Springfield and Cortefiel in the hands of Abu Dhabi investors

Abu Dhabi investment company Multiply has acquired a 67.91 % stake in Tendam. With brands like Women’secret, Springfield and Cortefiel, Tendam is Spain’s second-largest fashion group.

Focus on omnichannel strategy

The new owner sees great potential for international expansion in Tendam. The fashion group, which generated sales of 1.4 billion euros and an EBITDA of 341 million euros in the financial year ending January 2025, is present in more than eighty countries and has over 1,800 points of sale.

In recent years, Tendam has focused on digital transformation and omnichannel retailing, which have enabled it to increase its market share. Today, its loyalty programmes have 24 million customers and its sales channels include both physical shops and an extensive online presence.

Introduction to retail

The current co-owners, CVC and PAI Partners, will remain involved as minority shareholders. According to Caroline Goergen, Managing Director of Llano Holdings (CVC), the partnership with Multiply Group offers new opportunities for growth. PAI also highlights Tendam’s transformation since 2017 into a profitable omnichannel player.

Above all, with the acquisition of Tendam, Multiply Group adds a new ‘vertical’ to its portfolio: the acquisition is Multiply’s first major investment in Europe and also its first step into retail. The group has recently invested in other consumer-focused sectors, such as media, mobility and beauty.