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Committed to youth employment
We believe in emerging talent and actively generate new
opportunities through our Professional Internship Plan. This
programme aims to recruit individuals who are passionate
about learning about our industry, who share the company’s
values, and who are motivated to provide customers with
quality advice. To this end, we provide specic training and
a tutoring system tailored to their needs to ensure they
learn effectively and practically.
Tendam collaborates with over 300 formal training and
employment centres, public bodies, and social entities
to facilitate the integration of young people and those in
vulnerable situations into the labour market.
We have trained thousands of young people, achieving
high success rates and enabling subsequent employment.
This has established us as a leading organisation within key
associations in Spain, with which we work closely every
season to share our expertise in training, integration and
employability.
In recognition of this work, Tendam received the “Promotion
in Equal Opportunities” award at the Catalonia FP Biz Day
Awards, organised by the Department of Education and
Vocational Training and CaixaBank. The awards recognise
companies that are committed to training and employing
young talent in Vocational Education and Training (VET) in
Catalonia.
Internal promotion
Internal growth plays a key role in
employee development, driving learning
and professional path.
At Tendam, some of our managers and
team leaders have progressed through
internal promotion, reecting our clear
strategy in this area and our adaptable,
committed team prepared to take on
new challenges. Through this initiative,
the company seeks to identify and value
talent, encouraging its retention within
the organisation and providing growth
opportunities that align with each
professional’s individual aspirations.
Be!GROWTH
Scope of the performance assessment programme (in Spain):
employees trained
330 men / 710 women
74 senior managers / 211 middle management / 755 technicians
Corporate Headquarters:
1,040
employees trained
164 men / 890 women
556 store managers / 498 assistant managers
Stores:
1,054
Promotions
in 2024 in
Spain: promotions
in ofces women
86 87% promotions
in stores women
77 90%
Headquarters Stores
Trainees 222 1,231
Subsequent recruitment 15% 15%
Internships and new hires in Spain
The professional growth of our employees
is assessed according to their annual
performance. In Spain, the programme is
designed to identify both the strengths
and opportunities for improvement of each
employee. This process is carried out via
a digital platform where each employee
self-evaluates their skills, and their direct
manager then evaluates their performance.
Feedback meetings are then held to dene
personalised action plans for further
professional development.
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Scope: Spain (74% of the workforce)
Men Women Total
Maternity/paternity leave 37 321 358
Risk during pregnancy 0 237 237
Reduced hours for legal guardianship of a child under 12
years of age 10 755 765
Reduced hours to care for family members 01414
Reduced hours for personal reasons 099
Reduced hour for care of sick minor children 31518
Voluntary leave 34 231 265
Leave for care of family members 145
Maternity or paternity leave 2 145 147
Compulsory leave 000
Special leave 01919
Number of days on leave due to the birth of a child
Leaves of absence in Spain by number of employees
Spain International
Men Women Men Women
No. of days 2,333 27,069 97 41,360
Leave of absence
At Tendam, we recognise the importance of work-life balance, promoting a culture that respects the rights and
individual needs of our employees. We provide access to leave of absence in accordance with current legislation,
ensuring each application is handled sensitively and responsibly.
Monitoring this data enables us to identify emerging patterns and needs and adapt our internal policies to
create a more balanced and inclusive work environment. The following is a breakdown of the leaves of absence
processed during the year.
Work-life balance and benefits
Benets in Spain
The Spanish workforce enjoys social benets adapted
to the commercial structure and different proles
within corporate services.
The Flexible Remuneration Programme
offers products and services such as
childcare vouchers, gourmet vouchers,
educational support, medical insurance and
transport, among other benets.
Canteen services at headquarters.
Medical service at headquarters.
Full medical examinations.
Well-being programme: physiotherapy,
mindfulness and promotion of sporting
activities.
Education grants for all employees’
children under 16.
A discount card for all the Group’s brands.
Be!Nets employee benets club.
Remote working (from home) once a week.
Time management and work-
life balance are essential for our
employees, enabling them to
balance their professional and
personal lives. The company
implements specic measures
to foster a exible, inclusive and
respectful working environment,
which is key to attracting and
retaining talent, particularly among
the younger generation.
As 86% of our staff are women,
we have placed additional
emphasis on facilitating
work-life balance, including
specic protection measures
for pregnancy. To this end,
the company has developed
protocols for managing pregnancy
and breastfeeding, ensuring
compliance with each country’s
legal requirements relating to
maternity and paternity leave.
Additionally, Tendam has
introduced a digital disconnection
policy applicable to all employees.
The company has a planning and time management tool for store staff in Spain, called SISQUAL, which
allows them to plan their schedules and keep track of their working hours thanks to a ngerprint-based
clocking in system.
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Giving back to society
We are committed to acting for the benet of society by making nancial contributions and implementing projects with a positive social impact. Our
contribution is also manifested through donations in kind, as well as through our direct involvement in corporate volunteering.
We strive to bring out the best in the people who are part of our team, putting
our assets and capabilities at the disposal of the communities in which we
operate. We seek to intensify our contribution to society in the short and
long term.
Collaboration with the Lealtad Foundation
To select which charities to contribute to, Tendam uses the
transparency analyses of the Lealtad Foundation, which aims to assess
the suitability of the entities with which partnerships are established. In
most cases, it chooses certied organisations.
We act in emergency situations
In response to the dramatic situation caused by the oods resulting from the
meteorological phenomenon known as a DANA (isolated depression at high
levels) in the Levante in October 2024, the company mobilised. Information on
relief efforts and to facilitate individual donations was disseminated through the
Red Cross.
At the same time, clothes were donated to the town councils of Aldaia and
Picanya. A series of support measures focused on helping affected employees
were also implemented, including zero-interest microloans, exible renting and
internal crowdfunding, among other initiatives.
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Training and talent promotion
Tendam Sustainability Classroom with the
Polytechnic University of Madrid
The Tendam Classroom on Sustainability,
Responsibility, and Innovation in Fashion Design in
collaboration with the Advanced Fashion Design
Centre of Madrid (CSDMM), afliated with the
Polytechnic University of Madrid (UPM), carries out a
training mission with a threefold objective: supporting
talented young people, training and professionalising
the sector, as well as showing a clear commitment to
sustainable innovation from the design process.
Chairman at ISEM Fashion Business School
The Tendam Chair at ISEM, at the University of Navarra,
a business school specialising in fashion companies in
Spain, focuses on two strategic pillars: supporting young
talent and nurturing their professional growth in order to
contribute to their employability. Tendam shares the aim
of training professionals to work in the fashion industry
by building their negotiation and leadership skills.
Future Retail Challenge
This is a competition that brings together teams from
different corners of the world, within the framework of
the World Retail Congress, in which the company is a
jury member. This year the challenge was to present a
project that would revitalise a famous shopping centre
in their city that had closed many of its stores after the
pandemic.
Talentia Summit
Once again this year, we took part in the virtual job
fair Talentia Summit, organised by the City Council
of Santiago de Compostela. The aim was to bring
candidates closer to Tendam’s main projects and the
job opportunities available within the Autonomous
Community of Galicia.
We took part in the rst edition of Retail Street
Talent
We joined Women in Retail (WIR) to attend the biggest
talent recruitment event. In the heart of Madrid, on Calle
Fuencarral, we took part in the inaugural “Retail Street
Talent” event, the most disruptive and groundbreaking
talent recruitment day to date.
Created in collaboration with Time Out Spain, LEETERS
and the Madrid City Council, this event aimed to bring
retail brands and new generations closer together,
glamorising retail for Generation Z and attracting
gender- and generation-neutral talent, while also ending
the generational change crisis in the sector.
Adecco Foundation’s Women’s Day Job Fair
To mark International Women’s Day, Tendam took part
in the job fair organised by the Adecco Foundation, an
initiative aimed at promoting the labour market inclusion
of women in vulnerable situations. Throughout the day,
personal interviews were conducted and spaces for
dialogue were created, where participants could share
their experiences and professional aspirations with the
company’s Human Resources teams.
Job Speed Dating at CaixaForum
In 2024, we took part in this event in Madrid, organised
by ”la Caixa” Foundation. More than 100 people at risk
of social exclusion had the opportunity to share their life
stories, concerns, and professional aspirations.
Promoting youth employability
Throughout 2024, we welcomed
students from various universities
and educational institutions to
our ofces. During these visits,
participants took a guided tour
of the facilities to learn rst-
hand about the different areas
that make up the company. In
addition, Tendam’s corporate area
offers a global presentation to
provide a cross-functional view
of the business, complemented
by specialised sessions led by
professionals from different
departments and adapted to the
attendees’ areas of study.
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Always on the side of women
Other initiatives with social impact
Telva Solidarity Awards
We have been sponsors of the
TELVA Solidarity Awards for
14 years and this time it could
not be any other way. Tendam
presents the 2nd international
prize of the Telva Solidarity
Awards 2024, destined to the
Dilaya Foundation for its project
Improving food security in the
Loule-Baricho area, Kilulu in
Kenya.
Aladina Xmas Weekend
In December, the “Xmas Weekend” of the Aladina Foundation was held, in which our brand Pedro
del Hierro had a stand of women’s clothing donated by the brand. The proceeds from the market
were donated to the families of cancer-stricken children and adolescents that had been affected by
the DANA.
Pitching in with the “Reyes Magos de verdad” initiative
Once again this year, we are joining the “Three Kings” campaign to give presents to children and
elderly people living in old people’s homes. In 2024, more than 100 people from Headquarters took
part in the initiative, collecting close to 200 gifts.
Bottle tops for a new life
Since 2016, we have been collaborating with the Seur Foundation in its “Caps for a new life”
project, a solidarity and environmental project for recycling caps, aimed at providing children without
resources with unregulated medical treatment in the health system or materials that allow them to
alleviate the physical problems they suffer from. Since the collection began, we have delivered over
1,400 kg of bottle tops that have helped children improve their quality of life.
#Simeimporta movement
This initiative is part of the collaborative
project “Things that do matter” that
Dexeus Mujer and Women’secret
started 11 years ago, with the aim of
contributing to the personal well-being
and improving the quality of life of patients
diagnosed with breast cancer. This year,
#SíMeImporta [Yes I Care] wanted to give
visibility to a topic that is still not talked
about: sexuality after cancer. In addition to
providing visibility , the proceeds from the
collection of charity panties designed by
the brand were donated to the “Recovery
of intimate well-being after cancer”
programme.
ByBy Women’s solidarity project
Pedro del Hierro presents the second
edition of this project, committed to female
entrepreneurship and raising the prole
of innovative women. This year, the rm
is launching a solidarity cape, the prots
of which will support WomenPaintToo,
a movement promoted by Pilar Mateo,
a Valencian scientist and innovator who
inspired the previous edition. Her research
centre in Paiporta was devastated by
the DANA. The aim of this initiative is to
contribute to the centre’s reconstruction,
transforming it into a space that promotes
science for social purposes and fosters
female talent.
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Women’secret continues to collaborate with Juegaterapia Foundation
The brand has added the Juegaterapia Foundation’s Baby Pelones dolls collection to its website. Thanks
to the collaboration with Women’secret, hospitals have been transformed into magical places full of
playfulness.
Women’secret supports the Multiple Sclerosis Foundation Madrid
Women’secret took part in the Rhythmic Gymnastics Charity Tournament, in which nearly a thousand
gymnasts from clubs across Spain competed. This event combines sport and solidarity to raise funds for
the Multiple Sclerosis Foundation Madrid.
In collaboration with Tendam’s corporate team, our lingerie brand joined in with a stand offering
brand samples to help the foundation achieve its objectives. This is another sign of the company’s rm
commitment to social action.
Our employees go to the soup kitchen
For the seventh consecutive year, a group of
Fifty employees visited the Soup Kitchen of the
Hijas de la Caridad San Vicente de Paúl of María
Inmaculada School in Madrid, aimed at people
in situations of exclusion and vulnerability. The
brand provided a nancial donation of 2,000 euros,
and boxes with warm clothing, in addition to the
active collaboration of our volunteers.
Slowlove raises the prole of
mental health
The brand is participating as a sponsor of the
XIII Race for Mental Health. The aim of this
initiative is to support people with mental
health problems and to work to overcome
the social stigma caused by mental illness.
The Involucrados project: this year’s project was a record-breaker
This project aims to promote different social actions related to disability, women and progressive
neurodegenerative diseases. In the 2024 call, the foundations chosen were Fundación
Blas Méndez Ponce – Ayuda al Niño Oncológico, Fundación Mary’s Meals Spain, Fundación
Desarrollo y Asistencia – Nadiesolo and FEDER, the Spanish Federation for Rare Diseases. The
total raised this year was 174,000 euros, the highest amount that has been donated since the
project began in 2005.
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Donation of clothes
The Company encourages the reuse of garments to help charity organisations. For this reason, we have
implemented a donation programme based on two main initiatives:
Through the Involucrados [Involved] project, we promote the use of the samples we use to design
garments, as well as in our e-commerce department or in our showroom, which cannot be put on
the market for sale, and that, through their sale in solidarity with this project, we manage to give an
economic value that benets the entities selected for each edition.
Furthermore, we encourage donations to non-prot organisations for their own use or so they can
sell the products in their own charity shops, with the prots going to the organisation itself.
Donations
We demonstrate our commitment to society
through solidarity initiatives and collaborations
with social organisations. At Tendam, we
view donations as a means of generating a
positive impact beyond the business sphere
and contributing to the well-being of the
communities with which we interact.
Contributions to partnerships
Item Amount (€)
Fundación SERES 20,900
Fundación LEALTAD 5,000
Universidad Navarra-ISEM 30,000
Polytechnic University of
Madrid 20,000
Marcas Renombradas
Foundation 12,000
FAME Foundation (Spanish
Fashion Academy) 100,000
Total 187,900
Item Entity Amount (€)
TELVA Solidarity Dilaya Foundation 9,000.00
Save Posidonia Project Ibiza Preservation 12,361.00
Save Posidonia Project Ibiza Preservation 5,000.00
Coral Collection - CTF WWF (Worldwide Fund for Nature) 65,701.00
Coral Collection - CTF WWF (Worldwide Fund for Nature) 184.78
ByBy capes Project Quiero trabajo Foundation 50,000.00
Slowlove Manantial Foundation 1,772.10
Women'secret Anar Foundation 20,000.00
Children against cancer Clinica Universidad de Navarra 1,400.00
TENDAM Solidarity Week
Libera Project (SEO BIRDLIFE) 975.00
Madrid Down Syndrome Foundation 1,000.00
Quiero trabajo Foundation 1,500.00
Pequeño Deseo Foundation 1,480.00
Involucrados
Mary’s Meals Foundation 23,820.79
19,781.72
FEDER (Spanish Federation of Rare Diseases) 23,820.79
19,781.72
Blas Méndez Ponce Foundation 23,820.79
19,781.72
Nadiesolo Foundation 23,820.79
19,781.72
International Day of Persons with
Disabilities APROCOR Foundation 2,100.00
Golf tournament Hakuna Revolution Foundation 2,500.00
TOTAL 349,383.92
List of entities and donated amount
2024 2023 2022
Garments
donated 25,410 19,470 35,460
Monetary
value (€) 169,400 129,800 236,400
Requests
processed 135 132 121
Evolución donaciones de prendas
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Social impact generated by collective
Infancy
Environment
Women
General
Population 34 %
24 %
15 %
27 %
Social impact generated by area of action
Disability Education
Environment
Social
integration
Health
1 % 3 %
24 %
27 %
45 %
Impact generated by SDGs
ODS 3
ODS 8
ODS 4
ODS 15 ODS 2
45%
15 %
3 %
ODS 10
1 %
ODS 14
24 %
0 % 12 %
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Corporate volunteering
Solidarity Week at Tendam
Tendam’s Solidarity Week took place for the third consecutive year from 24 to 28 September 2024,
coinciding with the 9th anniversary of the adoption of the SDGs. This initiative enables employees to
engage in social and environmental volunteering activities.
