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Abu Dhabi-based Multiply Group has completed the acquisition of a majority stake in Spanish clothing giant Tendam for AED 5.6 billion ($ 1.5 billion), marking its big entry into the European market.
The acquisition of 67.91% interest, which is seen to significantly boost the UAE-listed company’s operational EBITDA, also marks the investment holding firm’s foray into the international retail and clothing space.
“This acquisition marks Multiply Group’s strategic entry into the retail and apparel sector,” said Samia Bouazza, Group CEO and Managing Director of Multiply Group.
“By securing a controlling interest in a leading omnichannel platform, we are investing in a future-focused, high-performing business model.”
As part of the plan, Tendam will become a platform business under Multiply’s new retail & apparel unit, further strengthening its footprint in industries that are consumer-focused.
With more than 1,800 points of sale and presence in more than 80 markets, including Spain, Portugal, France, the UAE and Latin America, Tendam is Spain’s second-largest apparel group by market share. It is also one of the top omnichannel clothing groups in Europe.
At the end of the second quarter of the year, Tendam reported that its sales for the past one year had reached €1.4 billion ($1.5 billion).
(Writing by Cleofe Maceda; editing by Seban Scaria)
