MAGRABi Retail Group has announced a merger with Rivoli Vision, a subsidiary of the premium lifestyle retailer Rivoli Group.
The deal, which is subject to commercial and regulatory approvals, will create a dominant force in the region’s fragmented eyewear market.
MAGRABi-Rivoli Enterprise
The combined entity, dubbed the “MAGRABi-Rivoli Enterprise,” will boast over 290 stores across seven countries by the end of 2024. This expansion includes the addition of 89 Rivoli Vision outlets in the UAE, Qatar, Oman, and Bahrain to MAGRABi’s existing portfolio.
“This strategic union brings together two leaders in luxury speciality 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,” Yasser Taher, CEO of MAGRABi Retail Group, said in a statement.
The merger aims to expand MAGRABi’s footprint to more than 290 locations, establish a significant market share across the GCC region and Egypt, invest in innovation and omnichannel strategies and enhance offerings across luxury, premium, and mainstream market segments.
“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,” said Amin Magrabi, Chair of MAGRABi Retail Group.
He added that the region’s eyewear market “remains highly-fragmented” and he believes 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.”
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Rivoli Group will retain 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 continuing to lead Rivoli Group.
“It is a great privilege to be announcing this exciting merger with MAGRABi, solidifying a regional eyewear powerhouse in the Middle East,” Prabhakar stated.
The deal comes on the heels of MAGRABi’s reported double-digit growth and substantial surge in online sales in early 2024. The company has also committed to achieving a 50:50 gender balance, a trend CEO Taher plans to continue driving.
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