operational expertise + financial acumen =
Shoe retail
December 2017
Fund Investment Date:
Gross Turnover at Acquisition (incl. franchising):
€200 million
OpCapita Executives:
David Hamid & Joshua Spoerri
Key Facts
Merkal is the leading Spanish footware and accessories retailer offering a comprehensive range of quality products at affordable prices via a national footprint of over 200 locations and through its on-line channel. Founded in 1987, the company is based in Barcelona and employs over 1,000 people across Spain.

Merkal was acquired by OpCapita in December 2017 from Vivarte SAS, the French retailing conglomerate.

Prior to the pandemic, the €6 billion, highly fragmented Spanish footwear market had expanded c. 2% p.a. for the period following the Spanish recession in 2012. COVID driven contraction is estimated to have reduced the market by over 20% with an outlook for accelerated growth (c. 7%) increasingly focused on an omnichannel offering. Going forward, scale operators able to invest in the digital platforms and leverage the proximity and scale of their national footprints are expected to consolidate market share at the expense of smaller independents.

As the leading Spanish retail chain, Merkal is well positioned to capitalize on the accelerated consolidation of the market and declining presence of independent retailers. With a refined product offering sourced through a consolidated range of local, nearshore and offshore supplier partners, Merkal will invest heavily in the systems necessary to evolve its national brick and mortar presence to a truly omnichannel offering.

Since our investment, we have:

  • Reinforced and expanded senior management
  • Implemented data driven inventory planning, allocation and replenishment systems
  • Invested in the infrastructure necessary to accelerate direct consumer fulfillment and click-and-collect services
  • Diversified marketing and communications strategy with an increased emphasis on social media
  • Successfully migrated to an independent ERP system
leading independent footwear retailer in Spain
gross yearly turnover (pre-COVID)
c. 210