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In this article, two performance-based fault-tolerant control strategies are investigated for multiplicative faults in industrial processes. This is motivated by the fact that the changes in the system parameters caused by malfunctions generally lead to multiplicative faults, which may cause remarkable changes in system dynamics and performance. To be specific, the representation forms of the faulty plants are first given in terms of the so-called stable image and kernel representations, respectively. Then, by measuring the fault-induced system performance degradation, two performance-based fault-tolerant control strategies are formulated. Specifically, a residual-driven dynamic controller, which is also called plug-and-play control, is implemented to achieve control performance recovery in the context of stability margin. Finally, a benchmark study is demonstrated to show the efficiency of the proposed methods.