Multiply Group To Acquire Majority Stake In Tendam, Expanding Into European Retail And Apparel Sector

KUALA LUMPUR, Feb 26 (Bernama) -- Multiply Group PJSC, the Abu Dhabi-based investment holding company, has agreed to invest in Castellano Investments S.À R.L., securing a controlling 67.91 per cent stake in the company, which owns Tendam Brands S.A.U. and other subsidiaries.

This deal positions Multiply Group as the majority shareholder alongside minority investors Llano Holdings S.À R.L. and Arcadian Investments S.À R.L., according to a statement.

Multiply Group Chief Executive Officer and Managing Director, Samia Bouazza said this investment aligns with the group's goals of achieving double-digit earnings before interest, taxes, depreciation, and amortisation (EBITDA) growth, expanding into the retail and apparel sector, and advancing its global expansion strategy.

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Multiply Group will lead the next phase of growth for Tendam, geared towards further international expansion and development of the group’s omnichannel ecosystem. The transaction is subject to approval by the pertinent regulatory authorities.

Tendam is Spain’s second-largest apparel group by market share and one of Europe’s leading omnichannel apparel groups.

This move marks Multiply Group's first significant foray into Europe and the retail and apparel vertical, with Tendam as its anchor business, further deepening the group’s footprint in consumer-focused industries.

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Since 2020, Tendam has delivered consistent growth quarter after quarter, consolidating its business model in key markets and growing its international footprint, reaching approximately 1.4 billion euros in sales at the end of January 2025. (1 Euro = RM4.63)

Tendam operates over 1,800 points of sale in nearly 80 countries, featuring 12 in-house brands and a wide range of third-party brands. The acquisition opens up opportunities for Multiply Group to tap into the global 1.3 trillion euros apparel retail market, propelling future growth prospects.

This acquisition is part of Multiply Group’s broader strategy to build new verticals and grow internationally, following its recent investments in Excellence Premier Investment, Media 247, BackLite Media, and The Grooming Company Holding.

Multiply Group's strong performance in 2024, driven by growth in its mobility, media, and beauty sectors, further reinforces its strategic expansion plans.

-- BERNAMA