Six volunteering activities were organised, offering a total of 105 places for staff members to contribute
to social and environmental issues.
Activities were planned in collaboration with the Quiero Trabajo Foundation, the Down Syndrome
Foundation of Madrid, the Norte Joven Foundation, the Pequeño Deseo Foundation, and the Vitalia
retirement home, in order to contribute to society. More than 80 people beneted directly.
In terms of the environment, the volunteers worked with SEOBirdLife and Ecoembes to improve the
Playa de la Pavera area in Aranjuez. This location was chosen because of Tendam’s links with the area
— we operate there through our logistics centre.
Solidarity Week is one of the key moments in the “We Are Volunteers” programme. Through this
initiative, we encourage our teams to participate in social and environmental projects, fostering a culture
of commitment and generosity within the company. At Tendam, volunteering is an ongoing commitment
that reects our values and our understanding of the role of the company in society.
The actions carried out within
the framework of corporate
volunteering contribute
directly to several of the
Sustainable Development
Goals that the company
has identied as priorities.
Specically, our efforts have
focused on promoting gender
equality (SDG 5), decent work
and economic growth (SDG
8), climate action (SDG 13),
and partnership to achieve the
goals (SDG 17).
International Day of Persons with Disabilities
On 3 December, we held
a jumper customisation
workshop in collaboration with
the APROCOR Foundation
and Hilando, a project that
promotes labour inclusion
by customising garments
and recycling second-hand
clothes. During the workshop,
25 Tendam volunteers had
the opportunity to create
unique, personalised Christmas
jumpers with the help of a
group of people with learning
disabilities from the APROCOR
Foundation.
Tendam’s social commitment is also reected in the active
involvement of its professionals. Through the “We are
Volunteers” corporate volunteering programme, employees can
participate in initiatives that have a social and environmental
impact, channelling their talent and energy towards causes
that contribute to collective well-being.
This collaboration enables us to build bridges with Third Sector
organisations, creating value for the communities we work with
and for Tendam’s own employees, who nd in this programme
a meaningful way to engage with society. The volunteering
experience fosters a sense of belonging and creates a more
engaged working environment, aligning corporate purpose
with social action.
105
volunteers
232
volunteer hours
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05 WE ARE PEOPLE
The customer
The customer is at the heart of our value proposition and we are constantly working to deliver a satisfying customer experience through our multi-channel service.
Every day, thousands of people interact with our brands, either in our physical store or through our digital channels.
The consumer prole has evolved; today’s
customers are better informed, more connected,
and more socially and environmentally aware.
They demand agile, personalised purchasing
processes that adapt to their preferences in both
physical and digital environments. In response
to these expectations, we have developed
solutions that integrate both worlds, offering a
smooth, simple, high-quality shopping experience
where the combination of physical stores and
e-commerce adds value.
Our strategy is based on being close to our
customers, listening to them, and involving them
in continuously improving our offerings. We aim
to build lasting relationships based on trust,
transparency and dialogue.
As part of our digital transformation process, we
have incorporated third-party brands into our own
brands’ online channels since 2022. Today, this
multi-brand ecosystem accounts for 2% of the
group’s online sales and integrates more than
186 external brands. This initiative strengthens
the position of our digital platforms and is one of
the key pillars of the evolution of our business
model towards a more dynamic and relevant retail
offering for today’s customers.
We have a customer base that
consists of over 38 million
members who have joined our
loyalty clubs. We currently have an
online presence in 57 countries.
200,770,495
1,684,700
Customer relationship model
We understand the customer: at Tendam, we develop our proposals based on an in-depth
understanding of our customers. Through continuous data analysis and research into their
behaviour and preferences, we can tailor our offers to respond more precisely to their needs.
Digital connectivity: our digital channels function not only as points of sale, but also
as spaces for interaction, allowing us to establish a direct and constant relationship with
customers. Through these channels, we facilitate two-way communication, giving customers a
voice and enabling them to participate in and contribute to initiatives that enhance their brand
experience.
Omnichannel service: we are strengthening our customer service offering to provide a more
agile and accessible experience at any time and via any channel, whether by phone, email,
social media or in-store. We currently provide assistance in ten languages, ensuring a close,
personalised service in the markets in which we operate.
Management involvement: the management of each brand in the group receives regular
updates on sales performance and customer perception of the brand. This constant monitoring
enables management teams to identify emerging trends, pinpoint areas for improvement, and
proactively maintain strong relationships with consumers.
We listen to our customers: we organise focus group sessions and market research
involving our customers and the e-commerce team. These sessions enable us to evaluate
the browsing experience and gather direct feedback on our digital platforms, with the aim of
further rening the shopping experience.
visits to Tendam’s websites
downloads of the Group’s
Apps
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05 WE ARE PEOPLE
“Easy shopping” omnichannel experience
At Tendam, we are constantly working to ensure
that our customers enjoy a smooth, personalised
and satisfactory shopping experience. To this
end, we have launched a series of technological
initiatives aimed at strengthening our relationship
with customers and simplifying the shopping
process, whether in-store or online.
Innovative assisted selling systems: our shops are
equipped with digital sales support systems, using
tablets that allow staff to consult available stock in
real time, locate products and suggest alternatives or
recommendations using visual recognition technology.
APPS: all of our brands have mobile apps that are
continuously updated with new features. These include
the ability to scan a product label in-store to access all the
information available on the website, check availability,
and reserve or purchase items directly online.
Flexible collection options: we offer various delivery
methods for online orders to suit the customer’s needs.
These include in-store collection a few days later, same-
day in-store reservation collection, and home delivery. In
addition, we have set up “Click & Collect” points in some
stores to speed up the process even further.
Multibrand collection: to improve accessibility in towns
where not all of our brands are present, we have
introduced multi-brand collection in stores in Spain and
Portugal. This means that a customer can pick up an
order from one brand group from the store of another,
expanding the options available and improving the service
experience.
RFID technology in pilot stores: we have launched a
pilot programme of RFID (Radio Frequency Identication)
technology in selected stores in Spain. This technology
enables products, boxes and other items to be identied
via radio frequency, resulting in more efcient stock
management and a more streamlined customer
experience.
Ongoing communication with the customer
At Tendam, we place customer satisfaction at the heart of our strategy. To
achieve this, we maintain direct and permanent contact through multi-channel,
transparent communication based on principals of ethics and accountability.
Our omnichannel platform is fully integrated with our internal systems, enabling
us to respond to queries quickly and efciently, regardless of the channel used
by the customer: website, social media, telephone or email. This integration
ensures a fast and consistent response at any time and from any point of contact.
We operate in strict compliance with the data protection and privacy regulations
in force in each of the markets in which we have a presence. Our data
management teams are trained to ensure the responsible use of information
within the limits authorised by the customer.
Safety is also key in our relationship with the consumer. For this reason, all
our garments are labelled with detailed information adapted to international
standards, including origin, composition, and care instructions in the languages
required by the country of sale.
Returns in the store giving the
customer a discount of 2096 of the
value if the return is made with a
credit card
APP’s of all brands with discounts and
digital ticket available
Click Shopping: buy online from the
store if the product is not available
Possibility of buying at one brand
and picking up the order at a store of
another of the Group’s brands
Purchase online with store pickup and
product reservation from the web
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Customer service
To provide a high-quality service,
Tendam has a multi-channel Customer
Care Service (CCS) that can be accessed
via telephone, social media, email,
post, or a contact form on the corporate
website. Our teams are specically
trained to provide personalised and
appropriate responses to customers in
our 77 markets.
In 2024, we managed a total of
2,380,395 interactions through these
channels. The overall satisfaction
rate after the service reached 69.5%,
according to subsequent surveys.
During the year, 1,516 complaints were
registered through ofcial complaint
forms. When these complaints are
received in-store, they are referred to
the CCS for assessment. The technicians
in charge collect all the necessary
information from the stores and
departments involved, and the customer
is contacted if necessary to complete
the details. All complaints are handled
within the legal deadlines. which range
from 10 to 30 days.
We analyse the content and nature
of each complaint in detail, as well
as the opinions and suggestions of
our customers. This allows us to
continuously improve our products and
services, adapting them to meet our
customers’ needs.
Depending on the nal resolution, complaints are
classied into the following categories:
Apologies: when there is no specic problem
to solve, but a response to the customer’s
complaint is given.
Positive resolution: when the customer’s
request is dealt with and resolved favourably.
Negative resolution: when, after analysis, it is
determined that the claim cannot proceed.
Illegible: claims that are not processed because
they are physically unintelligible.
Unreachable: when it is not possible to contact
the client to communicate the resolution.
Legal: claims handled directly by the legal
department.
Loyalty clubs
The Corteel, Pedro del Hierro,
Springeld, Women’secret and
Hoss Intropia brands have loyalty
clubs with more than 38 million
members, 24 million unique
members, with whom we want
to build a solid and long-lasting
relationship based on our product
offer and exclusive benets.
Two-way communication via
mobile messaging, email, the
website or social media allows us
to get feedback on our products
and customer preferences and
needs, enabling us to improve in
customizing our offer.
Complaints to the CCS
Apologies 14 %
Illegible 0 %
Unreachable 4 %
Legal 21 %
Negative
resolution 18 %
Positive
resolution 43 %
Total
1,516
8
Email accounts
International toll-free numbers
Social media accounts
SMS message accounts
Postal mail
WhatsApp contact numbers
Chats integrated into e-commerce websites
Internal communication channels from other
parts of the business
24
countries where we have a
Customer Care Service
9
languages served
881,717
customers responded to in 2024
customers responded
to in 2024
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06 WE ARE THE PLANET
WE ARE
THE PLANET
06
Environmental strategy / 125
Climate change / 131
Pollution / 140
Water / 143
Biodiversity / 144
Circularity and waste management / 145
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Environmental strategy
At Tendam, we are aware that our future growth is closely linked to how we address current environmental and social challenges. We actively work to minimise
the impact of our operations and the life cycle of our garments by reviewing and optimising our processes, from design to distribution.
Our Strategic Sustainability Plan includes actions on environmental
issues, where we set specic targets in different areas related to
emissions reduction, circularity and waste management, or energy
efciency, among others.
Internal environmental regulatory
framework
Tendam has an internal regulatory framework
that ensures respect for the environment in our
operations. Within this framework, the following
policies and procedures stand out:
Corporate Purchasing Policy
Responsible Sourcing Policy
Internal Code of Conduct
External Code of Conduct for Suppliers
Sustainable Product Standard
Environmentally Responsible Manufacturing
Standard
Product Safety and Quality Policy
In addition, this year work has been carried out
on the development of the Ecodesign Policy and
the Environmental and Sustainability Policies. The
latter two were approved in April 2025 by the
Board of Directors, after the close of the 2024–
2025 nancial year.
External assessments on sustainability
performance
Each year Tendam publishes its Non-Financial Information Statement
(NFIS), in accordance with Spanish legislation, the content of which is
veried by an independent third party, which guarantees the reliability
of the information presented.
We measure our performance through various rankings and/or
assessments according to international standards, as a sign of our rm
commitment to the environment. In 2024, we revalidated the EcoVadis
Platinum Medal, the highest rating, thanks to the company’s good
practices in the areas of the environment, labour and human rights,
ethics and sustainable sourcing. This steady progress has placed us in
the top 1% of companies in terms of sustainability.
Pending the 2024 Carbon Disclosure Project (CDP) resolution,
our rating obtained in 2023 was A- Climate, the result of which
consolidates Tendam as one of the benchmark companies in the ght
against climate change, maintaining our leadership position.
Based on these results, we carry out internal diagnostics that allow us
to identify areas for improvement in our processes and procedures.
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Environmental audit programme
We continue to promote the Environmental Audits Programme, launched
in 2020, for suppliers with wet process factories following environmental
management criteria.
The aspects included in this assessment requirement are the
environmental management system and responsible management of
water chemicals, apparel, waste and emissions, among others. The audit
not only checks the factory, but also the environmental documentation:
technical environmental documentation, such as permits for wastewater
discharge, conrmation that the plant has an environmental impact
assessment, verication of agreements with hazardous waste managers,
and more.
Evolution of the number of factories audited since the start
of the programme
2024 31
2023 31
2022 36
2021 22
2020 7
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Our products
We aim to progressively increase the proportion of sustainable
sourcing across all brands, while continuing to work to improve the
traceability and transparency of our supply chain.
Sustainable Product Standard
At Tendam, we are convinced that sustainability must be driven from
the development of our products. That is why we have a Sustainable
Product Standard that denes the requirements our garments must
meet to be considered sustainable. This procedure is based on the
need to evaluate the alternatives available and select the best option,
ensuring full traceability from the origin of the raw materials to the
consumer.
The sustainable character of our garments is determined by two
fundamental criteria:
Selection of raw materials: Priority is given to those options whose
origin and treatment are more environmentally friendly.
Production processes: We are committed to manufacturing
methods that minimise environmental impact, incorporating
measures to reduce the use of chemical products, encourage
circularity and promote technological innovation, among other
best practices recognised in the sector.
In line with the guidelines set out in our Internal Sustainable Product
Standard, 56% of our garments now meet these parameters, ahead
of our target of 50% by 2025.
Raw materials and procedures
We are currently developing impact measurement tools to help
our design teams make informed decisions based on data and
prioritise the selection of materials with the lowest environmental
impact. Our brands work closely together to set targets for the
incorporation of priority materials in the development of garments
and accessories.
The following tools are available to identify the most sustainable
bres:
In 2023, a life cycle analysis was conducted on 3 selected
samples, representing 3 different product categories with
a representativeness of 46% of the total purchase volume
of 2023. These results allow us to make estimations of the
impact generated at each stage, which can be reduced through
specic actions from the design phase onwards.
We keep an inventory of the raw materials used in our
garments. This inventory helps us to identify the main risks
associated with materials and production processes, and
to explore alternative production methods that minimise
environmental impact.
Reconocemos que todas las bras, tanto naturales como
sintéticas, We recognise that all bres, whether natural or
synthetic, have social and environmental impacts throughout their
life cycle. Therefore, in a context where supply stability depends
on sustainable practices, it is essential to address the effects on
the environment and society.
Our work focuses on ve priorities:
Minimising and managing water use.
Increasing the use of reused and recycled materials.
Reducing the use of chemical products.
Continuing to ensure the quality of apparel.
Managing waste in the process (reduce, recycle and reuse).
Evolution of % of garments complying with the Sustainable
Product Standard
12
30
43 51
2020 2021 2022 2023 2024
56
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The main raw materials we use are cotton, polyester and cellulose-
based bres, which is why we focus on their treatment.
23,229 total tonnes of cotton
19,128 BCI cotton
Target 50 % by 2025
achieved with 82 %
Cotton Synthetic bres Wood-based bres
We have been a member of Better Cotton
(BCI) since 2021. Tendam is working with
Better Cotton to improve cotton production
globally and we are committed to sourcing
50% of our cotton as BCI by 2025.
This organisation, through its implementing
partners, trains farmers to use water
efciently, care for soil and natural habitats,
reduce the use of the most harmful
chemicals and respect workers’ rights
and welfare.
Our Better Cotton products are obtained
through a mass balance system and
therefore may not contain Better Cotton.
Recycled polyester, unlike virgin
polyester which is made from
petroleum, is a bre made from recycled
materials (plastics, original polyester
fabrics, etc.). It retains the technical
properties of the original polyester, as
the recycling process reconstitutes the
bre at molecular level, but with the
advantage of a lower environmental
impact.
