Emirati Group Secures Spanish Fashion Giant Tendam

Multiply Group Acquires Majority Stake in Retailer Valued at €1.3 Billion

Abu Dhabi’s Multiply Group has successfully finalized its takeover of Spanish fashion conglomerate Tendam, marking a significant European expansion. The deal, valued at approximately 1.3 billion euros, gives the Emirati investment firm control of popular brands including Women’Secret, Springfield, Cortefiel, and Pedro del Hierro.

Strategic European Foothold Established

This pivotal acquisition grants Multiply Group a controlling 67.91% ownership of Tendam Brands SA. The transaction represents the investment group’s inaugural major venture into the European market, signaling a clear strategic intent for future growth and investment opportunities on the continent.

The deal, initially announced in February, underscores a growing trend of international investment in established European retail sectors. For instance, in 2023, foreign direct investment into Spain’s retail sector reached over €5 billion, indicating investor confidence in the market’s resilience (Statista, 2024).

Tendam’s Brand Portfolio

Tendam, a well-established Spanish retail entity, boasts a diverse portfolio of fashion brands catering to various consumer segments. The group’s acquisition by Multiply Group is poised to leverage its existing market presence and potentially drive international expansion for its popular labels.