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The Emirati group Multiply Group takes control of Tendam. The Abu Dhabi-based investment holding company has acquired a majority stake in the Spanish fashion group, specifically 67.91%. The transaction was announced last February and was completed this morning.
As reported by both companies in a joint statement on Wednesday, this purchase will allow Multiply to double its operating ebitda and amplify its investment model.
Multiply intends to lead Tendam’s next phase of growth and guide it towards further international expansion in Europe, Latin America and the Middle East. In addition, it will guide Tendam towards eventual strategic mergers and acquisitions to add new brands and categories.
With Tendam, Multiply Group will double its operating ebitda and expand its investment model into retail
Although the economic details of the transaction have not been made public, market sources valued the operation at more than one billion euros at the beginning of the year. The Emirati fund focuses on investing in areas such as mobility, energy, utilities, media, wellness and beauty.
Samia Bouazza, group CEO and managing director of Multiply Group, says the acquisition marks its “strategic entry into the retail and fashion sector.“ Among its plans is to “expand into new categories and scale emerging brands globally”.
Jaume Miquel, president and CEO of Tendam, celebrates that the brands will expand into “new formats, markets and channels supported by advanced artificial intelligence and digital technology, to drive growth and profitability.“
Tendam, which groups companies such as Women’secret, Springfield, Cortefiel and Pedro del Hierro, has 1,800 points of sale and is present in more than eighty markets. With this transaction, Llano Holdings S.À R.L. and Arcadian Investments S.À R.L., corporate investment vehicles of CVC Funds and PAI Partners, respectively, continue as minority shareholders.
At the end of June 2025, Tendam’s sales for the previous 12 months reached €1.4 billion and EBITDA stood at €341 million.
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