This material helps the environment
by avoiding petroleum-based
manufacturing, reducing its demand and
associated ecological impact. Recycled
polyester signicantly reduces CO2
emissions into the atmosphere.
We work closely with our key
suppliers to manage wood-based
fabrics, in particular to ensure
the traceability of the origin of
cellulosic bres (viscose, lyocell,
etc.).
We prioritise the purchase of
materials such as Tencel™,
Lyocell, Birla™ or EcoVero™ that
are sourced from sustainably
managed forests and have
more environmentally friendly
production processes compared to
conventional production processes
for these bres.
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Raw material certications
In 2024 the company was certied in the following Textile Exchange sustainable standards: Global
Organic Textile Standard (GOTS) and Organic Content Standard (OCS) certication for organic
material content and Global Recycled Standard (GRS) and Recycled Claim Standard (RCS) for
recycled material content.
These certications allow us to:
Be aligned with the latest Textile Exchange requirements, where brands are also required to be
certied.
Be better positioned for forthcoming EU legislation on eco-declarations, consumer empowerment
and due diligence.
Use these logos on our products.
Give consumers the opportunity to make informed purchasing decisions.
Supply chain traceability
Understanding the entire lifecycle of a garment is essential for transitioning to a more sustainable
production model. Traceability enables us to track every step of the process, from sourcing the raw
materials to delivering the nished product to the consumer. This includes information on the materials
used, the people involved in the manufacturing process, and how the production, transformation, and
distribution processes are carried out.
In the textile sector, achieving this level of visibility is particularly challenging. Supply chains are extensive,
spanning the globe and involving multiple stakeholders. Nevertheless, it is both possible and essential to
have this information. It enables us to make more informed decisions, manage logistics processes more
effectively and reduce the social and environmental impacts associated with each stage of the product life
cycle.
Communications
At Tendam, we understand that open and transparent communication is essential for building
trust with our stakeholders. We therefore avoid practices such as greenwashing, ensuring that all
sustainability information we share is accurate, clear and compliant with current legal requirements.
To this end, we have set up internal working groups comprising professionals from various
departments who work together to address issues such as the appropriate use of sustainability-
related language and the technical and documentary justication of claims about the environmental
characteristics of our products.
This approach aims to provide practical tools that support effective communication, including internal
procedures for validating sustainable product claims and training for teams involved in developing
messages and campaigns. In this way, we ensure that our commitments are translated into clear,
consistent and accountable information.
To ensure that our messages are clear and truthful, we are committed to integrating internal
multidisciplinary working groups into its management model with the aim of addressing issues such
as the correct use of sustainability-related terms and how to properly substantiate environmental
attribute claims.
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Sustainable
materials
The use of eco-labelled materials in
the renovation of furniture, lighting and
ooring in stores has increased to ensure
continuous, incremental improvement and
greater energy efciency with a smaller
carbon footprint.
Air-conditioning efciency
improvements
During all new store openings and
refurbishments, we replace old air
conditioning systems with more modern,
efcient equipment that allows for greater
energy control and better adaptation to
the needs of the space. We have applied
for subsidies to replace air-conditioning
equipment under the incentive programme
for installing renewable thermal energy
systems.
Adapted
spaces
All new store openings and renovations are planned
and developed in compliance with the accessibility
requirements established by the regulations in
force. Access, tting rooms and furniture elements
are adapted to ensure that the stores are inclusive,
accessible and comfortable spaces for people with
reduced mobility. This commitment is reinforced by
the regular reviews carried out by our Occupational
Risk Prevention team, which allow us to identify
opportunities for improvement and move towards a
more accessible shopping experience for all.
Our stores
At Tendam, we are committed to operating our stores, whether owned or franchised, in the most efcient way and with the lowest possible environmental impact. To this end, we have a number of initiatives:
Renewable
energy
Since January 2020, all the electricity used in our stores
in Spain, logistics centres and headquarters is renewable
energy with a Guarantee of Origin Certicate (GoO). From
April 2024, Portugal’s energy supply will also come from
renewable sources. This reduces the carbon footprint and
avoids the emission of an estimated 18.000 tonnes of CO2
into the atmosphere per year.
Energy
efciency
Tendam has launched a plan for the renovation of the air
conditioning systems in its stores. This measure optimises
energy efciency, reducing energy consumption and improving
comfort for both customers and employees.
At the same time, the company is making progress in the
implementation of LED lighting, a more efcient technology
with less environmental impact. At the end of the year, 41.5%
of stores in Spain already had LED lighting, with the aim of
reaching 50% by 2026.
Since 2020 we have been installing Eco Smart solutions in
our stores based on the Internet of Things (IoT), aimed at
consuming less energy and achieving greater comfort by
offering the optimum lighting and temperature at all times. This
system has been implemented in Corteel, Pedro del Hierro,
Slowlove and Hoss Intropia stores in Madrid, Andalusia and the
Northern Zone, reducing energy consumption and demand.
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Climate change
In line with our commitment to climate action and in response to the environmental impact generated by our business, we have developed a dedicated roadmap
within the Sustainability Plan. Aligned with the principles of the Paris Agreement, this strategy sets out a comprehensive approach to reducing our footprint and
accelerating the transition to a more responsible model.
PILLARS Corporate governance and
climate change strategy
Emissions
reduction
Circular
economy Commitment
Transparent
reporting and
communication
TARGET Develop internal sustainability policies
and the creation of a highlevel,
organisation-wide climate change issue
responsibility map.
Monitor the carbon footprint and dene
reduction strategies.
Expand sustainable product lines and
develop sustainable design tools. Use
of recycled materials and promoting
recycling of our products at the end of
their life cycle.
Promote climate awareness among
Tendam’s stakeholders and promote
transformation in all phases of
our value chain, internally and
externally.
Promote transparency
as the basis of our
commitment to positive
performance.
ACTIONS Redening the structure of
responsibilities associated with the
climate change strategy in government
bodies.
Setting up a system of monetary and
non-monetary incentives linked to the
achievement of environmental goals.
Creation and implementation of a new
methodology to assess climate risks and
opportunities.
Implementation of nancial tools that
support the evaluation of projects and
initiatives related to climate change.
Reviewing and extending the scope of the
carbon footprint calculation to the entire
value chain, setting up specic goals and the
implementation of an internal monitoring tool.
Evaluating the incorporation of sustainable
criteria in buildings through a Global Policy.
Increased consumption of renewable energy
in all operations and promotion of its use in the
supply chain.
Evaluating the implementation of a
Sustainable Mobility Program.
Evaluating the participation in emission
offsetting programs.
Implementing a tool to monitor
sustainable materials.
Developing a Responsible Design
Policy.
Implementing training programs in
sustainable design for the areas in
charge.
Developing a global waste reduction
program for phases with higher
generation.
Designing an engagement and
collaboration strategy with stakeholders
to promote good practices related to
sustainability and climate change.
Extending the collaboration with
sectoral and global projects and
initiatives.
Designing and developing a training
program on sustainability and climate
change for suppliers.
Updating the sustainable purchasing
procedures, enhancing the criteria
related to climate change.
Implementing improvements
to the annual sustainability
report at all levels, following
the pertinent recognised
standards.
Updating the internal
reporting system on climate
issues.
Extended participation in
performance and disclosure
initiatives relevant to the
organization.
Status of completion of the actions listed in the Climate Roadmap: In processCompleted Pending
Climate Roadmap
The strategy is structured around ve key pillars. Each of these pillars promotes continuous innovation and fosters active collaboration between the various stakeholders in our value chain.
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In line with our climate roadmap, the company has set specic, measurable targets that dene the goal we want
to achieve in combating climate change and promoting the transition to a low-carbon economy.
In 2021, Tendam’s targets were endorsed by the Science Based Target initiative (SBTi) with 2019 taken as the
baseline year. SBTi is a partnership between CDP, the United Nations Global Compact, the World Resources
Institute (WRI) and the World Wide Fund for Nature (WWF) that promotes the establishment of science-based
standards and targets for reducing emissions.
Scopes 1 and 2
Direct emissions and emissions
from energy consumption
Scope 3
Product-related
emissions
Renewable
energy
“We commit to an absolute
reduction of greenhouse gas
emissions in Scopes 1 and 2 by
46.2% in 2030 with 2019 taken
as the baseline year.”
“We commit to a reduction of
greenhouse gas emissions per €m
of scope 3 turnover by 62% by
2030, with 2019 as the
baseline year.”
“We commit increasing
renewable energy in our
operations to 100% by
2030.”
46.2%
reduction by 2030
62%
reduction by 2030
100%
renewable energy
by 2030
SHORT-TERM TARGETS (2030)
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Evolution of total emissions per year in tCO2e
2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
Scope 1 2,980 1,990 2,392 2,177 2,112 2,180
Scope 2 26,716 4,634 4,958 5,527 5,898 3,978
Scope 3 1,137,940 773,990 944,723 1,000,296 1,036,394 1,123,486
Total 1,167,636 780,614 952,073 1,008,001 1,044,404 1,129,645
Greenhouse gas emissions
During the 2024 nancial year, we carried out a recalculation of the company’s carbon footprint,
adopting a rigorous approach based on the international Greenhouse Gas (GHG) Protocol standard
and its technical guidelines for Scope 3. This tool enables us to quantify and report on direct and
indirect greenhouse gas emissions from our activities throughout the entire value chain.
Using the GHG Protocol ensures transparent and consistent reporting of the GHG emissions and
removals inventory, and enables a stepwise approach to continuous improvement. It also provides a
solid basis for effective emission reduction strategies throughout the organisation.
We are making progress in improving our calculations and obtaining the most realistic data possible.
During the year, we calculated not only the scal year carbon footprint (see below), but also the
scope 1 and 2 footprint for the 2024 calendar year.
This calculation covers direct and indirect emissions generated at Tendam’s headquarters, ofces,
stores, warehouses, and logistics centres in 16 countries, as well as indirect emissions throughout
the value chain. We continue to improve our footprint calculation year on year and conduct internal
data analysis so that the calculation of our carbon footprint is entirely based on real data.
During 2024, Tendam’s total carbon footprint amounted to 1,129,645 tCO₂e. The majority of
these emissions were in Scope 3, totalling 1,123,486 tCO₂e, accounting for approximately 99% of
the total. Indirect Scope 2 emissions were second, at 3,978 tCO₂e (0.4%), while indirect Scope 1
emissions were last, at 2.180 tCO₂e.
Using intensity metrics (tCO₂e e/€M), a reduction in total emissions intensity of 16%compared to the
baseline year and a 1% increase compared to last year is observed.
Baseline year emission reductions by scope
tCO2eEmissions reduction
(compared to the base year 2019)
Scope 1 2,180 -26.8%
Scope 2 3,978 -85.1%
Total scopes 1+2 6,158 -79.3%
Scope 3 1,123,486 -1.3%
Total 1,129,645 -3.3%
Evolution of emissions by absolute intensity
Absolute emissions
intensity 2024 2023 2022 2021 2020 2019
% Emissions
reduction
(vs. 2019)
% Emissions
reduction
(vs. 2023)
tCO2e/M€ 0.82 0.81 0.83 0.86 1.00 0.98 -16.5% 1.3%
tCO2e/M€ (Scope 3) 0.82 0.80 0.83 0.85 1.00 0.96 -14.7% 1.5%
Year-on-year, there was a signicant increase in emissions in 2021–2022 due to production activity resuming
at normal levels following the pandemic.
Overall, the 2024 carbon footprint represents a 3% reduction compared to the reference base year of 2019,
which was set and approved by the Science Based Target Initiative for the company’s climate targets. We have
reduced our direct and indirect emissions generated as a result of our activity (Scope 1 and 2 emissions) by
79% and indirect emissions produced in the value chain (Scope 3 emissions) by 1%.
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Scope 1
Includes emissions from stationary and mobile combustion sources as well as fugitive emissions
from refrigerant gases and re-ghting equipment.
Fixed combustion: emissions from heating in stores and facilities (Natural gas: 13,095 m³ and
diesel: 1,121,900 kWh).
Mobile combustion: emissions from the use of leasing/renting vehicles (Fuel consumption:
52,199.76 litres. For those countries where litre consumption is not available, distance has been
taken into account: 1,430,075 km).
Refrigerant leakage: emissions due to the use of gases in refrigeration and re-ghting
equipment (956,20 kg).
Direct emissions by source type
tCO2e %
Fugitives – Refrigerants and re-ghting equipment 1,568 72
Mobile combustion 300 14
Stationary combustion 312 14
27% compared to the
2019 base year
Scope 1 emissions
Scope 1 emissions were reduced by 27% compared to the 2019 base year and increased by 3%
compared to 2024.
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Electricity consumption and GHG emissions 2024 by country
Country
Electricity consumption GHG emissions 2024
Kwh Kwh/m2tCO2e kgCO2/m2
Spain 60,357,638 117.54 17,081.21 33.26
Bangladesh 11,579 45.05 6.83 26.57
Belgium 402,535 79.47 56.19 11.09
Bosnia 339,487 117.48 265.14 91.75
Bulgaria 93,583 133.31 30.65 43.66
Croatia 877,791 268.93 129.56 39.69
France 308,155 141.75 12.73 5.85
Hong Kong 156,270 62.41 100.58 40.17
Hungary 1,035,870 156.08 160.56 24.19
India 16,801 53.53 12.58 40.07
Luxembourg 156,452 135.69 11.48 9.96
Mexico 2,994,779 150.66 1,158.98 58.30
Montenegro 167,999 270.97 62.93 101.50
Portugal 10,078,078 102.04 1,034.01 10.47
Russia 12,612 86.14 4.41 30.11
Serbia 2,682,743 325.39 1,885.97 228.75
Total 79,692,370 119.64 22,013.80 33.05
Scope 2
Correspond to the electricity consumption of the headquarters, ofces, warehouses and own stores. This
year, the calculation has been rened by incorporating real data from facilities for which no information
was previously available.
Scope 2 emissions have decreased by 85% compared to the baseline year 2019 and 33% compared to
the 2023 scal year. This signicant reduction is due to the fact that, since April 2024, we have been using
energy sources with guarantees of origin in our ofces and stores in Portugal.
Evolution of Scope 2 emissions (location- and market-based) in tCO2e
Fiscal year 2019-2020 2020-2021 2021-22 2022-23 2023-24 2024-25
Scope 2 (location-based) 29,764 24,239 22,686 23,948 21,124 22,014
Scope 2 (market-based) 26,716 4,634 4,958 5,527 5,898 3,978
Evolution of electricity consumption and emissions 2024 by facility type
Facility type
Electricity consumption (KWh) GHG emissions
2024
2022 2023 2024 tCO2e
Stores 76,312,116 74,724,705 72,458,945 3,805
Head Ofce and ofces 2,713,438 2,627,574 2,520,067 75
Logistics centres and warehouses 2,514,940 2,760,567 4,713,357 98
Total 81,540,494 80,112,846 79,692,369 3,978
85% compared to the
2019 base year
Scope 2 emissions
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GHG emissions by category and their evolution in Scope 3 tCO2e
Scope 3 tCO2e
Category % 2024 2023 2022 2021 2020 2019
1. Goods and services purchased 46.62 523,736.41 477,958.21 466,573.90 401,827.35 332,419.56 485,191.36
2. Capital goods 1.16 13,006.41 25,040.75 29,259.50 34,062.12 20,575.58 38,617.22
3. Energy-related activities 0.14 1,580.04 1,446.49 5,052.53 4,880.79 2,727.55 3,518.59
4. Upstream transportation 0.98 10,985.62 10,749.18 9,961.02 18,993.27 9,636.08 15,448.08
5. Waste in operations 0.00 51.34 54.13 50.90 46.79 32.66 49.90
6. Business travel 0.15 1,722.75 1,598.10 1,042.06 738.73 307.29 1,803.11
7. Employee commuting 0.85 9,507.35 11,666.74 11,562.79 10,797.59 3,305.71 13,294.99
8. Upstream leased assets 0.02 170.87 187.46 176.26 162.04 113.11 172.80
9. Downstream transportation 1.13 12,714.94 8,574.67 8,262.74 8,155.73 4,161.65 8,252.36
11. Use of products sold 47.51 533,772.99 483,482.03 452,647.52 450,470.35 387,432.66 554,303.42
12. End of life of products sold 1.09 12,236.90 11,164.24 10,663.47 9,473.86 7,854.76 11,297.75
14. Franchises 0.36 4,000.78 4,472.14 5,043.55 5,114.51 5,423.65 5,990.53
Total 100% 1,123,486 1,036,394 1,000,296 944,723 773,990 1,137,940
1% compared to the 2019
base year
Scope 3 emissions
Scope 3
This scope encompasses indirect emissions generated by activities
in the supply chain, distribution, use and end-of-life of products,
among others. In this Scope, Tendam includes 12 of the 15 categories
indicated in the GHG Protocol standard. The three categories that
are not included in our inventory are excluded as they do not present
signicant emission sources or do not apply to our business.
