An Emirati investment firm based in Abu Dhabi, Multiply Group has finalized its acquisition of a majority stake in the Spanish fashion company, Tendam. Valuing Tendam at approximately €1.3 billion, this deal marks Multiply Group's ‘first major investment’ in Europe. The firm has acquired 67.91 per cent of the capital in Castellano Investments SÀRL, which owns Tendam Brands SAU and its subsidiaries. Minority shareholders Llano Holdings SÀRL and Arcadian Investments SÀRL, corporate investment vehicles of CVC and PAI Partners funds, will retain their stakes.
Multiply Group aims to ‘lead the next phase of Tendam's growth.’ This phase will prioritize further international expansion across Europe, Latin America, and the Middle East. A key strategic component will involve the integration of artificial intelligence (AI) across all business areas, from procurement to customer experience, by leveraging Tendam's existing digital infrastructure. Additionally, Multiply Group plans to support Tendam through ‘selective acquisitions (M&A)’ to broaden its portfolio with new brands and categories.
Samia Bouazza, CEO and Managing Director, Multiply Group, states, this acquisition marks Multiply Group's strategic entry into the retail and fashion sector. By securing a controlling stake in a leading omni-channel platform, the group invests in a high-performing, future-focused business model backed by an exceptional management team. She emphasizes on the potential to expand into new categories and scale emerging brands globally, with Multiply's expertise in synergy creation, AI application, and M&A execution poised to accelerate growth and generate long-term value.
Jaume Miquel, Chairman and CEO, Tendam, adds, together with the shareholders and management team, the company will fully deploy their potential, expanding their brands into new formats, markets, and channels, supported by advanced artificial intelligence and digital technology to achieve stronger growth and profitability through a unique and unrivalled omni-channel ecosystem of brands.
Formerly known as Grupo Cortefiel, Tendam boasts a diverse portfolio of a dozen retail brands, including well-known names like Women'secret, Springfield, Cortefiel, and Pedro del Hierro. Other brands under its umbrella include Hoss Intropia, Slowlove, High Spirits, Dash and Stars, OOTO, Milano, Fifty, and Hi&Bye. The conglomerate operates over 1,760 points of sale, comprising its own stores, department store concessions, and franchises, across more than 80 markets worldwide.
As of the end of June 2025, Tendam reported sales of €1.4 billion over the preceding twelve months, with an EBITDA of €340.7 million.
