Abu Dhabi-based Multiply Group has finalised the acquisition of a controlling stake in Spanish fashion retailer Tendam for AED 5.6 billion (USD 1.5 billion), marking its significant expansion into the European market.
The 67.91% stake acquisition is expected to significantly enhance Multiply Group’s operational EBITDA and represents its entry into the global retail and fashion sector.
“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.”
Tendam will serve as a platform business under Multiply’s newly formed retail and apparel vertical, reinforcing its presence in consumer-centric sectors.