This year, in line with our commitment to climate action, we have
improved the methodology for categories 4, 5 and 9. To balance the
differences between current and historical emissions, we applied
correction factors to values from previous years.
Scope 3 emissions have decreased by 1% compared to the baseline
year and have experienced an 8% increase compared to the previous
year. Using intensity metrics (tCO2e/€M), a 15% reduction in Scope 3
emissions intensity compared to the baseline year and a 1% increase
compared to last year is observed.
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Our progress in combating climate change
Renewable energy
We continue to work on our commitment to source
renewable energy in our own operations. Since 2020,
all the electrical energy consumed in Tendam’s stores,
logistics centres and headquarters in Spain has come
from 100% renewable sources, as evidenced by a
Guarantee of Origin Certicate (GoO). This has also been
the case in Portugal since April 2024.
renewable energy globally
in own operations
87%
renewable energy in our
stores, ofces and logistics
centres in Spain
100%
Target 2030: Reaching 100%
renewable energy globally
Directors’ targets linked to
sustainability criteria
To this end, and to ensure that Tendam’s commitment permeates the entire
workforce, the company sets targets linked to sustainability criteria. This measure
underlines Tendam’s commitment to advanced climate change management at all
levels of the organisation and drives a culture of environmental responsibility.
Purchasing and retail chain design managers have 10% of their individual variable
remuneration linked to qualitative sustainability targets.
In the current nancial year, sustainability targets have been established for the
rst time in management’s variable remuneration, with 10% of bonuses linked
to EBITDA performance based on absolute GHG emission reductions and the
percentage of sustainable products in total purchased stock according to the
company’s sustainable product standard.
Initiatives and
achievements driving
emissions reductions
At Tendam, we have been
implementing new actions and
promoting and expanding existing
projects for many years to minimise
our environmental impact.
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Sustainable mobility
In addition to the initiatives described in the
previous section, our progress in the ght
against climate change is supported by
initiatives such as sustainable mobility.
At Tendam, we view sustainable mobility as a
vital means of reducing environmental impact
and improving the way we move and work.
To this end, we have implemented various
strategies to encourage more responsible
modes of transport, both within the company
and among our employees:
We are working on the progressive
incorporation of cleaner vehicles into our
operations. Our corporate eet already
includes electric and hybrid vehicles for
employees to use for work.
We have installed electric car charging
points at our headquarters to make it easier
for those who choose this option.
We also encourage sustainable business
travel by integrating sustainable criteria
into our travel policy, which prioritises
these criteria in travel decisions. Through
our travel agency, we enable employees
to compare the environmental impact of
different transport options and select the
most efcient alternative.
Another key point is the use of
environmentally friendly taxis. By 2024,
74.2% of journeys were made using this
type of vehicle, reducing CO2 emissions by
50.87% compared to the previous use of
conventional taxis.
In 2024, we introduced a corporate
carpooling system via an app. This allows
employees to share lifts to and from the
ofce. The app facilitates connections
between drivers and passengers,
establishes routes and indicative fares, and
rewards users with a points system that can
be exchanged for gift cards. This initiative
aims to reduce the number of vehicles in
circulation, minimise environmental impact,
and optimise mobility resources among
staff.
Finally, we promote teleworking in the ofce as
an effective tool to reduce travel and promote
work-life balance. We now offer one remote
working day per week, thus contributing to
more sustainable mobility and a better work-
life balance.
Decarbonisation plan
We are continuing to work on developing a Decarbonisation Plan that will set out strategies and
actions to help us improve our energy efciency, reduce operating costs, and mitigate the risks
associated with climate transition. The plan also reinforces our commitment to sustainability, aligns
with growing sustainability legislation, and contributes to global climate change goals.
Printing systems
Progress has been made in
centralising printing systems by
replacing individual printers with
efcient collective printing devices in
our ofces in Madrid, Barcelona, and
the Aranjuez logistics centre. This
measure is being consolidated and
has led to a reduction in equipment
and the complete elimination of
abandoned printouts. At store
level, the agreement with the
print supplier has been extended
to maximise the lifespan of the
equipment without compromising
quality. Additionally, the devices
used in Springeld, Women’secret
and Fifty stores incorporate
technology that, according to the
supplier, consumes up to 50% less
energy than colour laser printers
and generates 94% less waste and
packaging.
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Partnerships to join forces
We recognise the need to work with others to further advance climate action and make a real contribution to the Sustainable Development Goals, which is why we voluntarily work with other companies and cross-sector
associations.
Specic targets Progress made
Achieving 100%
renewable energy
in all our operations
by 2030
Since 2020, all the electrical energy
consumed in Tendam’s stores, logistics
centres and headquarters in Spain has
come from 100% renewable sources,
as evidenced by a Guarantee of Origin
Certicate (GoO). This has also been the
case in Portugal since April 2024.
Ensuring that 25%
of key raw materials
have a lower
climate impact by
2025
We support climate adaptation and
resilience through sustainable sourcing of
key raw materials with the target of 50% of
garments with more sustainable features by
2025, in line with the Sustainable Product
Standard. This objective has been achieved,
as at the end of the year we were at 56%.
Members must have
established targets
in Scopes 1, 2 and
3 (validated by
SBTi or approved
alternatives)
We have committed to emissions
reductions through the adoption of our
science-based targets in Scopes 1, 2 and 3
for 2030 (validated by SBTi; see previous
section).
Specic targets Progress made
Developing
individual
biodiversity,
research and
capacity building
projects
We work to understand the
relationship between biodiversity
and our activity. We are therefore
working on strategies that will
allow us to identify and prioritise
specic actions to minimise our
impact and that of our value chain on
ecosystems.
Supporting zero
deforestation
and sustainable
forest
management by
2025
The protection and sustainable
management of forests is a priority
for us. 100% of our paper bags
and paper/board packaging for
online shipments are Chain of
Custody (CoC) certied: PEFC
(Programme for the Endorsement of
Forest Certication) or FSC (Forest
Stewardship Council) certication,
which guarantee that the wood or
other forest products used come
from forests managed according to
sustainability criteria.
Specic targets Progress made
Eliminating problematic and
unnecessary plastics from
B2C packaging by 2025 and
B2B packaging by 2030
Our strategy includes measures
to eliminate single-use plastics
in B2C packaging by 2025 and
in B2B packaging by 2030.
In 2024:
100% packaging online
shipments in paper-cardboard
More than 99% of the bags
in the store are made from
certied paper. The recycled
plastic used in the polybags is
certied according to the UNE
EN 15343 standard.
Ensuring that at least half
of all plastic packaging has
100% recycled content, by
2025 for B2C and by 2030
for B2B
Mitigating climate change Restoring biodiversity Protecting oceans and freshwaters
The Fashion Pact is a global alliance of fashion and textile companies focused on accelerating and scaling up the environmental sustainability
through collective action. We joined in 2019.
Through this partnership, we are committed to the three pillars of the Fashion Pact, with the aim of achieving the following goals in each pillar:
In addition to the Fashion Pact,
we also participate in other
initiatives to minimise climate
change:
Sustainable Apparel
Coalition (Cascale)
RE-VISTE: Collective
System of Extended
Producer Responsibility
(SCRAP)
Textile and fashion
observatory
Better Cotton
Science Based Targets
Corporate Climate Action
(SBTi)
Zero Discharge of
Hazardous Chemicals
(ZDHC)
Carbon Disclosure Project
(CDP)
UN Global Compact
United Nations Global
Compact Business Ambition
1.5ºC
United Nations Fashion
Industry Charter for Climate
Action
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Pollution
Chemicals are a common and necessary part of the textile manufacturing process, as they are involved in several stages of the supply chain. However, we are fully
aware of the negative impact their inappropriate use can have, especially on water quality, air quality and human health.
At Tendam, we have therefore adopted a structured approach to ensure the
responsible management of these substances. Our method is based on two
fundamental axes that allow us to approach their control in a comprehensive
manner, applying safety and sustainability criteria at all levels of the chain.
Standards and policies: We have developed standards for chemical
management during manufacture and in the nal product, which we extend to
our supplier network to ensure compliance with industry regulations such as
REACH, as well as company-led documents: the ZDHC Restricted Substances
List (RSL), the ZDHC Manufacturing Restricted Substances List (MRSL) and
the ZDHC Wastewater Guideline.
Evaluation and monitoring: The quality of the garments in all our brands
is based, among other things, on strict product control to ensure compliance
with the required standards and quality levels. From the selection of raw
materials and the supplier approval procedure to the pre-sale checks on the
nished garment, the production process is rigorously controlled until each
garment reaches the customer.
Garantizar que nuestras prendas sean seguras para quienes las usan es una
prioridad en Tendam. Por eso, aplicamos controles rigurosos sobre las sustancias
químicas utilizadas a lo largo del proceso de fabricación. Este enfoque no
solo busca proteger la salud de los consumidores, sino también asegurar que
cumplimos con la normativa vigente en cada uno de los países donde operamos.
This commitment means that products are constantly monitored to ensure they are
free of restricted substances and meet the highest international standards.
Chemical control
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Evolution of models analysed
8,128
11,778 12,058 13,080 12,783
2020 2021 2022 2023 2024
Below are some indicators that reect the extent of these controls:
Chemical incidents
12,783 models analysed 99.73%
AZO 9
pH 8Phenol 5
Ni 4
Formaldehyde 4
Phthalates 2
Cr 1
Pb 1
PCP 1
35
total
chemical tests
without incident
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Quality control process
1. Regular factory audits
At the beginning of the chain, regular audits are carried out at the
suppliers’ factories to ensure that they comply with applicable
regulations and production standards, product safety, etc. It is also
veried that the supplier complies with the technical specications
and quality standards dened by Tendam for each of the products
requested.
2. Physico-chemical tests
The references placed on the market are subject to physico-chemical
tests carried out by external accredited laboratories (Aitex, Bureau
Veritas or SGS). This ensures the health and safety of the customer
and the absence of substances harmful to the environment. Amongst
other things, tests are carried out on pilling (to check for bre
balls), fastness, shrinkage, seam strength and the absence of toxic
substances.
3. The Quality Department receives the results
of the tests
The test results are received by the Quality Department before orders
are released from the suppliers’ factories. In this way, the condition
of the garments can be monitored at all times and any deviations or
non-conformities detected can be corrected in good time.
4. Review and update of Tendam’s Quality
and Safety Protocols
Tendam’s quality team is constantly reviewing standards and
updating product quality and safety programmes. In addition to the
company’s own standards, extensive protocols have been developed
to comply with applicable quality and industrial safety regulations.
5. Procedure for possible incidents
If an incident occurs with one of our products, the case will be
investigated and, if necessary, our procedure described in the action
protocol will be applied, which means that the product will be quickly
withdrawn from sale.
Zero Discharge of Hazardous Chemicals
(ZDHC)
Since 2021, Tendam is part of the ZDHC initiative, the aim of which
is to implement a roadmap that eliminates the use of restricted
substances in manufacturing processes, ensuring all garments meet
health and safety standards in target markets.
The ZDHC’s Manufacturing Restricted Substances List (MRSL)
provides a comprehensive list of restricted chemicals in any
facility that processes textiles, leather, rubber, foam, adhesives or
accessories. Unlike traditional approaches that only control the
nal product, the MRSL addresses the entire production process to
prevent risks to workers, local communities and ecosystems.
Supply chain mapping has given us insight into the facilities and
processes of our suppliers along the production chain. The rst step
is to identify wet processes, i.e. those that take place in the aqueous
phase of production, such as pretreatment, dyeing, identication and
nishing.
To reinforce our commitment to the environment, we ask those
suppliers whose activities require it to take concrete measures in line
with the ZDHC standards.
We use the following assessment and measurement tools:
Own environmental audits or, where appropriate, environmental
assessment by other organisations such as Higg FEM (Higg
Facility Environmental Module).
Waste water analysis and compliance with Textile Testing for
Restricted Substances (RSL) in accordance with current RSL
regulations and the ZDHC Manufacturing Restricted Substances
List (MRSL).
Facilities that have not yet joined the ZDHC are encouraged to register
with the Roadmap to Zero community in the spirit of joining an
organisation dedicated to chemical footprint management.
Our results are rigorously monitored and measured through the
denition of specic targets and commitments:
Integration of ZDHC into corporate policy and strategy
Integration of adopting at least the MRSL
Commitment to waste water guidelines
Communication of MRSL commitments to production chain
partners
Requirement for production chain partners to adopt MRSL ZDHCs
(mrsl.roadmaptozero.com)
Requirement for some suppliers to register on the portal
Motivate suppliers to adopt and implement the wastewater
guidelines
factories are part of Zero Discharge of
Hazardous Chemicals (ZDHC)
319
factories with clearstream report
293
factories with Incheck reports
219
Within our supplier network:
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Water
Water plays a fundamental role throughout the textile value chain, particularly at key stages such as the cultivation of raw materials (e.g. cotton) and in industrial
processes such as washing, dyeing and nishing. Globally, this industry contributes to what is known as water stress, a phenomenon that particularly affects
regions where textile manufacturing activities are concentrated, so it is very important that we focus on it.
However, obtaining quantitative data on water use remains a major challenge for the
sector due to the complexity of its supply chain. Faced with this situation, companies are
redoubling their efforts to improve the traceability of products throughout their lifecycle
and to better identify the water impacts associated with each stage of the production
process.
In this context, Tendam is committed to reviewing its processes from the point of view of
water efciency and, wherever possible, implementing measures to reduce and reuse the
resource.
By formalising our membership of the Sustainable Apparel Coalition (Cascale), we will be
able to incorporate the Higg Index as a tool for assessing the environmental performance
of our suppliers. Specically, we will use the Higg’s Facility Environment Module (FEM) to
collect data on water consumption in Tier 1 and Tier 2 factories and learn about the water
management and treatment initiatives they are implementing.
In addition, with the support of an external consultancy specialising in the textile sector,
and based on the information generated by the Higg FEM, we plan to make progress in
measuring, monitoring and managing water use throughout our supply chain over the
coming years.
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Biodiversity
Nature not only suffers the consequences of climate change, but is also key to combating it: ecosystems act as carbon sinks and stores, sequestering CO₂ and
reducing its concentration in the atmosphere.
