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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