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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Festive footfall is starting to build nicely as the journey to Christmas already looks being upbeat for retailers, according to data from both global retail solutions portfolio Sensormatic Solutions and MRI Software.
Over the latest weekend (13-14 December) footfall rose 4.4% week-on-week, Sensormatic’s ShopperTrak Analytics data, which captures 40 billion store visits globally each year, showed.
Shopper counts across last week also increased steadily, rising 3.6% on the week before (1-7 December vs 8-14 December). However, footfall across Saturday and Sunday remained lower than 2024, down 5.7% and 5.4% year-on-year respectively.
UK shoppers were expected to have made 20.6 million transactions over Friday and Saturday, 6.39% higher than 2024, according to separate figures from Nationwide,
While footfall rose 3.5% week-on-week last Saturday, Sunday was the top performing day for store visits across the weekend, with shopper counts jumping 5.7% on the week prior and High Streets seeing the biggest boost (+12%).
Andy Sumpter, EMEA Retail consultant at Sensormatic Solutions, said: “After a mixed start to Peak Trading and concerns that consumer caution could dampen consumers’ Christmas spirits, retailers will have welcomed the tempered but steady build in festive footfall last week.”
Super Saturday (20 December) is expected to be the busiest day for store footfall of the entire Peak Trading season, according to Sensormatic’s predictions. This year, consumers are expected to make 10.7 million transactions on Super Saturday as they rush to finish their Christmas shopping.
Sumpter added: “All eyes now turn to Super Saturday, undoubtedly one of the highest-stakes shopping days of the Christmas season. And, while a single day can’t carry the entire trading period, retailers will be hoping that early momentum continues to build towards the Christmas crescendo.”
Over at MRI Software, retail footfall remained strong last week (8-14 December) compared to the prior week with a 3.1% rise recorded across all UK retail destinations. This was mainly driven by a 5% rise in high streets and a 2.2% uplift in shopping centres, whereas retail park visits were flat on the week before
While declines were recorded across the board on Sunday (-9.7%) and Tuesday (-6.2%), both mostly down to bad weather, “this did little to hamper overall trends”.
However, footfall rebounded strongly as conditions improved, with visits jumping 10.7% on Monday and 11.5% on Thursday, driven largely by activity on the high street. This could suggest the festive events and attractions drawing visitors in as well as festive parties whether they be work or social led, it said.
This is also reflected in Central London footfall remaining 4.2% higher week-on-week and 7.1% higher year-on-year. However historic and market towns recorded annual declines of -3.3% and -3% respectively.
Shopping centres witnessed similar trends to that of the high street with visits peaking on Thursday by 10%. Retail parks saw sharp declines on Sunday (-8.6%) and Tuesday (-5.7%) but experienced relatively steady growth for the remainder of the week.
Compared to the same week last year, footfall remained 0.5% lower largely influenced by a drop in shopping centre (-3.1%) and retail park (-1.6%) visits. High streets bucked the trend and saw visits rise by +1.3%.
Puma must fill a key role in the sports company’s global communications as Kerstin Neuber is leaving the Herzogenaurach-based business after a total of 18 years. She most recently served as senior director corporate communications. According to Puma, Robert-Jan Bartunek (team head corporate communications) will assume her duties on an interim basis until a successor is appointed.
Kerstin Neuber is leaving of her own accord to pursue new professional challenges. – PUMA
Neuber is departing of her own accord to pursue new professional challenges. The company thanks her for “her great commitment and significant contribution in recent years.”
Puma said that Kerstin Neuber has played a key role in shaping its corporate communications. Among other responsibilities, she oversaw the strategic development and implementation of communications initiatives, served as corporate spokesperson, and led crisis and reputation management. She also coordinated the company’s international corporate PR activities and advised the Executive Board, management, and subsidiaries on strategic matters.
“We would like to express our sincere gratitude to Kerstin for her dedication, expertise and leadership,” said CEO Arne Freundt. “With her strategic approach and deep understanding of communications, she has helped to strengthen the company’s reputation and public presence. We wish her every success in her future endeavours.”
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On the face of it, around a third of UK consumers planning to spend more this Christmas can only be positive, right? Alas, many are blaming higher prices for the decision, according to new Deloitte research.
Image: Pixabay
If it’s any consolation, this is higher than the rest of Europe, where just 23% plan to spend more. And at least in the UK, consumers aged 18-34 are nearly twice as likely to spend more this Christmas compared with older age groups while almost half (44%) agree they have enough money “to create a joyful Christmas for themselves and their family this year”.
And while a third of those spending more are blaming higher prices, 23% say it’s a deliberate choice to allocate more budget to Christmas while 20% say they’re spending more because their financial situation has improved.
On the downside, 18% of UK consumers plan to spend less this Christmas compared with last year with around half (48%) blaming the cost of living, while 37% say it is because their financial situation has worsened.
Unfortunately, when asked about what they will cut back on if budgets becomes too constrained, the top things consumers stated were “experiences (restaurants or attending events)… and clothing. At least fewer are likely to cut back on gift vouchers, it noted.
Cande Cooper, retail partner at Deloitte UK, said: “While there is a strong desire among many UK consumers to create and spread joy this Christmas, shoppers are demonstrating a pragmatic approach, carefully balancing their budgets with their festive aspirations.
“High costs continue to squeeze many consumers’ spend, and so retailers will look to target consumers with promotions, whilst also catering to those looking for quality products and shopping experiences. Retailers should also take note of evolving consumer behaviours, particularly the increasing influence and adoption of GenAI in the shopping process.”
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