OndadeMar Reports Excellent Results
OndadeMar, specialized in swimwear and lingerie, recently acquired by Tribeca Partners S.A., expects its sales to grow by 35% by the end of 2006
Catering to an upscale market, and renowned both nationally and internationally, 70% of OndadeMar´s revenues come from its exports to over 30 countries. Its main markets are:
- United States (65% of its exports are sold)
- Mexico with 11%
- United Kingdom with 7%.
The company´s main product, accounting for 70% of its sales, with considerable impact abroad, is avant-garde swimwear. Lingerie represents 9% of sales, and the remaining 20% are street wear and accessories. The company´s has concentrated on the design, manufacture, and sale of swimwear, mainly because this is a niche that has been on the rise worldwide over the past five years, with growth of around 5% annually.
According to the June 2006 issue of Forbes magazine, the swimwear market in the United States grew by 20.5% between May 2005 and April 2006, with sales of close to U$ 2.2 trillion, representing 2% of all garment manufacturing. In the United States, the average price of a bathing suit is U$ 24, whereas an OndadeMar design sells for U$ 120, which demonstrates its position as a premium brand.
In 2002 an OndadeMar suit appeared on the cover of Sports Illustrated, the most widely circulated magazine in the world. Its bathing suits have been featured in several issues since then. In August 2005, Forbes listed the company as one of the 12 most widely recognized brands of bathing suits worldwide. In June 2004, Elle magazine referred to OndadeMar was one of the 10 best brands of bathing suits in the world.
Tribeca Partners acquires OndadeMar
In September 2006, Tribeca Partners acquired 100% of the Colombian company OndadeMar, which has been in operation for over 26 years, and with sales in countries like Australia, United Kingdom, Greece, Mexico, the Caribbean, United States, and Venezuela, among others.
Before Tribeca Partners made its purchase bid, OndadeMar had been working on an ambitious project to move from being a swimwear company to position itself as an international house of design. This was one more reason that attracted the investment fund's interest, and work is being pursued to make this objective a reality by the end of 2006.