Bosque Springeld
For Tendam, forests play a key role in biodiversity, climate, and
oceans. They help protect the climate by absorbing CO2, are
the most species-rich habitats in the world and also regulate
rainfall and are part of the water cycle. With the sponsorship
of the Springeld Forest, the 40,000 trees planted in 2024 will
capture an estimated 90,000 tonnes of CO2 over a full cycle.
Since 2020, thanks to this project, a total of
190,000
trees have been added, offsetting more than
198,420 tonnes of CO2
At Tendam, we are working to integrate biodiversity into our strategy
and promote circularity as a tool to halt and reverse biodiversity
loss. In this respect, we are continuously working to develop specic
actions that demonstrate our commitment to the environment.
Our progress:
Since 2019, we have been part of The Fashion Pact, which brings
together more than 90 textile and fashion companies committed
to protecting biodiversity, the climate and the oceans.
We incorporate principles related to the protection of ecosystems
and biodiversity, such as no deforestation and animal welfare
commitments, into our Responsible Sourcing Policy, which applies
to our apparel and accessories suppliers.
We are committed to zero deforestation and sustainable
forest management, which is why 100% of our paper and/or
cardboard packaging for online shipments is certied by the PEFC
(Programme for the Endorsement of Forest Certication) or FSC
(Forest Steward Council) Chain of Custody, which veries that the
wood or other forest products used come from forests managed
according to sustainable criteria. We continue to promote the use
of materials (packaging and labels) with these certications and
100% of our price labels are FSC certied. This initiative has also
been extended to ofce supplies, so that all gift and return cards
produced are made from certied paper with chains of custody,
eliminating the use of plastic.
Our brands carry out projects directly aimed at preserving
biodiversity, such as this year’s alliance between Corteel and
the WWF, OOTO and Gravity Wave, and the preservation of
Mediterranean Posidonia by Hoss Intropia.
Regarding raw materials, we work with the Better Cotton
initiative, an organisation that trains farmers to use water
efciently, care for soil and natural habitats, reduce the use of the
most harmful chemicals and respect workers’ rights and welfare.
In the coming years, we will undertake a more detailed study of the
various impacts on biodiversity along the value chain, with a view
to measuring, monitoring and managing them, and dening an
appropriate sustainability plan. However, during the preparation of
the Double Materiality exercise, an analysis of the biodiversity IROs
has already been started.
Our water and energy strategies, which are incorporated in the
Strategic Sustainability Plan, are closely linked to biodiversity.
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Circularity and waste management
At Tendam, we have adopted a circular economy approach that maximises the use of raw materials, optimises each stage of production, extends the useful life of
our garments and ensures responsible management of the waste generated.
We focus on circularity from product and packaging design to
the management of waste generated in our logistics centres,
stores and ofces, ensuring that every material is repurposed
or recycled. We also promote projects and activities in each of
these areas that contribute to a circular economy.
In our products
We reuse a wide range of materials to protect, display and distribute our garments: from the packaging that keeps each item in perfect condition as it
travels from the factory to the customer, to special packaging for online orders.
100%
100%
elimination of B2C
plastics by 2025
elimination of B2B
plastics by 2030
Target: ZERO Single-use
non-recycled plastics
As part of our commitment to the health of the oceans,
reinforced by our adherence to the Fashion Pact, we
are actively working to eliminate all single-use plastics
in our value chain.
Targets for the elimination and reduction of non-
recycled single-use plastics:
Online shipping:
We ship online in two formats: envelopes and boxes.
Both are made from certied paper/cardboard,
recyclable and reusable, and designed so that the
customer can reuse them in the event of a return,
as they are prepared with a double self-adhesive
closure. The envelopes are made from 70% virgin
bre and 30% PEFC certied board, while the boxes
are made of 70% FSC recycled board.
Packaging:
In recent years, we have taken steps to minimise and/or eliminate the use of single-use, non-
recycled plastics in our products, both in the plastic elements used to transport the garments to
the point of sale and in the redesign of the packaging and elements that allow us to protect and
display the products.
All the polybags of our apparel now have a composition of 100% recycled plastic certied
according to the UNE EN 15343 standard.
On the other hand, all packaging and product presentation elements have been converted to
recycled plastic or non-plastic material.
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At our logistics centres
From our logistics centres, we promote recycling through a number of actions:
66% of the crates we receive from suppliers are reused to transport goods back to the stores.
The pallets we use in the Aranjuez and Tarancón logistics centres, from which goods are distributed to other logistics centres, are made of recovered/
reused wood (63%) or recycled plastic (37%).
To manage waste at the Aranjuez warehouse, in 2023 a self-compactor was installed at the Aranjuez Logistics Centre for the “Treatment of Non-
Recoverable Waste” facility by an authorised non-hazardous waste manager. During 2023 and 2024, a total of 4.62 and 40.28 tonnes were
collected respectively.
At our headquarters in Madrid, we have a compactor for plastic waste, which reduces the number of annual collections carried out by authorised
waste managers and optimises the process.
We participate in the Naeco Rewards programme, promoting and contributing to the direct recycling of plastic packaging for transformation into
pallets. Through the programme we certify that in 2024 we contributed to the recycling of 2,916,664 plastic containers.
In our ofces
We monitor the management of paper, lighting, packaging, biosanitary products, batteries and toner in ofces, stores and logistics centres in Spain.
With regard to paper consumption in central services, the electronic signature of contracts with third parties has been implemented through digital tools.
Recently, with the aim of minimising food waste, we have implemented a strategy of reducing food prices just before the restaurant closes at the
Madrid headquarters.
Bags in our stores:
To minimise our impact as much as possible, we
continue to work on the ‘de-plasticisation’ of bags in
our stores. Currently 99.4% are made from paper.
Since 2022, when we started charging for bags, we
have reduced their consumption by an average of 20%.
Our paper bags are PEFC or FSC certied, which
guarantees that the wood or other forest products
used come from sustainably managed forests.
Depending on the model, for example the most
popular Corteel bags or all Springeld bags, we
achieve a minimum of 50% recycled material. They
are also printed with water-based inks, are PVC-free
and, of course, contain no heavy metals or abrasive
chemicals.
At the end of this nancial year, tote bags made from
recycled material were made available to customers
in our Corteel, Springeld and Women’secret stores.
Our partner sorts the textile waste while creating jobs
for people in vulnerable situations and with difculties
in accessing the labour market.
Gift cards:
Otra medida de eliminación de plástico llevada a
cabo por la compañía es que todas las tarjetas de
regalo y devolución producidas se han hecho en
papel certicado con cadena de custodia (FSC o
PEFC). Por otro lado, se va a continuar incentivando
la tarjeta abono virtual al cliente para reducir la
fabricación de tarjetas físicas.
Reuse of equipment:
When we close a store, instead of disposing of its
furniture and equipment, we recycle it to t out other
stores or new facilities as a waste reduction measure.
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Responsible waste and textile management
We carry out different initiatives that allow us to reuse apparel in good condition and recycle them if they cannot be
reused. In this way, we avoid wasting resources and minimise the generation of textile waste.
The Involucrados Project, launched 19 years ago, which nances social projects through the sale of apparel from
our brands at solidarity ea markets, maximising the social value of these resources outside the market.
Donations in kind to non-prot organisations. During the year, 25,410 items of clothing were donated directly to
105 organisations for a value of 169,400 euros.
Since the beginning of the year, a textile collection service has been implemented in the Barcelona and Madrid
ofces together with “MODA-RE”. In addition, two containers have been installed in Barcelona and one in Madrid
where regular collections are made. In total, 2,122 kg of textile waste was managed and sent for recycling.
Together with the consultancy rm VALORA, we have analysed how to adapt to the new legislation on the
management of commercial and industrial packaging waste in stores. We plan to implement a general waste
separation procedure (packaging, cardboard, residual waste) in stores and will produce a report on estimated waste
quantities.
For more than 10 years we have been a member of Ecoembes, a non-prot organisation that promotes sustainability
and care for the environment through recycling.
In accordance with the provisions of Law 7/2022 of 8 April on waste and contaminated soils for a circular economy,
we classify waste into two main categories: hazardous and non-hazardous. Non-hazardous waste, which is included
in the “other” category, includes materials such as toner, batteries, biosanitary products and electrical and electronic
equipment.
We work with duly authorised waste management companies to collect, treat and dispose of the waste generated by
our operations.
Sorting by waste type and destination. Scope: Spain
Total (t) Recycling Reuse Energy
recovery
Previous/
intermediate
recovery
operations
Landll
Non-
hazardous
Cardboard-
Paper 1,271 100% - - - -
Voluminous 533 - - 100% - -
Wood 221 48% 52% - - -
Plastics
19 59% -12% 29% -
Textiles 5 100% - - - -
Other 83 8% -2% 4% 86%
Hazardous waste 0.8 - - - 99.9% 0.1%
Sorting by waste type and destination in Spain
R[ECO]LLECT for a circular future
In 2022, Springeld launched this project with the main objectives of repurposing, reusing and recycling
garments.
Currently, we have implemented the R[ECO]LLECT project in 69 stores in Spain and Portugal and 968
collections of 2,695 packages were carried out in 2024.
As a result, this year we have
managed to value 97% of the total
waste generated in our logistics
centres, stores and ofces in Spain,
helping to reduce the amount of
waste sent to landll and encouraging
its reintroduction into the production
cycle.
At a global level, we continue to
work to increasing information on
waste from other countries where we
operate.
Not recovered
3 %
Recovered
97 %
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07 ABOUT THIS REPORT
ABOUT
THIS REPORT
07.
Economic Contribution / 149
Application of the European Taxonomy / 151
Spanish Law 11/2018 correlation table / 161
Table of alignment with the TCFD framework / 164
GRI correlation table / 171
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Economic Contribution
Key gures (millions of euros)9
Feb. 2025 Feb. 2024 Feb. 2023
Non-nancial assets 1,360.03 1,295.25 1,285.13
Financial assets 24.72 23.00 29.75
Stocks 182.63 185.18 189.73
Customers 12.13 13.79 9.99
Trade suppliers 321.44 322.00 325.78
Total operating income 1,374.30 1,288.05 1,211.07
Gross margin/income 62.77% 62.47% 61.26%
Operating prot 178.77 161.00 121.67
Recurring EBITDA 344.20 313.31 285.37
Inventories/Sales 13.34% 14.43% 15.75%
Customers/Sales 0.89% 1.08% 0.83%
Suppliers/Sales 23.48% 25.10% 27.04%
Prot before tax* (Millions of euros)
Feb. 2025 Feb. 2024 Feb. 2023
Spain 89.48 54.22 56.37
Portugal 13.37 13.21 10.21
France 0.76 -0.76 0.53
Mexico 2.27 4.5 -2.25
Russia 1.70 -0.42 -7.56
Other 7.68 6.49 4.41
Total 115.26 77.24 61.71
Distribution of expenditure (millions of euros)
Feb. 2025 Feb. 2024 Feb. 2023
Employee salaries 273.56 255.53 236.70
Procurements 511.72 483.35 469.15
Other operating
expenses 252.68 237.76 232.25
Salaries
69 %
Other operating
expenses
10 %
Procurements
21 %
9 See Chapter 2.2 Alternative Performance Measures (APMs) as at 29 February 2024 of the Management Report for further details on the APMs presented by the Group.
*Post IFRS
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Revenues (Millions of euros)
2024 2023 2022
Adult Segment (Corteel, Pedro del Hierro (PdH),
Hoss Intropia, Ooto and Slow Love) 366.02 343.00 313.21
Youth Segment (Springeld and High Spirits) 478.38 395.39 429.48
Specialist Segment (Women'secret, Dash&Stars and
Hi&Bye) 424.76 449.07 366.83
Outlet Segment (Fifty) 104.26 99.69 100.59
Corporate Unit 0.88 0.89 0.96
Public subsidies
The company has received 177,668 euros in training for employment in Spain in the
form of a rebate on social security contributions (Fundae)
Taxes on prots paid
In the nancial year 2024, a total of 2,523 thousand euros has been recorded as
income taxes paid.
Environmental provisions
The company has no environmental provisions. It believes that any damages and/
or liabilities that could result from incidents of this nature are sufciently covered
by the insurance policies taken out by the group.
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Application of the European Taxonomy
Regulatory context
Tendam presents below its performance in relation to Regulation (EU) 2020/852, known as the
European Union Taxonomy, for the nancial year 2024. In this context, the company reports on the
economic activities that comply with this Taxonomy, as well as on compliance with quantitative and
qualitative disclosure obligations.
The EU Taxonomy, regulated by Regulation (EU) 2020/852, denes the criteria for an economic activity
to be considered environmentally sustainable. This framework is developed through three delegated
acts:
Delegated act 2021/2139 sets out the technical criteria for climate change mitigation and adaptation.
Delegated act 2021/2178 details the information to be disclosed by companies on their compliance
with the taxonomy.
Delegated act 2023/2486 extends the taxonomy to four additional targets: water, circular economy,
pollution and biodiversity.
In addition, the European Commission has published FAQs to clarify technical aspects, as companies are
still in the process of adapting to this complex regulation.
As in the previous nancial year, the application of Regulation (EU) 2020/852 on the European
Taxonomy for the nancial year 2024 has been carried out on the basis of the consolidated Tendam
Brands, S.A. Group and its subsidiaries.
According to this regulation, they must disclose annually the proportion of their turnover, CapEx and
OpEx corresponding to eligible activities in line with the Taxonomy. This assessment involves two
phases:
Taxonomy - Eligibility: Determine whether the activities performed are consistent with those dened
in the delegated acts of the Taxonomy.
Taxonomy - Alignment: Verify whether the eligible activities simultaneously meet the three
requirements laid down: a substantial contribution to one of the six environmental objectives,
compliance with the principle of do no signicant harm (DNSH) and compliance with minimum social
safeguards.
Regulatory developments: the Omnibus Package
In 2025, the European Commission presented the so-called Omnibus Package, which aims to simplify,
harmonise and make more exible the regulation of corporate sustainability in the EU, directly affecting
the CSRD (Corporate Sustainability Reporting Directive), the CSDDD (Corporate Sustainability Due
Diligence Directive), the Taxonomy Regulation and the CBAM (Carbon Border Adjustment Mechanism).
Specically in relation to the Taxonomy, the main changes are:
Reducing the scope of companies subject to reporting: only companies with more than 1,000
employees will be obliged to report on alignment, relieving smaller companies.
Increased exibility: partially aligned activities can be reported.
Financial materiality threshold: companies may omit information that is not material in nancial
terms.
Simplication of technical criteria and DNSH: the requirements will be revised to make them easier
to implement, especially in sectors with intensive environmental regulation.
Tendam will closely follow the approval and implementation process of this package, anticipating
possible impacts on future reporting obligations and continuing its focus on ongoing improvement and
adaptation to the highest market standards.
To calculate the indicators, Tendam has carried out a detailed analysis of the activities linked to the
four environmental targets, while strengthening the monitoring and understanding of the two climate
targets through:
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European Taxonomy Methodology
Eligibility
The methodology followed consisted of the following:
An initial analysis of the activities carried out in 2024, based on nancial
and non-nancial information, as well as meetings with the areas involved
and verication through documentary evidence.
Validation of the breakdowns of turnover, CapEx and OpEx against the
activities listed in the European Taxonomy regulations.
Calculation of the eligibility ratios corresponding to each identied activity
of the six targets pursued by the European taxonomy.
In this way, the Tendam Group has determined that the following activities are
eligible in accordance with to the EU Taxonomy:
6.5. Transport by motorbikes, passenger cars and light commercial vehicles.
7.3. Installation, maintenance and repair of energy efciency equipment.
7.5. Installation, maintenance and repair of instruments and devices for
measuring, regulating and controlling the energy efciency of buildings.
