Global Expansion in Focus as Multiply Group Acquires Tendam

In a significant move marking its first major foray into Europe, Multiply Group, based in Abu Dhabi, has acquired a controlling stake in Tendam, Spain's renowned apparel conglomerate and the second-largest in the market by share.

This acquisition not just doubles Multiply's operational EBITDA post-consolidation but also broadens its strategic footprints by incorporating businesses with high potential, leveraging capital and technology, and steering them towards sustained market dominance.

Multiply now boasts a 67.91% stake in Castellano Investments S.À R.L., which owns Tendam Brands S.A.U. among other subsidiaries, indicating a strategic expansion in its portfolio.

Tendam stands out as a pivotal player in the omnichannel retail space across Europe, operating over 1,800 sales points and managing successful digital loyalty programs in more than 80 markets, including key regions like Spain, Portugal, France, the UAE, and Latin America.

Its diverse brand portfolio, including popular labels such as Women'secret, Springfield, Cortefiel, and Pedro del Hierro, caters to a wide array of customer preferences, from affordable to premium fashion.

Multiply Group is set on leading Tendam's forthcoming growth phase, focusing on expanding its reach further into Europe, Latin America, and the Middle East. The strategy involves integrating AI throughout the business processes, from sourcing to customer engagement, capitalizing on the digital groundwork already established by Tendam.

Moreover, Multiply aims to bolster the brand's portfolio through targeted mergers and acquisitions, introducing new brands and product categories to foster growth.

Samia Bouazza, Group CEO and Managing Director of Multiply Group, expressed enthusiasm about the venture, stating, "This acquisition marks Multiply Group's strategic entry into the retail and apparel sector. By securing a controlling interest in a leading omnichannel platform, we are investing in a future-focused, high-performing business model backed by an outstanding management team."

Bouazza further emphasized the opportunity to scale emerging brands globally, drive strategic mergers and acquisitions, and leverage AI to accelerate growth and enhance shareholder value.

Jaume Miquel, Chairman and CEO of Tendam, remarked on the new partnership: "Today we are starting a new era. Together, shareholders and management team, will fully deploy the Tendam potential, extending our brands to new formats, markets, and channels supported by advanced artificial intelligence and digital technology, delivering stronger growth and profitability through a unique, unrivalled omnichannel brand ecosystem."

Tendam's track record of consistent growth since 2020, led by a proven management team, underscores its robust business model. With sales reaching €1.4 billion and an EBITDA post-IFRS 16 of €340.7 million in the last twelve months ending June 2025, Tendam's performance is a testament to its solid standing in core markets and its expanding global footprint.

Advisory firms such as Greenhill (a Mizuho affiliate), Hogan Lovells, and KPMG played pivotal roles in facilitating this transaction for Multiply Group, while Castellano and its shareholders received counsel from Uria Menendez.

Legal advice for Tendam was provided by Ramón Hermosilla Abogados and Latham & Watkins LLP, ensuring a comprehensive support network throughout the acquisition process.

Multiply Group's acquisition of Tendam not only marks a significant expansion into the European market but also sets the stage for innovative growth strategies in the retail and apparel industry.