Multiply Group completes acquisition of Tendam

Emirati investment firm Multiply Group has concluded its purchase of Spanish conglomerate Tendam, owner of fashion brands such as Women’secret, Springfield, Cortefiel, and Pedro del Hierro. The Abu Dhabi-based business has acquired 67.91% of the capital, in a deal that values Tendam at around 1.3 billion euros.

Multiply Group has completed its purchase of a majority stake in Tendam – Multiply Group / Tendam

The acquisition, announced in February, is notably “the first major investment” by the Emirati group in Europe. “Multiply now owns a 67.91% majority stake in Castellano Investments S.À R.L., owner of Tendam Brands S.A.U. and other subsidiaries, while Llano Holdings S.À R.L. and Arcadian Investments S.À R.L., the corporate investment vehicles of the CVC and PAI Partners funds, will remain as minority shareholders,” announced the business.

In the same statement, Multiply indicated that it will “lead the next phase of Tendam’s growth”. A phase that, according to the business, will be driven by further international expansion in Europe, Latin America, and the Middle East. Another key component will be the incorporation of artificial intelligence into all areas of the business, from procurement to customer experience, “leveraging the existing digital infrastructure”. In addition to this, Multiply announced that it will support the business “with selective acquisitions (M&A)” to add new brands and categories to its offering.

“This acquisition marks Multiply Group’s strategic entry into the retail and fashion sector,” said Multiply Group’s CEO and managing director Samia Bouazza.”By securing a controlling stake in a leading omni-channel platform, we are investing in a high-performing, future-focused business model backed by an exceptional management team. Based on strong, established proprietary brands, this model offers the agility and vision needed to expand into new categories and scale emerging brands globally. With our expertise in creating synergies, applying artificial intelligence, and strategically executing mergers and acquisitions, we are positioned to accelerate growth and generate long-term value for our shareholders”.

Jaume Miquel, chairman and CEO of the Spanish conglomerate, said: “Today we are entering a new era. Together, shareholders and management team, we will fully deploy Tendam’s potential, expanding our 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 includes a dozen retail brands in its portfolio: Women’secret, Springfield, Cortefiel, Pedro del Hierro, Hoss Intropia, Slowlove, High Spirits, Dash and Stars, OOTO, Milano, Fifty, and Hi&Bye. It operates more than 1,760 points of sale, including its own stores, points of sale in department stores, and franchises in more than 80 markets around the world.

According to Multiply Group’s press release, at the end of June 2025, the Spanish company reported sales of 1.4 billion euros over the last twelve months and EBITDA totalling 340.7 million euros.

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