8.1. Data processing, hosting and related activities.
8.2. Data-driven solutions to reduce greenhouse gas emissions.
9.2 Research, development and innovation close to the market.
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Taxonomic Activities Eligibility Description Tendam Activities
6.5. Transport by motorbikes,
passenger cars and light commercial
vehicles
Acquisition, nancing, rental, leasing and operation of vehicles
classied in categories M1 and N1, which fall within the scope of
Regulation (EC) No 715/2007 of the European Parliament and of
the Council, or in category L (two- and three-wheeled vehicles and
quadricycles).
Tendam has a eet of leased corporate vehicles.
9.2. Research, development and
innovation close to the market
Research, applied research and experimental development of
solutions, processes, technologies, business models and other
products aimed at climate change adaptation.
Development of R&D&I projects through Tendam
Sustainability Lab (TSL) to improve sustainability,
reduce emissions and optimise the use of
resources in the production chain.
7.3. Installation, maintenance and
repair of energy efciency equipment.
Individual renovation measures consisting of the installation,
maintenance or repair of energy efcient equipment.
Maintenance and replacement of luminaires and
air-conditioning systems in Group facilities.
7.5. Installation, maintenance and
repair of instruments and devices for
measuring and controlling the energy
efciency of buildings.
Installation, maintenance and repair of instruments and devices
for measuring, regulating and controlling the energy efciency of
buildings.
Intelligent systems for measuring the energy
efciency of Tendam facilities.
8.1. Data processing, hosting and
related activities
Storage, handling, management, circulation, control, monitoring,
visualisation, switching, exchange, transmission or data processing
through data centres, including edge computing.
Use of data storage systems.
8.2. Data-driven solutions to reduce
greenhouse gas emissions.
Development or use of ICT solutions for the collection, transmission
and storage of data, as well as their modelling and use, where such
activities are primarily aimed at providing data and analysis to reduce
GHG emissions.
Development of data solutions focused on
reducing carbon footprint and aligning with SBTi
targets.
The table below shows the correspondence between taxonomic activities and their relationship with the Tendam Group’s operations:
Elegible
0.97%
Not Elegible
99.03%
CapEx
Elegible
4.16%
Not Elegible
95.84%
OpEx
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Compliance with minimum social safeguards
In accordance with Article 18 of Regulation
(EU) 2020/852, compliance with the Minimum
Safeguards is one of the indispensable
requirements to consider an activity as aligned
with the EU Taxonomy. These safeguards aim to
ensure that economic activities that are considered
environmentally sustainable do not have direct or
indirect negative social and governance impacts.
Specically, these safeguards focus on ensuring
respect for:
Human rights, including internationally
recognised labour and trade union rights.
The ght against corruption and bribery.
Tax compliance.
Respect for free competition.
The Tendam Group is rmly committed to
ethical and sustainability principles throughout
its value chain. In this regard, it has a corporate
management system that supports compliance
with the Minimum Safeguards, structured on the
basis of the main international frameworks, such
as:
The United Nations Guiding Principles on
Business and Human Rights (UNGPs).
OECD Guidelines for Multinational Enterprises
The core conventions of the International
Labour Organisation (ILO).
As part of this management system, the Group
has developed and deployed various policies,
tools and mechanisms to enable responsible and
traceable performance. In particular, these include:
Human Rights Policy, which sets out the
guiding principles in this area and their
application to all stakeholders.
Human Rights Due Diligence Policy, which
aims to identify, assess, prevent and mitigate
adverse impacts.
Code of Conduct for employees and business
partners, setting out the minimum ethical
standards expected.
Condential complaint channels and redress
mechanisms for possible violations.
In addition, Tendam has ongoing training
programmes on regulatory compliance, prevention
of corruption and money laundering, personal data
protection, fair competition and tax compliance.
The group regularly reviews its procedures to
adapt them to regulatory changes and market
best practices.
In this way, the Group considers that it adequately
complies with the minimum safeguards required
by the European taxonomy framework, thus
helping to ensure that its alignment is not only
on a technical, environmental, but also on a social
and ethical basis.
Aligned activities
This was followed by a more detailed analysis of the alignment of eligible activities with the technical
selection criteria set out in the European taxonomy delegated acts (substantial contribution to the
relevant objectives and DNSH principles) and the minimum social safeguards. This exercise involves a
complex and cross-cutting review of both nancial and operational processes.
As Tendam’s main economic activity is not directly covered by the Taxonomy Regulation, data related to
eligibility and alignment is limited.
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Calculation of indicators
In accordance with the regulatory content set out in Annex I of the Delegated
Regulation of 6 July 2021, non-nancial companies are required to report, during
the nancial year 2024, the percentage of turnover, capital expenditure (CapEx) and
operating expenditure (OpEx) corresponding to eligible activities aligned with the six
environmental targets.
In compliance with the provisions of the rst article of the aforementioned Annex,
Tendam has carried out the process of calculating these indicators.
Throughout the process, careful consideration has been given to the measures
necessary to avoid double bookkeeping, taking into account the following:
The main sources of information used were the accounting and management data used
in the preparation of the consolidated income statement, in the external reporting format
required by the Spanish National Securities Market Commission (CNMV).
In order to guarantee the integrity of the information analysed, subtotal checks have
been carried out, ensuring at all times that all relevant data is included.
Turnover
Turnover refers to the Group’s ordinary income during the previous year, taking into
account the income derived from the economic activities covered by the taxonomy.
The denominator of the indicator corresponds to the total turnover recorded in the
consolidated prot and loss statement, while the numerator includes only the turnover
related to activities considered eligible and/or aligned in accordance with Delegated
Regulation (EU) 2021/2178 and the technical criteria laid down in the complementary
delegated acts.
The revenues selected as part of the numerator have been assessed on the basis of the
eligibility and alignment analysis carried out for each of the Group’s business units and
economic activities. The degree of substantial contribution to the environmental targets
dened by the regulations has been taken into account, as well as compliance with the
criteria of do no signicant harm (DNSH) and minimum safeguards.
CapEx
The calculation of the capital expenditure indicator is based on a breakdown of the investments in tangible and
intangible assets made in 2024, as well as the rights of use recognised in accordance with the applicable accounting
rules. Investments made within the Group’s scope of consolidation, including those made through joint ventures, have
been taken into account.
The denominator of the indicator includes the total investments that meet the accounting criteria for consideration as
CapEx under the Taxonomy.
For non-nancial companies that apply International Financial Reporting Standards (IFRS) as adopted by Regulation
(EC) No 1126/2008, CapEx shall cover costs that are accounted for in accordance with:
IAS 16 Property, plant and equipment, paragraph 73(e)(i) and (iii);
IAS 38 Intangible Assets, paragraph 118(e)(i);
IAS 40 Investment Property, paragraph 76(a) and (b) (for the fair value model);
IAS 40 Investment Property, paragraph 79(d)(i) and (ii) (for the cost model);
IAS 41 Agriculture, paragraph 50(b) and (e);
IFRS 16 Leases, paragraph 53(h).
The numerator reects the total amount of investments linked to eligible and/or aligned activities according to
the corresponding technical criteria. The selection has been made on the basis of a case-by-case analysis of the
investment projects, focusing particularly on compliance with the sustainability requirements set out in the regulations.
Relates to assets or processes that are associated with economic activities that conform to the taxonomy;
Is part of a scheme to extend the economic activities that conform to the taxonomy or to allow economic activities
eligible under the taxonomy to conform to the taxonomy (“CapEx scheme”) under the conditions specied in the
second paragraph of point 1.1.2.2 of Annex I of the Delegated Regulation of 6 July (concerning the “CapEx scheme”);
Is related to the purchase of production from economic activities that comply with the taxonomy and individual
measures that enable the targeted activities to become low-carbon or lead to greenhouse gas reductions, in particular
the activities listed in points 7.3 to 7.6 of Annex I to climate delegated act, as well as other economic activities listed
in the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) and 15(2) of Regulation (EU)
2020/852 and provided that those measures are implemented and operational within 18 months.
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OpEx
For the operating expenses indicator, non-capitalised direct expenses that meet the
requirements have been identied and aggregated, including maintenance and repair
expenses, short-term leases, renovation and adaptation activities and other costs
necessary to ensure the continuous and efcient operation of the Group’s assets.
The denominator of the indicator comprises the sum of items that meet the denition
of OpEx according to the Taxonomy, while the numerator captures only expenditures
related to economic activities that have been classied as eligible and/or aligned with
the Taxonomy.
On the other hand, the numerator shall include the part of the operational expenses
included in the denominator which:
Relates to assets or processes associated with economic activities that conform to the
taxonomy, including training and other adaptation needs of human resources, and direct
non-capitalised costs representing R&D;
Forms part of the CapEx scheme to expand the economic activities that conform to the
taxonomy or to allow economic activities eligible under the taxonomy to conform to the
taxonomy within a pre-dened timeframe, as set out in the second paragraph of this
point 1.1.3.2 (relating to the “CapEx scheme”);
Is related to the purchase of production from economic activities that comply with the
taxonomy and individual measures that enable the targeted activities to become low-
carbon or lead to greenhouse gas reductions, as well as individual building renovation
measures, as identied in delegated acts adopted pursuant to Articles 10(3), 11(3),
12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 and provided that these
measures are implemented and operational within 18 months.
The results of the eligibility and alignment of Tendam’s activities with the European
Union Taxonomy are presented below. The formats used comply with the templates
established for key performance indicators for non-nancial companies, as set out in
Annex II of Delegated Regulation (EU) 2021/2178.
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Proportion of turnover from products or services associated with economic activities that conform to the Taxonomy
Sales - Financial year 2024 2024/25 Substantial contribution criteria Do no signicant harm criteria (“DNSH”) (Y/N)
Economic activities
Code(s)
Turnover (€)
Proportion of
turnover, 2024 (%)
Climate change
mitigation (Y, N,
N/EL)
Climate change
adaptation (Y, N,
N/EL)
Water and marine
resources
Circular economy
(Y, N, N/EL)
Pollution
(Y, N, N/EL)
Biodiversity and
ecosystems
(Y, N, N/EL)
Mitigating climate
change (Y/N)
Climate change
adaptation (Y/N)
Water and marine
resources (Y/N)
Circular economy
(Y/N)
Pollution (Y/N)
Biodiversity and
ecosystems (Y/N)
Minimum
safeguards (Y/N)
Proportion of
taxonomy-aligned
(A.1) or -eligible (A.2)
turnover, year 2023
(%)
Category
(facilitating
activity) (F)
Category
(transitional
activity) (T)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
- 0% 0%
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1) - 0% 0%
Of which: facilitators 0% 0%
Of which: transitional 0% 0%
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
(EL, N/EL) (EL, N/EL) (EL, N/EL) (EL, N/EL) (EL, N/EL) (EL, N/EL)
- 0% 0%
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
0% 0%
Total (A.1+A.2) 0%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy non-eligible activities (B) 1,374,131,320.39 100%
TOTAL (A+B) 1,374,131,320.39 100%
PROPORTION OF TURNOVER / TOTAL TURNOVER VOLUME
That conforms to the taxonomy by objective Eligible according to taxonomy by objective
Mitigating climate change (5) CCM 0,00% 0,00%
Climate change adaptation (6) CA 0,00% 0,00%
Water and marine resources (7) WTR 0,00% 0,00%
Circular economy (8) CE 0,00% 0,00%
Pollution (9) PPC 0,00% 0,00%
Biodiversity and ecosystems (10) BIO 0,00% 0,00%
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Proportion of OpEx from products or services associated with economic activities that conform to the Taxonomy
OpEx - Financial year 2024 2024/25 Substantial contribution criteria Do no signicant harm criteria (“DNSH”) (Y/N)
Economic activities
Code(s)
Turnover (€)
Proportion of
turnover, 2024 (%)
Mitigating climate
change (Y, N, N/
EL)
Climate change
adaptation (Y, N,
N/EL)
Water and marine
resources
(Y, N, N/EL)
Circular economy
(Y, N, N/EL)
Pollution
(Y, N, N/EL)
Biodiversity and
ecosystems (Y, N,
N/EL))
Mitigating climate
change (Y/N)
Climate change
adaptation (Y/N)
Water and marine
resources (Y/N)
Circular economy
(Y/N)
Pollution (Y/N)
Biodiversity and
ecosystems (Y/N)
Minimum
safeguards (Y/N)
Proportion of
taxonomy-aligned
(A.1) or -eligible (A.2)
turnover, year 2023
(%)
Category
(facilitating
activity) (F)
Category
(transitional
activity) (T)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
7.5 Installation, maintenance and repair of instruments and
devices for measuring, regulating and controlling the energy
efciency of buildings
CCM
7.5 101,016.0 0.14% YN/EL N/EL N/EL N/EL N/EL YYYYYYY 0.07% F
OpEx of environmentally sustainable activities (Taxonomy-aligned)
(A.1) 101,016.0 0.14% 0.14% 0.00% 0.00% 0.00% 0.00% 0.00% YYYYYYY 0.07%
Of which: facilitators 101,016.0 0.14% 0.14% 0.00% 0.00% 0.00% 0.00% 0.00% YYYYYYY 0.07% F
Of which: transitional 0.0 0.00% YYYYYYY 0.00% T
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
(EL, N/EL) (EL, N/EL) (EL, N/EL)(EL, N/EL)(EL, N/EL) (EL, N/EL)
6.5. Transport by passenger cars, motorbikes, and light
commercial vehicles
CCM
6.5 574,674.9 0.78% EL N/EL N/EL N/EL N/EL N/EL 0.00%
7.3 Installation, maintenance and repair of energy efciency
equipment
CCM
7.3 423,379.2 0.58% EL N/EL N/EL N/EL N/EL N/EL 1.00%
8.1 Data processing, hosting and related activities. CCM
8.1
1,842,288.9
2.51% EL N/EL N/EL N/EL N/EL N/EL 2.00%
8.2 Data-driven solutions to reduce greenhouse gas emissions CCM
8.2 84,561.1 0.12% EL N/EL N/EL N/EL N/EL N/EL 0.02%
9.2 Research, development and innovation close to the market CCA
9.2 25,975.7 0.04% N/EL EL N/EL N/EL N/EL N/EL 0.00%
OpEx of Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities) (A.2) 2,950,879.9 4.03% 3.99% 0.04% 0.00% 0.00% 0.00% 0.00% 3.02%
Total (A.1+A.2) 3,051,895.8 4.16% 4.13% 0.04% 0.00% 0.00% 0.00% 0.00% 3.09%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy non-eligible activities (B) 70,234,771.9 95.84%
TOTAL (A+B) 73,286,667.7 100% PROPORTION OF TURNOVER / TOTAL TURNOVER VOLUME
That conforms to the taxonomy by objective Eligible according to taxonomy by objective
Mitigating climate change (5) CCM 0.14% 4.13%
Climate change adaptation (6) CA 0.00% 0.04%
Water and marine resources (7) WTR 0.00% 0.00%
Circular economy (8) CE 0.00% 0.00%
Pollution (9) PPC 0.00% 0.00%
Biodiversity and ecosystems (10) BIO 0.00% 0.00%
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Proportion of CapEx derived from products or services associated with economic activities that conform to the Taxonomy
CapEx - Financial year 2024 2024/25 Substantial contribution criteria Do no signicant harm criteria (“DNSH”) (Y/N)
Economic activities
Code(s)
Turnover (€)
Proportion of
turnover, 2024 (%)
Mitigating climate
change (Y, N, N/EL)
Climate change
adaptation (Y, N,
N/EL)
Water and marine
resources (Y, N, N/
EL)
Circular economy (Y,
N, N/EL)
Pollution (Y, N, N/
EL)
Biodiversity and
ecosystems (Y, N,
N/EL)
Mitigating climate
change (Y/N)
Climate change
adaptation (Y/N)
Water and marine
resources (Y/N)
Circular economy
(Y/N)
Pollution (Y/N)
Biodiversity and
ecosystems (Y/N)
Minimum
safeguards (Y/N)
Proportion of
taxonomy-aligned
(A.1) or -eligible (A.2)
turnover, year 2023 (%)
Category
(facilitating
activity) (F)
Category
(transitional
activity) (T)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
7.3. Installation, maintenance and repair of energy
efciency equipment. CCM 7.3 663,826.15 0.29% YN/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.47% F
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 663,826.15 0.29% 0.3% 0.00% 0.00% 0.00% 0.00% 0.00% Y Y Y Y Y Y Y 0.47%
Of which: facilitators 663,826.15 0.29% 0.3% 0.00% 0.00% 0.00% 0.00% 0.00% Y Y Y Y Y Y Y 0.47% F
Of which: transitional 0.00 0.00% Y Y Y Y Y Y Y 0.00% T
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
7.3. Installation, maintenance and repair of energy
efciency equipment. CCM 7.3
1,548,512.97
0.68% EL N/EL N/EL N/EL N/EL N/EL 0.11%
CapEx of Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities) (A.2)
1,548,512.97
0.68% 0.68% 0.00% 0.00% 0.00% 0.00% 0.00% 0.11%
Total (A.1+A.2)
2,212,339.12
0.97% 0.97% 0.00% 0.00% 0.00% 0.00% 0.00% 0.58%
B. ACTIVIDADES NO ELEGIBLES SEGÚN LA TAXONOMÍA
Volumen de negocios de actividades no elegibles según la
taxonomía (B)
225,691,661
99.03%
TOTAL (A+B)
227,904,000
100% PROPORTION OF TURNOVER / TOTAL TURNOVER VOLUME
That conforms to the taxonomy by objective Eligible according to taxonomy by objective
Mitigating climate change (5) CCM 0.29% 0.97%
Climate change adaptation (6) CA 0.00% 0.00%
Water and marine resources (7) WTR 0.00% 0.00%
Circular economy (8) CE 0.00% 0.00%
Pollution (9) PPC 0.00% 0.00%
Biodiversity and ecosystems (10) BIO 0.00% 0.00%
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Nuclear energy related activities
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from
nuclear processes with minimal waste from the fuel cycle. NO
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes
of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. NO
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. NO
Fossil gas related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. NO
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. NO
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. NO
Nuclear and fossil gas activities:
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Non-nancial information to be reported Reporting
framework
Page of the
Report
General information
A brief description of the Group’s business model, which will include its
business environment, its organisation and structure, the markets it serves,
its objectives and strategies, and the main factors and trends that may affect
its future performance.
