Abu Dhabi – Mubasher: Multiply Group has agreed to secure a 67.91% stake in Castellano Investments, the owner of Tendam Brands, becoming the majority shareholder in the company alongside Llano Holdings and Arcadian Investments.
The transaction, which will be implemented via a capital increase, is subject to regulatory approvals.
Multiply Group will lead the next phase of growth for Tendam, fostering international expansion and development of the group’s omnichannel ecosystem.
This investment will enable the ADX-listed group to scale its presence in the retail and apparel sector,
The deal marks Multiply Group’s first major investment into Europe, further deepening its presence in consumer-focused businesses.
With over 1,800 points of sale in nearly 80 countries on four continents, Tendam is Spain’s second-largest apparel group by market share and one of Europe’s leading omnichannel apparel groups.
At the end of January 2025, Tendam’s total sales for the last twelve months (LTM) hit nearly AED 5.39 billion.
In the 12-month period that ended on 31 December 2024, Multiply Group recorded lower net profits after tax at AED 189.03 million, versus AED 551.98 million in 2023.
