A majority share in Castellano Investments, the parent company of Spanish fashion behemoth Tendam Brands S.A.U. and its subsidiaries, has been purchased by the Abu Dhabi-based investment group Multiply Group.
Along with Llano Holdings and Arcadian Investments, Multiply Group would acquire a majority stake in Castellano with the goal of obtaining a 67.91 per cent holding. In the meanwhile, PAI Partners and CVC Funds will continue to be minority shareholders.
As of right now, the relevant regulatory bodies have not approved the acquisition. It would be Multiply Group’s first significant investment in Europe and its first retail and clothing-based business.
Through the agreement, Multiply Group would be in charge of Tendam’s next stage of development as it turns to additional international expansion and omnichannel platform development.
Through Tendam’s portfolio of 12 brands, which are positioned in the premium mass market area and include Women’secret, Springfield, and Cortefiel, the firm also sees an opportunity to develop and drive future growth. Tendam has a network of more than 1,800 points of sale in 80 countries and collaborates with almost 200 third-party businesses.
The investment built on efforts already shown as part of the group’s ongoing Tendam 5.0 strategy, which has been in place for a number of years as a means of fostering growth throughout the business, according to a release from Tendam chairman and CEO Jaume Miquel.
