Tendam reports losses of five million euros after Multiply's entry

Spanish fashion multinational Tendam, owner of Cortefiel, Springfield, and Women'secret, experienced a negative profitability in the last two months of the third quarter of 2025, the first period in which its results were consolidated within the financial statements of its new parent company, Multiply Group.

Revenues for Tendam rose by 7.5 percent year-on-year for the period from July 31 to September 30, 2025, reaching 738.99 million AED (201.2 million dollars). However, the company incurred losses of approximately 21.41 million AED (5.8 million dollars) during the same period. Multiply Group's overall revenue for the third quarter of fiscal year 2025 increased by 190.95 percent to 1.2 billion AED (332.2 million dollars), driven by the acquisition of Tendam and other inorganic growth strategies.

“Despite market weakness in the third quarter, Tendam gained market share and increased revenue by 7.5 percent, thanks to the continued strength of its specialized segment and the expansion of online sales,” Multiply stated.

Looking ahead, Multiply Group expects to further fuel its inorganic growth through the integration of Two Point Zero and Ghitha. Tendam is also "evaluating potential mergers and acquisitions to accelerate geographic expansion and broaden its product offerings". The focus will be on driving international expansion in Europe, Latin America, and the Middle East, with the integration of AI across the business, "from sourcing to customer service".

Originally published on FashionUnited.ES by Jaime Martínez, this article has been adapted for an international audience by Alicia Reyes Sarmiento.