Tendam begins a “new era” with Multiply Group, in which it expects double-digit growth over the next five years. – Tendam
“We are starting a new era, we are opening a new important stage, which allows us to develop a long-term agenda with stability, and that is good for everyone and where we expect acceleration in the growth model,” said Tendam’s president and CEO Jaume Miquel, after officially closing the deal with Multiply Group yesterday. Multiply Group is a holding company that has a “long-term vision for the business, with a vocation of permanence.”
The fashion group is in the process of defining its business plan for the coming five years and expects to record “double-digit” growth. The year 2025 is shaping up to be a “transition year” with growth in line with that of recent years.
“This year we should have growth more in line with previous years, while the acceleration would be from 2026 and the average of the plan is in double digits,” said Miquel.
Entering into a new era, the fashion group expects to register “exponential growth” for its brands and will develop them by launching at new locations, including internationally. In addition, Tendam’s CEO announced that the conglomerate is working on “an agenda of acquisitions,” as well as investments in digital and artificial intelligence (AI).
“There is significant potential for growth; if I look at the future of the group, 55% will be organic and 45% will come from geographic expansion, acquisitions, and digitalisation,” said Miquel.
In this new phase, Tendam plans to boost the internationalisation of the 12 brands it currently owns. “We see that there is international appetite,” said Miquel. “The Middle East and the Gulf countries are going to be a growth priority to exploit the potential of our brands, but Mexico [also] continues to be a priority, where we have double-digit growth.” Miquel also noted that the goal is for each brand to have physical stores and to internationalise.
In addition, the owner of Cortefiel, Hoss Intropia, and Pedro del Hierro is analysing purchases to continue growing and expanding its portfolio. This includes other proposals that are not limited to men’s and women’s fashion or intimate apparel, such as footwear, sneakers, and accessories.
“They have to be companies that are not good, but very good, that add quality in terms of management, brands, and profitability. We are evaluating what seems most appropriate to generate a future of sustainable growth,” said Miquel, who anticipates “there should be movement” in this area in the next 24-36 months.
As to whether the business is considering acquiring any fast fashion brands, the executive acknowledged that the team is looking for “good companies that add value to the business model,” while remaining committed to “strengthening” the brands already created and are considering whether to launch new brands on the market. “We will evaluate what generates a greater opportunity for us; whether to accelerate acquisitions or to create new brands. We are open to both alternatives,” said Miquel.
Multiply Group sees “a lot of potential” in Tendam
Multiply Group president and CEO, Samia Bouazza, expressed she was “very happy” with the holding company’s entry into the textile group. “We see a lot of potential in Tendam. We want to grow in fashion, which can be complemented with additional acquisitions such as services, logistics or integrating other brands.”
The Middle Eastern investment holding company makes its debut in Spain with the acquisition of 67.9% of Tendam. The business already has operations in sectors such as energy, mobility, public services, media, and beauty.
Specifically, the consolidation of this deal in Spain should enable the Middle Eastern holding company to double its gross operating profit (EBITDA) and amplify its investment model.
Additionally, Bouazza made no secret of her desire for Tendam to expand its brands in Abu Dhabi. “We would love to, because there are customers who are asking us for it, and it will be a pleasure to bring in beautiful Spanish labels such as Pedro del Hierro and Cortefiel,” said Bouazza.
Regarding the shareholding situation of the textile group, where Multiply Group operates as the majority shareholder, Bouazza pointed out that “it is not important” to increase the holding, as Multiply Group is the majority shareholder, while she stressed that the business will continue to work with CVC and PAI, who, after this operation, remain as minority shareholders.
Bouazza does not rule out further investments in Spain
On the other hand, the CEO of Multiply Group acknowledged that Spain is a good country to invest in. “Spain has all the ingredients at the macro level to consider it a good environment for investment. Our long-term objective is to support Tendam’s growth, but if there are synergies with ancillary services and new brands, we are here to give that support and we would do it in Spain,” said Bouazza.
“If a good opportunity comes along that fits our criteria, we will act. We are looking for scalable investments that can be expanded around the world,” said Bouazza, regarding the possibility of making further investments in the Spanish market.
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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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