Every year, for the last five years, history has repeated itself, and 2019 is no exception. Tempe continues to improve its numbers, thus deciding to not lay off its employees. The company creates, manufactures and distributes footwear and accessories for the Inditex Group closed the fiscal year with revenue of 1.4 billion euro, +6.2% in comparison to 2018. Net profits increased to 117 million euro, or +3.5% on yearly base. Throughout the last 5 years, Tempe has increased total turnover by 25%, points out CinqoDias. The group is owned by Inditex at 50% (head of Zara, Massimo Dutti e Zara Home, among others), and 50% by Vicente Garcìa Torres.
Tempe holds on layoffs
As its owner, Tempe communicates that it will not layoff any employee before April 16th, even though they aren’t working due to Coronavirus-related restrictions. The Group has decided not to take advantage of Spain’s public funds. If on April 16th the emergency isn’t over, then Tempe, as Inditex, will utilize Erte, the government layoff system that guarantees individuals a part of the stipend. Founded in 1989, Tempe has the same legal HQ as Inditex and Artexio (la Coruña). Yet, its effective HQ is in Elche (Alicante). The company has subsidiaries in Mexico, Sao Paulo (Brazil), Friburgo (Switzerland), Hong Kong and Shanghai (China). It employs about 1,900 people and manufactures for all of Inditex’s brands.