ESRS 2 GOV-1
ESRS 2 GOV-2
ESRS 2 SBM-1
ESRS 2 SBM-3
Pages 8-28
Pages 42-46
Pages 125-130
A description of the policies that the group applies to these issues, which
will include the due diligence procedures in place for the identication,
assessment, prevention and mitigation of signicant risks and impacts and
procedures for verication and control, including the measures that have
been adopted
ESRS 2 GOV 4
E1-2
E2-1
E3-1
E4-2
E5-1
G1-1
S1-1
S2-1
S3-1
S4-1
Page 60
Page 72
Pages 77-78
Pages 85-86
Page 104
Page 113
Page 125
The results of these policies, which must include key indicators of relevant
non-nancial results that allow for the monitoring and assessment of
progress, and that favour comparability between companies and sectors,
in accordance with the national, European and international frameworks of
reference used for each issue
E1-2
E2-1
E3-1
E4-2
E5-1
G1-1
S1-1
S2-1
S3-1
S4-1
Page 14
Page 47
Pages 96-98
Page 101
Pages 105-106
Page 109
Page 113
Pages 132-136
Pages 151-160
The main risks related to these issues linked to the group’s activities,
including, when relevant and proportionate, its commercial relationships,
products or services that may have negative effects in these areas, and how
the group manages these risks, explaining the procedures used to detect
and assess them in accordance with the national, European and international
frameworks of reference for each issue. Information on the impacts detected
must be included, offering a breakdown of these, especially about the main
risks in the short-, medium- and long-term.
ESRS 2 GOV-1
ESRS 2 GOV-2
ESRS 2 SBM-1
ESRS 2 SBM-2
ESRS 2 IRO-1
Pages 39-41
Non-nancial information to be reported Reporting
framework
Page of the
Report
Reporting framework used GRI 1 (2021 Pages 3-4
Pages 151-160
Principle of materiality and material matters
ESRS 2 IRO-1
ESRS 2 IRO-2
ESRS 2 SBM-3
Pages 35-38
Information on environmental issues
Detailed information on the current and foreseeable effects of the
company’s activities on the environment, health and safety, the
environmental assessment and certication procedures, the resources
dedicated to the prevention of environmental risks, the application of the
precautionary principle and the quantity of provisions and guarantees for
environmental risks
ESRS 2 IRO-1
E1-3
E2-2
E3-2
E4-3
E5-2
Pages 124-147
Pollution
Measures to prevent, reduce or remedy carbon emissions that seriously
affect the environment, taking into account any form of activity-specic air
pollution, including noise and light pollution
E2-2
E2-3
Pages 140-142
Page 130
Circular economy and waste prevention and management
Measures to prevent, recycle and reuse other forms of waste recovery and
disposal; actions to combat food waste10
E5-2
E5-3
E5-5
Pages 145-147
Sustainable use of resources
Water: the consumption and supply of water in keeping with local constraints E3-3 Page 143
Consumption of raw materials and the measures adopted to improve the
efciency of their use
E5-2
E5-4 Pages 127-129
Energy: direct and indirect consumption; measures taken to improve energy
efciency, use of renewable energy
E1-3
E1-5
Pages 135
Pages 137-139
Pages 130
10 Food waste does not apply to the company’s activity.
Spanish Law 11/2018 correlation table
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Non-nancial information to be reported Reporting
framework
Page of the
Report
Climate change
The important elements of emissions of greenhouse gases generated as
a result of the company’s activities, including the use of the goods and
services it produces.
E1-6 Pages 131-139
The measures adopted to adapt to the consequences of climate change.
Voluntary reduction targets set for the medium and long term to reduce
greenhouse gas emissions and the means implemented to this end.
E1-1
E1-3
E1-4
Pages 137-139
Page 130
Biodiversity protection
Measures taken to preserve or restore biodiversity. E4-3 Page 147
Impacts caused by activities or operations in protected areas. 11 E4-5
ESRS 2 IRO-1
Information on corporate and staff issues
Employment
Total number and distribution of employees by gender, age, and country S1-6
S1-9
Pages 96-98
Total number and distribution of employees by professional category. GRI 2-7 (2021)
Total number and distribution of contract types and annual average of
permanent contracts, temporary contracts and part-time contracts by:
gender, age and professional category S1-6
GRI 2-7 (2021)
Total number and distribution of temporary contracts and part-time
contracts Pages 96-98
Number of dismissals by gender, age and professional category. GRI 401-1 (2016) Page 98
Average remuneration and its trends broken down by gender, age and
professional classication. Wage gap, the pay for equal or average jobs in society.
S1-16
GRI 405-2 (2016)
Pages 98
Pages 101
The average remuneration of the directors and executives, including
variable remuneration, allowances, indemnications, payments into long-
term savings and benets schemes and any other payments broken down
by gender.
GRI 405-2 (2016) Page 60
Implementation of work disconnection policies. S1-1
S1-15 Page 113
11 There have been no direct impacts on protected areas caused by the company’s direct activity, but there is a commitment to working to protect biodiversity, as the indirect effects of its activities have a global impact.
Non-nancial information to be reported Reporting
framework
Page of the
Report
Employees with disabilities S1-12 Pages 102-103
Work organisation
Number of hours of absenteeism GRI 3-3 (2021)
GRI 403-2 (2016 Page 105
Measures aimed at facilitating a work-life balance and to encourage
co-responsibility for the benet of both parents
S1-4
S1-15 Page 113
Health and Safety
Occupational health and safety conditions.
S1-1
S1-11
S1-14
Pág 104-107
Workplace accidents, in particular their frequency and severity as well as
occupational diseases;
S1-14
GRI 403-2
GRI 403-3
GRI 403-9
Page 105
Workplace accidents broken down by sex. GRI 403-9 (2018) Page 105
Social relations
Organisation of the social dialogue, including procedures to inform and
consult the staff and negotiate with them. S1-2 Page 108
Percentage of employees covered by collective bargaining agreements, by
country S1-8
S1-14
Page 108
Summary of collective bargaining agreements, particularly in the eld of
occupational health and safety. Page 108
Training
Training policies implemented. S1-1 Pages 109-112
The total number of training hours by professional category S1-13
GRI 404-1 (2016) Page 109
Universal Accessibility
Universal Accessibility for people with disabilities S1-4
S1-12 Pages 102-103
Equality
Measures adopted to promote equal treatment and opportunities for
women and men.
S1-1
S1-4 Pages 99-101
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Non-nancial information to be reported Reporting
framework
Page of the
Report
Equality plans (Chapter III of Spanish Organic Law 3/2007, of 22 March, for
effective equality between women and men, measures adopted to promote
employment, protocols against sexual and gender-based harassment,
integration into the labour market and the universal accessibility of people
with disabilities.
S1-1
S1-4 Page 101
The policy against all types of discrimination and, where necessary, for the
management of diversity.
S1-1
S1-9 Pages 99-101
Information on respect for human rights
Implementation of due diligence procedures on the subject of human
rights; prevention of risks associated with human rights violations and,
where necessary, measures to mitigate, manage and remedy possible
abuses committed.
NEIS GOV 4
G1-1
S1-3
S2-4
S3-4
S4-4
Pages 77-79
Complaints about cases of human rights violations. S1-17 Pages 69-71
Promotion and compliance with the fundamental conventions of the
International Labour Organisation related to respect for the freedom of
association and the right to collective bargaining; the removal of job and
employment discrimination; the abolition of forced or mandatory labour;
and the effective abolition of child labour.
S1-1
S1-8
S2-1
Pages 69-71
Pages 77-79
Information on the ght against corruption
Measures adopted to prevent corruption and bribery.
G1-3
Pages 69-71
Pages 77-79
Pages 73
Measures to ght money laundering.
Contributions to non-prot foundations and organisations. GRI 2-28 (2021)
GRI 201-1 (2016) Pages 73
Company information
Company commitments to sustainable development
The impact of the company’s activity on employment and local
development.
S3-2
S3-4
Pages 48-52
Page 79
Pages 111-112
Pages 114-120
Non-nancial information to be reported Reporting
framework
Page of the
Report
The impact of the company’s activity on local and regional populations. S3-4 Pages 48-52
Pages 114-120
Relations with stakeholders from the local communities and types of
dialogue with them. S3-2 Page 32
Page 79
Association or sponsorship actions. GRI 3-3 (2021)
GRI 2-28 (2021) Page 73
Subcontracting and suppliers
The inclusion of social, gender equality and environmental elements in the
procurement policy. G1-2
Page 86
Consideration of suppliers’ and subcontractors’ social and environmental
responsibility. Pages 84-91
Oversight mechanisms, audits and their results. GRI 308-2 (2016)
GRI 414-2 (2016) Pages 89-90
Consumers
Measures for consumer health and safety. S4-4 Pages 86-88
Complaints systems, complaints received and resolutions. S4-3 Page 123
Tax information
Prots obtained country by country. GRI 207-4 (2019) Pages 149-150
Corporate taxes paid. GRI 207-4 (2019) Page 150
Public subsidies received. GRI 201-4 (2019) Page 150
European Taxonomy
Regulation (EU)
2020/852
Regulation (EU)
2021/2178
Regulation (EU)
2021/2139
Regulation (EU)
2023/2486
Pages 151-160
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07 ABOUT THIS REPORT
Table of alignment with the TCFD framework
One of the strategic priorities set out in the Tendam’s Sustainability Plan 2022-2025 is transparency in communicating climate-
related information. In this regard, we are progressing in adapting our climate change management and disclosure structure to
the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), as well as with other standards in this
matter.
The following sections detail the company’s initiatives in relation to the four key pillars of the TCFD framework: governance,
strategy, risk management and, nally, metrics and target.
Climate at the centre: uncovering risks and opportunities
Governance
Divulgar la gobernanza de
la organización sobre los
riesgos y las oportunidades
relacionadas con el clima.
Strategy
Disclose the current
and potential impact of
climate-related risks and
opportunities on business,
strategy and planning
nancial information of the
organisation where such
information is material.
Risk
management
Disclose how the
organisation identies,
assesses and manages
climate-related risks.
Metrics and
targets
Disclose metrics and targets
used to assess and manage
relevant climate-related
risks and opportunities
where such information is
material.
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Progress in aligning with
tcfd recommendations
Governance
BOARD OF DIRECTORS
Appointments
and Remuneration
Committee
MANAGEMENT COMMITTEE
The Board of Directors has three delegated
committees: the Audit and Risk Committee, the
Appointments and Remuneration Committee, and
the Sustainability Committee, designed to lead on
climate change issues.
The Audit and Risk Committee’s responsibilities
include oversight of the entire risk management
system, including those arising from climate
change. This committee holds four meetings a
year and receives an update of the corporate risk
map from the Risk Committee on an annual basis.
The Chairman and CEO directly monitors
sustainability performance, both through dialogue
with the person responsible for the area and
through information provided by the Sustainability
and Human Rights Committee. He also exercises
oversight over associated risks, including climate
risks, in his capacity as Chairman of the Risk
Committee.
The person in charge of sustainability reports at
least once a year to the Sustainability Committee
on climate change issues. This committee
meets at least twice a year and is responsible
for overseeing the implementation of the ESG
Strategy, proposing revisions and updates as
appropriate.
Audit and Risk Committee
Overview of the entire risk identication and
assessment process.
The Risk Committee updates the Audit and Risk
Committee annually on the risk map.
Sustainability Committee
Overview of sustainability proposals in the social, environmental,
human rights, health and safety areas of the products marketed by
the Group. Overview of stakeholder relations and non-nancial ESG
reporting.
Risk Committee
Compilation of climate-related risks and opportunities, which are identied
by the Sustainability Department and its head. The Risk Committee meets
at least twice a year with each of the working groups to centralise risks.
Validation of the relevance of the risks identied, as well as of the
action and mitigation plans developed by each of the working groups.
Subsequently, the Risk Committee draws up the nal risk map,
which is reported to the Audit and Risk Committee on a yearly basis.
Sustainability and Human Rights Committee
Comprising the supply chain, sustainability, legal,
customer and internal audit managers.
Responsible for reviewing targets related to sustainability,
human rights and climate change, executing the ESG
strategy, managing and leading projects and initiatives
related to the strategy, as well as setting policies and
priorities. Also responsible for the identication and
management of climate-related risks and opportunities.
Ethics
Committee
Sustainability Department
It reports directly to the Chief Executive
Ofcer and to the relevant designated
bodies reporting to both the Management
Committee and the Board of Directors.
It follows up on key indicators and
progress on dened targets with senior
management -CEO, CFO, chief risk
ofcer, safety and compliance.
It denes climate risks and reports them to the Risk
Committee for representation on the company’s
risk map, as well as the inclusion of monitoring
indicators to detect any deviations.
Commissions or Committees without direct climate-related responsibilities.
Commissions or Committees with direct responsibilities for climate change.
