Abu Dhabi's Multiply Group buys controlling stake in Spanish retailer Tendam

UAE company enters retail and clothing sectors as part of its global expansion

Tendam has 12 own brands, including Women’secret, Springfield and Cortefiel. Antonie Robertson/The National

Abu Dhabi investment company Multiply Group has acquired a controlling stake of nearly 68 per cent in Castellano Investments, which owns Spanish fashion retailer Tendam, in the UAE's company's first major foray into Europe and the retail sector.

Multiply, which signed the deal with CVC Funds and PAI Partners, is now the majority shareholder in Castellano Investments. Llano Holdings and Arcadian Investments, the corporate investment vehicles for CVC Funds and PAI Partners respectively, will remain minority shareholders, it said in a statement on Tuesday.

Tendam is Spain’s second-largest clothing group by market share. At the end of January 2025, Tendam’s total sales for the previous 12 months stood at about €1.4 billion ($1.47 billion).

The company has more than 1,800 points of sale in nearly 80 countries including Spain, Portugal, France, and the UAE. Tendam has 12 own brands that are primarily in the premium mass market segment, including Women’secret, Springfield and Cortefiel, as well as almost 200 third-party brands.

The size of the investment was not disclosed. The transaction is subject to approval by regulatory authorities.

Multiply Group said it “aims to lead the next phase of growth for Tendam, geared towards further international expansion and development of the group’s omnichannel ecosystem”.

With the investment, the group has entered the retail and clothing sector, with Tendam serving as the anchor.

“The majority stake in Tendam … enables us to push forward with our commitment to create double-digit Ebitda growth,” said Samia Bouazza, chief executive and managing director of Multiply Group.

“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.”

Multiply, a subsidiary of Abu Dhabi's International Holding Company, already operates in the mobility, media, and beauty sectors. It has stakes in businesses such as Emirates Driving Company, Viola Communications, Abu Dhabi National Energy Company, better known as Taqa, the Dubai Electricity and Water Authority, Borouge and Getty Images.

The company is expanding operations and recently deployed approximately Dh1 billion ($272 million) to acquire BackLite Media, Excellence Premier Investment and The Grooming Company Holding.

Multiply reported a revenue growth of 56 per cent for 2024 to reach Dh2 billion, which it attributed to “double-digit organic growth across all verticals”.