Multiply Group completes acquisition of Tendam, will drive growth using AI as a lever

Multiply Group, an investment holding company based in Abu Dhabi, completed the acquisition of a 67.91 percent stake in Tendam, a Spanish fashion multinational, on 23 July 2025. Tendam owns brands such as Cortefiel, Springfield, and Women’secret. The transaction values Tendam at approximately 1.3 billion euros (5.6 billion UAE dirhams), with Multiply Group's 67.91 percent stake valued at approximately 880 million euros. This acquisition positions Tendam as the anchor platform for Multiply Group's new investment vertical in fashion and retail. The acquisition of Tendam's business in Bosnia and Herzegovina is pending approval from competition authorities.

Strategic vision and growth initiatives

Multiply Group aims to accelerate Tendam's international expansion, particularly in Europe, Latin America, and the Middle East. The strategy includes integrating artificial intelligence (AI) across all business operations, from sourcing to customer interactions, to enhance growth and leverage Tendam's existing digital infrastructure.

Samia Bouazza, CEO and managing director of Multiply Group, stated that the acquisition is a strategic entry into the retail and fashion sector, investing in a "future-oriented and highly profitable business model". She emphasized leveraging Multiply Group's expertise in "synergy creation, artificial intelligence implementation, and strategic mergers and acquisitions" to accelerate growth and generate long-term value.

Jaume Miquel, chairman and CEO of Tendam, indicated that this acquisition marks a new era for the company, focusing on expanding brands into new formats, markets, and channels with advanced AI and digital technology to drive growth and profitability through an omnichannel fashion brand ecosystem.

Financial performance and future outlook

For the 12 months ending 30 June 2025, Tendam reported total sales of approximately 1.4 billion euros and an EBITDA of 341 million euros. Multiply Group and Tendam plan to outline an "aggressive" five-year strategic roadmap in the coming months, targeting double-digit sales growth from 2026.

This growth is expected to be driven by expanding Tendam's 12 current brands, developing proprietary store networks in Spain and internationally (with a focus on Mexico and the Persian Gulf), and pursuing new acquisitions. Acquisitions are projected to account for approximately 45 percent of Tendam's revenue growth in the coming years, with the remaining 55 percent from organic growth. Tendam is open to acquiring companies that offer diversification (e.g., sports, footwear, accessories), market penetration, or internationalization opportunities.

Tendam's current portfolio includes 12 brands: Cortefiel, Pedro del Hierro, Women’secret, Springfield, Hoss Intropia, Slowlove, High Spirits, Dash and Stars, OOTO, Hi&Bye, Milano, and Fifty.

Multiply Group's investment strategy

Multiply Group views Tendam as its first major investment in Europe and estimates it will double its operating EBITDA. The investment holding company plans further investments in Spain and Europe, focusing on acquiring strategic companies and injecting capital and technology to boost their market leadership.