Emirati investment firm Multiply Group has concluded its purchase of Spanish conglomerate Tendam, owner of fashion brands such as Women’secret, Springfield, Cortefiel, and Pedro del Hierro. The Abu Dhabi-based business has acquired 67.91% of the capital, in a deal that values Tendam at around 1.3 billion euros.
Multiply Group has completed its purchase of a majority stake in Tendam – Multiply Group / Tendam
The acquisition, announced in February, is notably “the first major investment” by the Emirati group in Europe. “Multiply now owns a 67.91% majority stake in Castellano Investments S.À R.L., owner of Tendam Brands S.A.U. and other subsidiaries, while Llano Holdings S.À R.L. and Arcadian Investments S.À R.L., the corporate investment vehicles of the CVC and PAI Partners funds, will remain as minority shareholders,” announced the business.
In the same statement, Multiply indicated that it will “lead the next phase of Tendam’s growth”. A phase that, according to the business, will be driven by further international expansion in Europe, Latin America, and the Middle East. Another key component will be the incorporation of artificial intelligence into all areas of the business, from procurement to customer experience, “leveraging the existing digital infrastructure”. In addition to this, Multiply announced that it will support the business “with selective acquisitions (M&A)” to add new brands and categories to its offering.
“This acquisition marks Multiply Group’s strategic entry into the retail and fashion sector,” said Multiply Group’s CEO and managing director Samia Bouazza.”By securing a controlling stake in a leading omni-channel platform, we are investing in a high-performing, future-focused business model backed by an exceptional management team. Based on strong, established proprietary brands, this model offers the agility and vision needed to expand into new categories and scale emerging brands globally. With our expertise in creating synergies, applying artificial intelligence, and strategically executing mergers and acquisitions, we are positioned to accelerate growth and generate long-term value for our shareholders”.
Jaume Miquel, chairman and CEO of the Spanish conglomerate, said: “Today we are entering a new era. Together, shareholders and management team, we will fully deploy Tendam’s potential, expanding our brands into new formats, markets, and channels, supported by advanced artificial intelligence and digital technology to achieve stronger growth and profitability through a unique and unrivalled omni-channel ecosystem of brands.”
Formerly known as Grupo Cortefiel, Tendam includes a dozen retail brands in its portfolio: Women’secret, Springfield, Cortefiel, Pedro del Hierro, Hoss Intropia, Slowlove, High Spirits, Dash and Stars, OOTO, Milano, Fifty, and Hi&Bye. It operates more than 1,760 points of sale, including its own stores, points of sale in department stores, and franchises in more than 80 markets around the world.
According to Multiply Group’s press release, at the end of June 2025, the Spanish company reported sales of 1.4 billion euros over the last twelve months and EBITDA totalling 340.7 million euros.
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NARS Cosmetics has revealed Kaia Gerber as its newest global brand ambassador, saying she’s a “beauty and fashion icon [and] a longtime collaborator” of founder and creative director, François Nars.
Kaia Gerber by François Nars
She certainly adds a newsworthy element to any brand she fronts having walked the runways for the biggest global designer labels as well as appearing on the covers of the world’s top glossy magazines.
She’s been in demand by high end and mass-market labels this year and in May was announced as Mango’s latest face in a deal that the retailer called a “collaboration” set to run throughout the year. Two months earlier she’d appeared with her mother Cindy Crawford for Mango’s rival Zara with the duo headlining a new session of its ‘Zara Streaming’ initiative.
She makes her debut for NARS with the launch of a campaign shot by François Nars for the new Afterglow Lip Balm. That product launches in January and continues the trend for high-end brands diving deep into a once-humble category and backing their launches with major campaigns.
Shiseido-owned NARS has been expanding in recent periods and only in October announced a strategic partnership with Indian giant Reliance Retail’s omnichannel business Tira to boost accessibility in the country. Gerber’s presence is likely to be a boost for its growth plans.
