Abu Dhabi-based Multiply Group has concluded the acquisition of a 67.91% majority stake in Spanish fashion retailer Tendam, valued at AED 5.6 billion. This move marks a significant leap into the European retail market for the UAE-listed conglomerate, solidifying its position in the global apparel industry.
The deal with Tendam, which operates several prominent fashion brands including Cortefiel, Pedro del Hierro, and Springfield, will elevate Multiply Group’s international presence. Tendam is an established player in the omnichannel retail space, combining physical stores with an increasingly sophisticated digital sales infrastructure, which positions the company as a strong contender in the fast-evolving European fashion market.
Multiply Group’s entry into this space is seen as part of a broader strategy to diversify its portfolio and tap into lucrative international markets. Samia Bouazza, the Group CEO and Managing Director of Multiply Group, highlighted the strategic nature of the acquisition. She noted that by securing control over a leading omnichannel business, Multiply is embracing a forward-thinking business model that is not only resilient but also adaptable to changing market conditions.
The acquisition comes at a time when global retail trends are shifting towards an integrated, omnichannel approach, allowing companies to reach consumers across both physical and digital platforms. Tendam’s long-standing expertise in this area makes the company an attractive investment for Multiply Group as it seeks to expand its footprint in Europe. Analysts suggest that the acquisition will bolster Multiply’s operational EBITDA, driving growth in the firm’s retail segment.
Multiply Group, which has made waves in sectors ranging from technology to entertainment, views the purchase as a step towards achieving its long-term growth objectives. The acquisition is expected to provide significant synergies across Multiply’s existing portfolio, with the potential to scale Tendam’s brands across different European regions and beyond.
The move also indicates Multiply Group’s growing focus on consumer-facing businesses, which is a departure from its traditional concentration on investments in industrial and commercial sectors. By diversifying into the fashion industry, the group is positioning itself to benefit from the continued shift in consumer behaviour, where e-commerce and digital sales channels are becoming dominant drivers of growth.
Industry experts believe the timing of the acquisition is particularly strategic. With the fashion industry adapting to evolving consumer preferences—especially in terms of sustainability and technological integration—the future of retail is poised for transformation. Tendam’s strong digital presence, combined with its established retail stores, provides a balanced model that can better withstand economic fluctuations, making it an attractive proposition for investors.
The deal strengthens Multiply Group’s ties to the European market, offering more opportunities to collaborate with local businesses and expand its network of strategic partnerships. The UAE’s growing influence in global investment circles, particularly in retail and fashion, is highlighted by this acquisition, which is expected to attract additional attention from global investors looking to enter the region.
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