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Strategy
Climate change, driven by the sustained increase in greenhouse gas (GHG) emissions in recent decades, poses a signicant challenge to the
sustainability of Tendam’s business model in the medium and long term. The wide and diverse range of climate-related risks and their potential
impact on different stages of the value chain make it difcult to accurately assess the level of exposure and impact the company may face.
In the face of this, in 2022 Tendam undertook an analysis to identify, assess and quantify the risks and opportunities associated with climate change.
This initiative was carried out in accordance with the guidelines of the Task Force on Climate-Related Financial Disclosures (TCFD) framework, with
the aim of responding to the main aspects dened by this methodology:
Climate forecast in 2030 and 2040
Tendam established three time frames for its analysis: 2025 as a short-term horizon; 2030 in the medium term and 2040 in the long term. The
results of the study showed that physical risks from climate change, such as oods, droughts or extreme heat events, are more prevalent in the
medium to long term, when higher levels of GHG emissions have occurred and lead to changes in weather patterns. In contrast, transition risks tend
to be more apparent in the short to medium term, while the uncertainty associated with them increases signicantly in the longer term.
Differences between an intermediate and a high emissions scenario
Given the inherent uncertainty of the future, the use of climate scenarios is emerging as a key tool to better understand the strategic implications
of the risks and opportunities associated with climate change. It should be emphasised that these scenarios are not market forecasts, but illustrate
possible future trajectories. In this context, Tendam chose to work with two physical risk scenarios (RCP 4.5 and RCP 8.5), chosen to include
both a trajectory consistent with the current rate of emissions and global warming (RCP 8.5), and one more in line with the objectives of the Paris
Agreement, which requires active mitigation and carbon management policies (RCP 4.5).
The analysis of physical hazards covered phenomena such as heat waves, oods (riverine and coastal), water stress and droughts, wildres and
cyclones. For each of these hazards, different climate variables were identied and analysed from different sources such as the IPCC. These
variables were evaluated both in the current context and projected under the selected scenarios, allowing the construction of a matrix combining the
probability of occurrence with the estimated intensity of each risk.
Differences between the STEPS scenario and the SDS scenario
For the analysis of transition risks, Tendam used two scenarios developed by the International Energy Agency (IEA). The Stated Policies Scenario
(STEPS), which acts as a starting point, and the Sustainable Development Scenario (SDS), which allows the implications of a transition to a low-
carbon model to be assessed, are used as a reference. Transition risks examined in more depth include carbon pricing mechanisms, a tightening of
climate and environmental regulation, changes in consumer preferences towards more sustainable products, diversication of raw materials, use of
materials with a smaller carbon footprint, and consumption of energy from renewable or low-emission sources.
The following is a list of climate risks12 and opportunities13 identied through this analysis, as well as the associated impact and mitigation measures.
12 These risks are integrated in the Tendam’s risk map under a generic risk category called “Strategic risks”.
13 Climate risks and opportunities are coded as follows: operational compliance (R/O-CO), market and technology (R/O-MT), brand and reputation (R/O-MR) and physical impacts (R-F).
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Transition risks
Transition risks Description Impact Time horizon Description of the nancial impact
Carbon mechanisms New carbon mechanisms and taxes could in the future affect imports
of goods and may increase the price of energy and fuel supply. Medium Short term Direct or indirect cost increases due to new taxes on
imports of goods or energy.
Stricter environmental and climate
regulation
On waste and plastics, the new Waste and Contaminated Land Act for
a Circular Economy will increase taxes or extended liability. This law will
include a Green Tax on single-use plastics (€0.45/kg) and may have an
impact on packaging costs.
Laws that may affect the sale of specic apparel and products in a country.
High Short term
Reduced revenue because certain legislation may
prevent a garment from entering the market. Partial
cessation of activity in a country.
Increased direct or indirect costs due to tax payments.
Product regulation and labelling
Regulations on traceability, end-of-use and eco-labelling that may
affect apparel.
The European Commission is analysing a possible Digital Product
Passport for sectors with a potential for circularity.
Medium Short term
Increased direct or indirect costs due to changes in
product composition and management throughout the
product life cycle.
Supply disruption due to
climate change Partial disruption of the supply chain due to climate change. Low Medium term
Reduced revenue due to supply interruption.
Impact on stocks and sales.
Impact on stock availability.
Price increases due to availability of raw
materials
This risk is a consequence of all the indirect risks that can occur at
the origin of raw materials, etc. (extreme heat, water stress). Tendam
considers this risk low due to the diversication of suppliers.
Low Long term
Increased raw material costs.
Impact on stocks and sales.
Impact on stock availability.
Changing customer and investor
expectations on transparency and more
sustainable models
Tendam’s reputation may be affected by the increased demands in
reporting to different stakeholders (e.g. Corporate Sustainability Due
Diligence Directive (CDP).
Medium Short term Increased disclosure compliance costs.
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Physical risks
Transition risks Description Impact Time horizon Description of the nancial impact
Increased temperatures.
Increased energy
demand in stores
Increased energy demand in stores and logistics centres as a result of
extreme heat. Medium Medium term
Long term Increased direct operational costs due to increased energy demand.
Floods. Damage to own
facilities
Increased ooding can lead to physical damage to facilities and partial
paralysis of supply (i.e. logistics centres). Currently, only the Hong Kong
logistics centre is exposed to this risk.
Low Medium term
Long term
Reduced revenues or increased costs due to damage and temporary
closure of certain strategic locations.
Impact on stock availability.
Impact on sales.
Increased health and safety costs
Extreme weather events
(cyclones). Damage to
own facilities
Extreme weather events such as cyclones, storms, etc. can disrupt
supply activities (i.e. logistics centres). Mexico’s logistics hub is
exposed to this risk.
Low Medium term
Long term
Reduced revenues or increased costs due to damage and temporary
closure of certain strategic locations.
Impact on stock availability.
Impact on sales.
Increased health and safety costs.
Extreme weather events Cyclones pose a high risk to the supplier located in Bangladesh and
the cotton crops in India and Pakistan. —Medium term
Long term
Indirect cost increase due to change of alternative supplier
Reduced revenue due to delays in receipt of goods
Rising temperatures
Rising commodity prices due to rising temperatures are currently a low
risk for Tendam’s management. All cotton crop and supplier locations
currently offer a high risk of extreme heat.
Low Medium term
Long term
Indirect cost increase due to change of alternative supplier
Reduced revenue due to delays in receipt of goods
Water stress
Rising commodity prices due to increased water stress is currently a low
risk for Tendam’s management. All cotton growing locations currently
offer a high risk of water stress.
Low Medium term
Long term
Indirect cost increase due to change of alternative supplier
Reduced revenue due to delays in receipt of goods
Floods Supplier locations in China and Bangladesh offer a high risk of ooding. — Medium term
Long term
Indirect cost increase due to change of alternative supplier
Reduced revenue due to delays in receipt of goods
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Opportunities arising from climate change
Transition opportunities Description Impact Time horizon Impact
Shifts in consumer preferences towards
more sustainable apparel
The shift in consumer behaviour and preferences towards more
sustainable apparel offers Tendam an opportunity to position itself
against its competitors.
Medium Short term
Medium term
Increased revenues due to better positioning of
Tendam’s products compared to competitors.
Diversication of raw materials and use
of low carbon materials
Tendam is aware of the great opportunity to use more sustainable raw
materials. High Short term
Increased revenues due to better positioning of
Tendam’s products compared to competitors.
Reduction of indirect costs due to carbon emission
reductions
More efcient production and
distribution processes
Tendam sees more efcient energy use in its stores and ofces as
an opportunity to reduce direct electricity costs. Low Short term Direct cost reductions due to more efcient energy use
Use of energy from renewable or low-
carbon sources
Tendam sees this as one of the best opportunities to reduce indirect
emissions. High Short term
Medium term
Reduction of indirect costs due to lower carbon
emissions.
Reduction of costs associated with the increase in the
price of fossil fuels. Reducing their dependency.
Incentives and nancial support
Incentives and economic support for the textile sector such as the
PERTE Circular Economy - investment aid. Circularity investment
programmes.
Incentives for renewable or low-carbon energy.
Low Short term
Reduction of direct or indirect operational costs through
investment support for circular economy or renewable
projects.
Changing customer and investor
expectations on transparency and more
sustainable models
Tendam’s reputation can benet from the good response to the
reporting requirements of different stakeholders (e.g. Corporate
Sustainability Due Diligence Directive (CDP).
Medium Short term Increased investment
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We have ambitious emission reduction targets approved by
the Science Based Target Initiative (SBTi):
46,2%
62%
The regulatory tsunami (legislation linked to circularity, eco-design or human rights due diligence, among others) in terms of sustainability is one of the main short-term risks facing the organisation. In this context,
climate change is a key and cross-cutting aspect of numerous initiatives within the Company’s ESG Plan. For this reason, a number of funded actions have been identied to achieve the targets set out in this regard in
the short-medium term, such as dening an internal carbon price, the creation of a system of incentives linked to climate indicators or extending the calculation of Scope 3 emissions to new categories.
Metrics and Targets
Tendam has conducted a preliminary analysis for the identication and
prioritisation of relevant indicators to enable effective monitoring of the
risks and opportunities associated with climate change. Key indicators
selected include greenhouse gas (GHG) emissions for scopes 1, 2 and
3, energy consumption from renewable sources, appropriate waste
management and product development with sustainable attributes.
Risk management
The risks identied during the analyses are assessed and
prioritised based on their impact, likelihood of occurrence and
exposure. As indicated above in this report, Tendam’s Risk
Committee meets at least twice a year to monitor the risks
identied by them and validate action plans. Action measures
to mitigate, transfer or control risks are dened by each of the
working groups and then validated during Risk Committee
meetings.
The climate risk and opportunity identication, assessment and
quantication study developed by Tendam in 2022 is integrated
into the Company’s existing risk management system.
Moving towards climate neutrality
The company has implemented emissions reduction initiatives
that have enabled us to achieve a 74% reduction in Scope 1
and 2 emissions since 2019. These initiatives are described
in the section “Our progress in combating climate change” of
chapter “We are the Planet”.
For further information on the methodology used to calculate
greenhouse gas emissions, see the “Greenhouse gas
emissions” section of chapter “We are the Planet.”
In addition, Tendam is in the process of developing a new
remuneration system subject to climate-related metrics. This
system - dened as a line of action to be addressed included
in the ESG Plan 2022-2025 - would imply that a small part of
the Management Committee’s variable remuneration (around
10%) is linked to a Scope 1, 2 and 3 emission reduction target
. These targets will then be transferred to the rst circle of
managers as more specic objectives depending on the activity
of each group.
14 Scope 1, 2 and some of the Scope 3 categories of emissions for recent years are calculated and disclosed in the Sustainability Report. These calculations have an associated history (2019, 2020 and 2021) calculated on the basis of the GHG Protocol.
A detailed description of these indicators and the metrics used is
given in chapter We are the Planet.
reduction in Scope 1 and 2 GHG
emissions in FY 2030 compared to
FY 2019
reduction in GHG emissions per €M of
Scope 3 turnover in FY 2030 compared to
FY 2019
100% renewable energy consumption by 2030
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GRI correlation table
GRI15 Section of the report
GRI 2-1 Name of the organization We are Tendam
GRI 2-2 Entities included in the organization’s
sustainability reporting About this report
GRI 2-3 Reporting period, frequency and contact point About this report
GRI 2-4 Restatements of information About this report
GRI 2-6 Activities, value chain and other business
relationships We are Fashion
GRI 2-7 Employees We are People: Our team
GRI 2-23 Policy commitments
We are Tendam
We are Fashion
We are the Planet
GRI 2-24 Embedding policy commitments
We are Tendam
We are Fashion
We are the Planet
GRI 2-25 Processes to remediate negative impacts We are Responsible
GRI 2-30 Collective bargaining agreements We are People: Our team
GRI 3-1 Process to determine material topics We are Responsible Double materiality analysis
GRI 3- 2 List of material topics We are Responsible Double materiality analysis
GRI 3-3 Management of material topics We are Responsible Double Materiality Analysis/Risk
management
GRI15 Section of the report
GRI 201-1 Direct economic value generated and
distributed
About this report: Economic Contribution
We are people: Giving back to society
GRI 201-2 Financial implications and other risks and
opportunities due to climate change
We are the Planet Climate Change
Table of alignment: TCFD framework
GRI 205- 2 Communication and training about anti-
corruption policies and procedures We are Responsible Regulatory compliance
GRI 205- 3 Conrmed incidents of corruption and
actions taken We are good governance: Regulatory compliance
GRI 207-2 Tax governance, control, and risk
management We are Responsible Risk management
GRI 207-4 Country-by-country reporting About this report: Economic contribution
GRI 306-1 Waste generation and signicant waste-
related impacts We are the Planet Circularity and waste management
GRI 306-2 Management of signicant waste related
impacts We are the Planet Circularity and waste management
GRI 306-3 Waste management We are the Planet Circularity and waste management
GRI 303-1 Interactions with water as a shared resource We are the Planet Water
GRI 303-5 Water consumption We are the Planet Water
GRI 301-1 Materials used by weight or volume We are the Planet: Environmental strategy
GRI 302-1 Energy consumption within the organization We are the Planet Climate Change
15 The correlation table between the contents of this report and the GRI Standards is provided as an additional resource to help readers understand the document. It has not been included in the external verication process as it is not one of the elements considered for independent review.
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GRI15 Section of the report
305- 1 Direct (Scope 1) GHG emissions We are the Planet Climate Change
GRI 305-2 Energy indirect (Scope 2) GHG emissions We are the Planet Climate Change
GRI 305-3 Energy indirect (Scope 3) GHG emissions We are the Planet Climate Change
GRI 305-5 Reduction of GHG emissions We are the Planet Climate Change
GRI 304-1 Operational sites owned, leased, managed
in, or adjacent to, protected areas and areas of high
biodiversity value outside protected areas
We are the Planet Biodiversity
GRI 304-2 Signicant impacts of activities, products and
services on biodiversity We are the Planet Biodiversity
GRI 308-2 Negative environmental impacts in the
supply chain and actions taken We are Fashion: Production and sourcing
GRI 401-1 New employee hires and employee turnover We are People: Our team
GRI 403-1 Occupational health and safety management
system We are People: Our team
GRI 403-2 Hazard identication, risk assessment, and
incident investigation We are People: Our team
GRI 403-3 Occupational health services We are People: Our team
GRI 403-8 Workers covered by an occupational health
and safety management system We are People: Our team
GRI 403-9 Work-related injuries We are People: Our team
GRI 403-10 Work-related ill health
GRI 404-1 Average hours of training per year per
employee
We are People: Our team
GRI15 Section of the report
GRI 405-1 Diversity of governance bodies and
employees We are People: Our team
GRI 405-2 Ratio of basic salary and remuneration of
women to men We are People: Our team
GRI 406-1 Incidents of discrimination and corrective
actions taken We are Good Governance: Sustainability governance
GRI 408-1 Operations and suppliers at signicant risk
for incidents of child labor We are Good Governance: Respect for Human Rights
GRI 409-1 Operations and suppliers at signicant risk
for incidents of forced or compulsory labor We are Good Governance: Respect for Human Rights
GRI 413-2 Operations with signicant actual and
potential negative impacts on local communities We are People: Giving back to society
GRI 414-2 Negative social impacts in the supply chain
and actions taken We are Fashion: Production and sourcing
GRI 418-1 Substantiated complaints concerning
breaches of customer privacy and losses of customer
data
We are People: The customer
15 The correlation table between the contents of this report and the GRI Standards is provided as an additional resource to help readers understand the document. It has not been included in the external verication process as it is not one of the elements considered for independent review.
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SUSTAINABILITY REPORT 2024
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