Multiply Group, the Abu Dhabi-based investment holding company, is set to establish its presence in the retail and apparel sector after making its first major investment announcement in Europe.
Subject to necessary approvals, Multiply will secure a controlling stake of 67.91 per cent in Castellano Investments SÀRL, owners of Tendam Brands and other subsidiaries.
Tendam is Spain’s second-largest apparel group by market share and one of Europe’s leading omnichannel apparel companies. It will now serve as the anchor for Multiply’s new vertical. The Abu Dhabi company will lead the next phase of growth with international expansion and development of the group’s omnichannel ecosystem.
Multiply expands into retail
The acquisition is a significant opportunity for Multiply Group to build on Tendam’s platform and gain access to the $1.37 trillion global apparel retail market.
Since 2020, Tendam has delivered consistent growth quarter after quarter, consolidating its business model in key markets and growing its international footprint. At the end of January 2025, Tendam’s total sales for the last 12 months (LTM) stood at approximately AED5.39 billion ($1.47 billion), with recurring EBITDA post IFRS-16 of approximately AED1.3 billion ($350 million). It has over 1,800 points of sale in nearly 80 countries on four continents.
Tendam currently has 12 own brands, including Women’secret, Springfield, Cortefiel, Pedro del Hierro, High Spirits, Dash and Stars, HI&BYE, Milano, and Springfield Kids.
Samia Bouazza, Group CEO and Managing Director of Multiply Group, commented: “The majority stake in Tendam achieves three strategic goals for Multiply Group.
“It enables us to push forward with our commitment to create double-digit EBITDA growth. It marks our first entry into the retail and apparel sector we have been targeting and believe has significant growth potential. And finally, the acquisition is a tangible step in our global expansion efforts, which strategically positions the Group to continue building on its international portfolio in years to come.”
Llano Holdings and Arcadian Investments, the corporate investment vehicles for CVC Funds and PAI Partners respectively, are the other shareholders.
Jaume Miquel, Chairman and CEO of Tendam, added: “Since implementing the Tendam 5.0 strategy, Tendam has demonstrated exceptional growth, underpinned by the creation of a unique, unrivalled omnichannel ecosystem.
“The investment by Multiply Group is an endorsement of that strategy and affords increased capacity for accelerated growth. Likewise, CVC Funds and PAI, through Llano and Arcadian, offer continuity and a strong, in-depth understanding of the company.
“All of our investors, in partnership with a committed management team, are the best possible guarantee of continuing growth and success.”
The move follows a series of recent acquisitions and vertical-building activities by Multiply Group where it has successfully acquired controlling stakes in Excellence Premier Investment, Media 247, BackLite Media, and The Grooming Company Holding.
Multiply Group achieved strong performance in 2024 across key metrics. Its revenue surged 56 per cent year-on-year, exceeding the AED2 billion mark, and was propelled by double-digit organic growth across all verticals, resulting in Group EBITDA growth of 15 per cent reaching AED1.9 billion.
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