Magrabi plans to launch an e-commerce website in 2020 and is still considering an IPO
UAE-based eyewear retailer Magrabi plans to expand globally and is considering eventually going public, according to CEO Amin Magrabi.
The company – which opened its first store in 1927 – now has 180 boutiques and eyewear concept stores across nine venues in the Middle East, as well as 20 Magrabi foundation hospitals.
In an interview with Arabian Business, Magrabi said the firm has plans to expand both in the markets in which it currently operates as well as further afield.
“In our existing markets, we see opportunities in Saudi Arabia, the UAE, Egypt, Kuwait and Qatar,” he said.
Additionally, Magrabi said that the company is “studying different options” to expand abroad.
“We will clearly focus on the markets where our expertise will add value to the potential clients and where our business model can fit the overall market dynamics,” he added.
Magrabi also said that the company plans to launch an e-commerce website in 2020 and is still considering an IPO.
“Our board continues to evaluate that option (IPO) without a specific time target in mind,” he said.
This Ramadan, Magrabi launched a viral marketing campaign featuring a video – shot in Lebanon with six high-profile influencers – in which the viewer sees Arab identity through the eyes of young Arabs themselves.
“As a brand, we believe in the impact that we can have on people’s lives, beyond the products that we carry,” Magrabi said.
“Our latest campaign is an ode to the Arab identity under the notion of ‘Al Ouruba’, which in essence truly refers to a common culture, based on a shared land, values and a rich cultural heritage, but most importantly a shared modern vision of tomorrow that unites Arabs from all walks of life.”
Additionally, Magrabi said that the company sees the impact of such campaigns on people’s lives as a more important performance metric than click throughts, comments and shares.
“For instance, last year’s campaign ‘empower your vision’, that was about women empowerment, succeeded to send a message to our region, males and females, about the crucial role women play in our lives,” he added.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.