MAGRABi Retail Group is taking a significant step in the eyewear industry by merging with Rivoli Vision, a subsidiary of the esteemed Rivoli Group. This strategic merger is poised to reshape the Middle East eyewear market as the two entities combine their strengths, aiming to address the region’s diverse consumer needs more effectively.
Formation of MAGRABi-Rivoli Enterprise
The newly formed entity, known as the “MAGRABi-Rivoli Enterprise,” is set to operate over 290 retail outlets across seven countries by the end of 2024. This impressive expansion not only includes consolidating MAGRABi’s existing locations but also incorporates 89 Rivoli Vision stores located in the UAE, Qatar, Oman, and Bahrain.
Yasser Taher, CEO of MAGRABi Retail Group, emphasized the significance of this merger, stating, “This strategic union brings together two leaders in luxury specialty retail, both with a steadfast commitment to delivering superior customer experiences. Our complementary store networks will ensure our leadership across key markets in the MENA region, creating significant value through various synergies.”
The merger aims to enhance MAGRABi’s presence, allowing the company to secure a notable market share in the GCC region and Egypt. Plans include investments in innovation, omnichannel strategies, and broadening offerings that cater to luxury, premium, and mainstream consumer segments.
Vision for Growth and Leadership
Amin Magrabi, Chair of MAGRABi Retail Group, remarked that this merger is a pivotal step forward in their transformation journey. He expressed optimism about the partnership, noting, “This transaction marks a substantial move forward in our journey as we continue in the next phase of our transformation, and embarking on this partnership with the Rivoli Group makes this a truly exciting and important step.”
Magrabi addressed the potential of the fragmented eyewear market in the region, stating, “The region’s eyewear market remains highly-fragmented, and I believe that the merger could help lead a market poised for consolidation and to continue on the path towards establishing the Group as a global leader.”
Strategic Collaboration and Future Endeavors
Under the terms of the merger, Rivoli Group will maintain a minority stake in MAGRABi Retail Group. Ramesh Prabhakar, Vice Chairman and Managing Partner of Rivoli Group, will join MAGRABi’s board and investment committee, while also continuing his leadership role at Rivoli Group.
Prabhakar expressed enthusiasm about the new venture, stating, “It is a great privilege to be announcing this exciting merger with MAGRABi, solidifying a regional eyewear powerhouse in the Middle East.”
This merger aligns with MAGRABi’s recent performance, showcasing double-digit growth and notable increases in online sales in early 2024. The company remains committed to achieving gender balance, with CEO Taher actively pursuing a 50:50 representation.