Fashion group MIRTO partners with COFIDES as it seeks to consolidate its position in Mexico

As a demonstration of its commitment to supporting the growth of MIRTO in Mexico, COFIDES is set to provide the fashion group with a joint venture loan worth 1.4 million euros, which will draw on the Fund for SME Foreign Investment Operations (FONPYME) and COFIDES’ own resources. MIRTO will use the loan to refurbish and stock its shops-in-shop in Mexico, which are located in El Palacio del Hierro department stores throughout the country.

MIRTO's international strategy focuses on multi-brand stores, boutiques, international chains and units inside department stores, as well as on its online direct sales channels, such as its website, mirto.com, and other digital marketplaces. It currently operates more than 350 points of sale in Spain and a further 75 overseas.

The group’s foray into Mexico began in 2020 when it opened its own subsidiary, and it hopes to replicate the agile planning and distribution model that has been successfully deployed in Spain for its fashion collections. At the end of 2023, its Mexican subsidiary employed 18 members of staff across 16 physical points of sale in El Palacio del Hierro department stores – where it sells both its men’s and women’s clothing collections – and at a number of multi-brand and wholesale points of sale.

This operation contributes to the group achieving Sustainable Development Goal (SDG) 8: Decent work and economic growth. The project will be a beneficiary of the COFIDES Impact programme through which COFIDES supports investment projects that have a positive effect on the SDGs. In this case, the variable aspect of the funding will be linked to sustainability, based on the carbon footprint of MIRTO's facilities in Madrid.

The corporate director of COFIDES’ Investments division, Miguel Ángel Ladero, declares that “we are very happy to contribute to the international expansion of MIRTO, a leading company in the Spanish fashion industry because of the quality of its products.”

The director-general of MIRTO, Ricardo Fraguas Gadea, expresses his gratitude, stating that “we feel very motivated by the support shown by state-owned company COFIDES in helping us accomplish our group's strategic goal of expanding into Mexico, as well as our future possibilities for international growth that may arise in other global markets.”

ABOUT MIRTO

Founded in 1956, MIRTO business group is comprised of sector-leading companies that stand out as a result of the design and impeccable quality of their garments. At its own factories, it leverages the best fabrics, invaluable experience, expert crafting knowledge and cutting-edge technology to design and manufacture its famous shirts, in addition to a wide range of clothing for both men and women. With over 65 years of experience, MIRTO is the flagship brand of the Madrid-based family-run group, which also includes a number of fashion and design companies and brands under the Mirto Corporación umbrella. MIRTO's products can be bought in leading multi-brand stores, prestigious boutiques, international chains and in its own units and shops-in-shop in department stores such as El Corte Inglés in Spain and Mexico’s El Palacio del Hierro. The fashion group was the recipient of the first-ever National Award for SMEs in the Fashion Industry, given by Spain’s Ministry of Energy, Industry and Tourism.

ABOUT COFIDES

COFIDES is a state-owned enterprise specialized in the management of State funds that provide medium- and long-term financing for private investments linked to different public policy purposes. COFIDES directly manages funds aimed at supporting the internationalization of Spanish firms, strengthening the solvency of companies severely affected by the COVID-19 pandemic, to attract foreign direct investment into Spain through co-investment deals and to contribute to the growth of the impact investment ecosystem in Spain. In addition, COFIDES supports the management of the financial cooperation portfolio of the Spanish Agency for International Development Cooperation, promoting sustainable development in emerging economies and developing countries. In the ownership structure of the Company, the Spanish State holds 53% of the equity. The remaining 47% is held by Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).