François Nars said of her: “Kaia is a true beauty, a supermodel of today who carries with her the spirit of another era. Working with her on this campaign felt like stepping back into the age of the original icons. Those supermodels were more than faces; what I always loved about them was their joy. They loved the camera, the artistry of makeup and hair, and fashion itself. Most importantly, they gave everything in front of the camera, pouring their energy into creating the most beautiful images possible. Kaia has that same spirit and photographing her was like reliving the magic—one of the very things that made me fall in love with this industry in the first place.”
NudeProject is advancing its European expansion. The Spanish urban fashion brand has added Germany to the list of markets in which it has a retail presence: on Friday December 12, it opened a store on Alte Schönhauser Straße in Berlin.
New Nude Project store in Berlin – Nude Project
The store is the brand’s first permanent location in the German capital, although it tested the market in the city last spring with a pop-up. With this opening, Nude Project now operates four international brick-and-mortar stores, alongside existing locations in Milan, Lisbon, and Amsterdam. In October, the brand crossed the Atlantic to make its first foray into US retail with a temporary pop-up in Miami.
Founded in 2019 by Bruno Casanovas and Alex Benlloch, the firm has become a phenomenon among younger consumers and has progressively expanded its catalogue in recent years, spanning both womenswear and menswear, as well as accessories.
Collaborations are a key part of the brand’s identity; in fact, it has just unveiled a new capsule with Playboy, its third joint launch. In financial terms, it reported revenue of €26 million in the 2023 financial year (the most recent figures available).
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Retail giant Next has been a major acquirer of brands in recent years and a report claims that premium footwear chain Russell & Bromley is now on its shopping list.
Billie Piper for Russell & Bromley
Next either owns or has majority stakes in Reiss, FatFace, Joules, Cath Kidston, Made, Laura Ashley’s homewares and more. But while it has a big war chest for acquisitions, it’s not the only company targeting Russell & Bromley.
Sky News reported that the 145-year-old family-owned footwear and accessories is courting investors and Next is one of several parties in talks with Russell & Bromley’s advisers about a deal. None of the other potential buyers have been identified.
Russell & Bromley confirmed this autumn that it had appointed advisory specialist Interpath to look at funding options for the business.
In October, CEO Andrew Bromley said: “We are currently exploring opportunities to help take Russell & Bromley into the next phase of our ‘Re Boot’ vision. Since the announcement of the ‘Re Boot’ earlier this year we have made significant progress, positioning us well to build on our momentum and continue along our journey. We are looking forward to working with our advisory team to secure the necessary investment to accelerate our expansion plans.”
The company has stores and concessions in the UK and Ireland and is led by Bromley, who’s from the fifth generation of his family to run the chain.
Earlier this year, he oversaw the launch of a five-year turnaround plan focused on “refining the brand proposition, elevating the product offering, streamline operations and fuel market expansion at pace”.
In September, the change of approach could be seen when the company launched a quirky campaign fronted by pop star-turned-actress Billie Piper. It was overseen by creative director Daniel Beardsworth-Shaw (who joined as the brand’s first CD in 2024) and was an unusual move for the label that’s not previously been known for its celebrity ambassadors or surreal campaign concepts.
In its last accounts, covering 2023, the company reported turnover down to just under £40 million from almost £45 million. EBITDA was a loss of £3.2 million after a narrower loss of £404,000 the year before. And the loss after tax was £6.9 million, also wider than the loss in the prior year of £4.6 million. The company didn’t share any details about what had gone wrong.
Those accounts were filed in early November 2024 and its next filing (covering 2024) is due before the end of this year.
Whether Next or another business buys it or takes a stake (it’s unclear which option the controlling family favours) will clearly have big impact on its future direction. Next already has a strong track record in the premium sector in which Russell & Bromley operates with its stewardship of Reiss.
Next declined to comment on the Sky News story, and both Russell & Bromley and Interpath couldn’t be reached.
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