Retail Multiply Group targets Europe with Tendam stake buyout By Pramod Kumar February 26, 2025, 9:41 AM Tendam/X The deal marks Multiply Group's first major investment into Europe Abu Dhabi-listed Multiply Group will acquire a 68 percent stake in Spanish fashion retailer Tendam as part of its global expansion strategy, the investment holding company said in a statement. The stake was purchased from private equity funds CVC and PAI Partners, who will remain minority shareholders in Tendam, which owns the Cortefiel, Women’s Secret, Milano and Pedro del Hierro brands, the statement said. No financial details were given. “With this investment, Multiply Group has established its presence in the retail and apparel sector, with Tendam serving as the anchor for the new vertical,” the statement said. The deal marks its first major investment into Europe and builds a presence in consumer-focused businesses. At the end of January 2025, Tendam’s total sales stood at €1.4 billion for the last 12 months. The clothes retailer has a presence at more than 1,800 points of sale in nearly 80 countries on four continents. CVC and PAI took complete control of Tendam in 2017, acquiring British global investment company Permira’s stake, which valued the fashion retailer at €1 billion ($1.05 billion). Multiply Group to buy 55% stake in Media 247 for $50m UAE’s Multiply plans IPO after $61m ad agency deal Last year Multiply Group acquired controlling stakes in UAE-based Excellence Premier Investment, Media 247, BackLite Media, and The Grooming Company Holding as part of its growth plan. Multiply Group, a subsidiary of International Holding Company, had total assets valued at AED43 billion, with a market capitalisation at AED23 billion as of December 31, 2024. Its shares on the Abu Dhabi bourse closed at AED1.91, down 2 percent on Tuesday.
