Abu Dhabi’s Multiply Group has completed the acquisition of a majority stake in Tendam, Spain’s second-largest apparel group by market share – its first major investment in Europe.
Multiply now has a majority interest of 67.91 per cent in Castellano Investments, the owner of Tendam Brands and other subsidiaries. The deal will double Multiply’s post-consolidation operational EBITDA.
Tendam, one of Europe’s leading omnichannel apparel groups, operates over 1,800 points of sale and runs successful digital loyalty programmes in over 80 markets, including Spain, Portugal, France, the UAE, and Latin America. Its diversified portfolio of 12 brands caters to multiple customer segments through such established names such as Women’secret, Springfield, Cortefiel and Pedro del Hierro.
Tendam has recorded steady, quarter-on-quarter growth, strengthening its business model in core markets while expanding its international presence. At the end of June 2025, the company reported last 12-month sales of €1.4 billion (US$1.65 billion) and EBITDA of €340.7 million (US$401.2 million).
With the acquisition, Multiply Group has deepened its investments in consumer-focused industries and established a presence in the retail and apparel sector.
Samia Bouazza, Group CEO and Managing Director of Multiply Group, commented: “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.
“Built on strong, well-established owned brands, the platform offers the agility and vision to expand into new categories and scale emerging brands globally. With our expertise in creating synergies, deploying AI, and driving strategic M&A, we are poised to accelerate growth and unlock long-term value for our shareholders.”
Multiply will fuel the next growth phase of Tendam, including further international expansion across Europe, Latin America, and the Middle East. Embedding AI across all aspects of the business, from sourcing to customer operations, Multiply will support this growth journey and will leverage the digital infrastructure the company already has in place. It will also support the business with targeted M&A to introduce new brands and categories.
Jaume Miquel, Chairman and CEO of Tendam, added: “Today, we are starting a new era. We 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.”
From a strategic standpoint, the acquisition offers Multiply Group a significant opportunity to leverage Tendam’s strong brand platform and proven performance to drive future growth, supported by favourable consumer tailwinds in the global apparel retail market.
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