UAE's Multiply Group Acquires Majority Stake in Spanish Fashion Retailer Tendam
The Emirati investment company Multiply Group has taken a majority stake in Tendam, a Spanish company specializing in fashion retail and known for its Women'secret and Springfield brands. The operation, announced on Tuesday, February 25, in a joint statement from both groups, marks a new step in the expansion of the Abu Dhabi-based fund.
Multiply Group now holds 67.9% of Tendam's capital and plans to increase capital to accompany this acquisition. The transaction amount has not been disclosed and remains subject to regulatory approval.
Founded in Spain, Tendam is one of the country's leading fashion retailers, with a network of nearly 1,800 points of sale across more than 80 countries. In 2023, the company generated revenue of €1.4 billion.
With this acquisition, Multiply Group strengthens its investment portfolio in the fashion and retail sectors, confirming the growing interest of Gulf funds in European brands.
