What: Abu Dhabi investment company Multiply Group acquires 67.91% stake in Tendam, Spain's second-largest fashion group with EUR 1.4 billion in sales, while previous owners CVC and PAI Partners remain as minority shareholders.

Why it is important: This acquisition highlights the growing interest of Middle Eastern investors in European retail, particularly in companies that have successfully balanced physical retail presence with digital capabilities.

Multiply Group's acquisition of a majority stake in Tendam marks a significant development in Spanish retail. The fashion group, which operates brands including Women'secret, Springfield, and Cortefiel, has demonstrated strong financial performance with sales of EUR 1.4 billion and EBITDA of EUR 341 million in the financial year ending January 2025. Tendam's successful focus on digital transformation and omnichannel retailing has enabled market share growth, supported by loyalty programmes encompassing 24 million customers. The company's extensive international presence, spanning more than 80 countries through over 1,800 points of sale, provides Multiply Group with immediate scale in its first major European investment and retail sector entry. The continued involvement of previous owners CVC and PAI Partners as minority shareholders suggests confidence in Tendam's growth potential and strategic direction.

IADS Notes: The acquisition of Tendam by Multiply Group represents a significant shift in Spanish retail ownership patterns. The company's strong financial performance, with sales of EUR 1.4 billion and EBITDA of EUR 341 million, demonstrates the continued attractiveness of well-executed omnichannel retail businesses to international investors. Tendam's successful digital transformation and extensive loyalty program with 24 million customers show how traditional retailers can effectively modernize their operations. The retention of CVC and PAI Partners as minority shareholders suggests confidence in the company's strategy and growth potential. With presence in over 80 countries through 1,800 points of sale, Tendam's extensive international network provides Multiply Group with immediate scale in retail sector entry, while offering potential for further expansion through additional investment and operational expertise.

Springfield and Cortefiel in the hands of Abu Dhabi investors