Multiply Group secures majority stake in Tendam, strengthening European retail expansion

Multiply Group has taken a decisive step into the European retail market by acquiring a 67.91% controlling stake in Tendam, one of Spain’s largest apparel retailers. This strategic investment marks a major milestone for the Abu Dhabi-based investment holding company as it deepens its presence in consumer-driven industries. The transaction, expected to double Multiply Group’s operational EBITDA post-consolidation, underscores its aggressive global expansion strategy.

Multiply Group’s strategic entry into European retail

Multiply Group, known for its diversified investments across mobility, media, energy, and wellness, has made its first significant retail investment in Europe by acquiring a majority stake in Tendam. The deal positions Tendam as the anchor business for Multiply Group’s newly established retail and apparel vertical, reinforcing its commitment to expanding its consumer-focused portfolio.

Tendam, Spain’s second-largest apparel group by market share, operates across multiple geographies with a strong omnichannel retail model. The company manages over 1,800 points of sale in more than 80 markets, including Spain, Portugal, France, the UAE, and Latin America. Its portfolio includes leading brands such as Women’secret, Springfield, and Cortefiel, along with an extensive selection of nearly 200 third-party fashion brands.

Multiply Group’s acquisition aligns with its broader strategy of investing in high-growth sectors, where it can leverage existing market strengths to drive profitability. By securing a controlling stake in Tendam, Multiply Group gains direct access to the European apparel market, which represents a significant opportunity for long-term value creation.

Growth trajectory and financial outlook for Tendam

Tendam has demonstrated sustained growth in recent years, positioning itself as a key player in the European apparel market. Since 2020, the retailer has consistently expanded its market presence, achieving quarter-over-quarter revenue increases. As of January 2025, the company’s last twelve months (LTM) revenue stood at approximately €1.4 billion, with an EBITDA post IFRS-16 of €341 million.

Multiply Group aims to capitalize on Tendam’s performance by accelerating its retail expansion strategy, focusing on international growth and omnichannel integration. The acquisition enables Multiply Group to scale operations, optimize Tendam’s brand portfolio, and enhance its digital and physical retail footprint.

Industry analysts highlight that this investment provides a strategic advantage in a competitive market, allowing Multiply Group to tap into evolving consumer trends and expand its retail ecosystem beyond its existing investment verticals.

How Multiply Group plans to transform Tendam

Multiply Group’s investment in Tendam is expected to unlock significant synergies, with plans to optimize the retailer’s digital infrastructure, supply chain management, and brand positioning. The focus will be on expanding Tendam’s global reach, with particular emphasis on emerging markets where consumer demand for fashion retail is growing.

Tendam has successfully positioned itself as an omnichannel leader, integrating brick-and-mortar retail with e-commerce. Its digital ecosystem supports multiple online platforms, loyalty programs, and advanced data-driven marketing strategies. Multiply Group aims to further develop these capabilities by investing in AI-driven retail analytics, enhancing the customer experience across both physical stores and online platforms.

Industry experts note that the deal reflects a broader shift in global investment patterns, where institutional investors are increasingly targeting high-growth consumer industries. Multiply Group’s entry into the European apparel market aligns with this trend, providing a scalable investment model with significant upside potential.

Multiply Group’s expanding portfolio and future acquisitions

The Tendam acquisition is part of Multiply Group’s ongoing vertical-building strategy, which has seen it invest nearly AED 1 billion in recent deals. Over the past year, the firm has acquired BackLite Media, Excellence Premier Investment, and The Grooming Company Holding, strengthening its foothold in media, advertising, and wellness industries.

Multiply Group’s leadership has emphasized that retail and apparel represent a key growth area, with global market opportunities exceeding €1.3 trillion. The addition of Tendam to its portfolio enhances its ability to capture value from international markets, further diversifying its investment portfolio while maintaining its core focus on consumer-driven sectors.

Looking ahead, the company is expected to explore additional investment opportunities in retail, fashion, and lifestyle brands, with a focus on high-margin businesses that offer scalability. The firm’s track record in strategic acquisitions suggests further expansion within the European apparel market, as it looks to solidify its position as a global investment leader.

Market impact and investment outlook

The acquisition signals a strong confidence in the European retail sector, despite broader economic uncertainties. Investors have responded positively to Multiply Group’s aggressive expansion strategy, viewing the Tendam acquisition as a high-value investment with substantial revenue-generating potential.

Industry stakeholders see this move as a blueprint for future investments, where firms with diversified portfolios seek high-growth retail assets to drive long-term profitability. The deal also highlights the importance of omnichannel retailing, as more companies integrate digital capabilities with traditional store operations to capture a wider consumer base.

As Multiply Group continues to consolidate its retail and apparel vertical, the impact on the European apparel market will be closely watched. The success of this investment will likely influence future private equity interest in fashion and lifestyle brands, setting a precedent for similar large-scale acquisitions in the sector.