In a landmark move for Spanish fashion, Multiply Group—backed by the Abu Dhabi royal family—acquired a 67% stake in Tendam for over €1bn, according to business daily Expansión.  

This strategic acquisition marks a significant shift following Tendam’s recent misadventures in the IPO market.

Once known as Grupo Cortefiel, Tendam has long been revered for its illustrious portfolio, featuring iconic brands such as Women’secret, Springfield, Cortefiel, and Pedro del Hierro. The conglomerate commands a formidable presence worldwide with more than 1,760 retail locations across 80 countries and a robust digital footprint spanning over 33 websites.

The deal comes on the heels of unsuccessful public listing attempts, as private equity heavyweights CVC Capital Partners and PAI Partners—who had been steering Tendam’s fortunes since 2006 after a fierce bidding war that also saw Permira enter the fray—chose to divest. Their decision to exit was prompted by market conditions that failed to deliver the expected valuations.

Multiply Group’s acquisition not only shifts the balance of power but also signals a renewed focus on strategic growth. With Tendam reporting a 4.6% sales increase in Q1 of its fiscal year 2024, achieving a turnover of €253.8m, the timing appears impeccable for a reinvigorated approach to both legacy and emerging brands.

As Tendam embarks on this new chapter under Multiply Group’s majority ownership, the deal is poised to reshape its strategic trajectory, blending heritage with forward-thinking vision in the ever-evolving world of fashion retail.