Historic partnership between leading luxury retailers will further expand existing footprint with over 290 stores and elevate customer experience across the region
RIYADH, Saudi Arabia, Sept. 24, 2024 /PRNewswire/ -- MAGRABi Retail Group, the Middle East's leading eyewear retailer, announces a historic partnership with Rivoli Group, a premium lifestyle retailer in the Lower Gulf.
The merger of the two leading multi-brand eyewear retail businesses represents a major milestone in the transformation of the Middle East eyewear market, that aims to deliver substantial benefits for customers and sector stakeholders, and to redefine eye care in the region.
The "MAGRABi-Rivoli Enterprise" will set a new standard for excellence in service and quality throughout the Middle East. Continued investment in innovation and an omnichannel environment will seamlessly blend store concepts and digital channels, providing an enhanced offering spanning the luxury, premium and mainstream markets.
MAGRABi Retail Group will expand to over 290 locations by the end of 2024, with the addition of 89 Rivoli Vision stores covering the UAE, Qatar, Oman and Bahrain. The newly combined business will have an enhanced store portfolio that will establish MAGRABi Retail Group as the significant market share holder in the seven countries it operates (Saudi, UAE, Qatar, Kuwait, Oman, Bahrain and Egypt).
In 2020, Rivoli expanded its eyewear distribution into regional retail operations with its new avatar, Rivoli Vision. Rivoli Vision's strategic partnerships and innovations have solidified its position as an industry leader, delivering revenue growth and strengthening customer loyalty. Rivoli will remain an important minority shareholder in MAGRABi Retail Group, with Ramesh Prabhakar, Vice Chairman and Managing Partner of Rivoli Group joining the Group's board and becoming a member of the Investment Committee, whilst he continues to be at the helm of affairs at Rivoli Group.
In early 2024, MAGRABi Retail Group reported double-digit growth across the business, a substantial surge in online sales, continued investment across the Group and a commitment to achieving a 50:50 gender balance, a trend that MAGRABi Retail Group's CEO, Yasser Taher, plans to continue driving.
Amin Magrabi, Chair of MAGRABi Retail Group, commented: "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. The MENA eyewear market remains highly-fragmented and we remain confident in our ability to, together, lead a market poised for consolidation and to continue on the path towards establishing the Group as a global leader."
Ramesh Prabhakar, Vice Chairman & Managing Partner of Rivoli Group, added: "It is a great privilege to be announcing this exciting merger with MAGRABi, solidifying a regional eyewear powerhouse in the Middle East. For Rivoli, MAGRABi is the ideal partner to form this joint enterprise, positioning us as the top eyewear retailers in key geographies and economic centers of the Middle East."
Yasser Taher, CEO of MAGRABi Retail Group, added: "I am thrilled to announce our merger with Rivoli Vision. 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. Together, we are poised to redefine excellence in the eyewear industry."
Completion of the transaction remains subject to satisfaction of commercial and regulatory conditions.
For further information, please visit https://Magrabi.com / https://doctor-m.com/
About the MAGRABi Retail Group
MAGRABi Retail Group is the regional leader in eyewear, extending unparalleled experiences to clients, through unique retail concepts, world-class optical services and a diverse product portfolio. Operating in five countries across the Middle East, the Group's fashion-forward approach has revolutionized the optical category by merging science with art. The group's growing portfolio includes MAGRABi, as the largest luxury eyewear chain in the region, as well as the lifestyle banner Doctor M, multiple owned brands and a robust wholesale and distribution arm.
The first MAGRABi store opened in 1981, in connection with the local MAGRABi Eye Hospital; today the retail network consists of 200+ outlets and a growing omnichannel presence. And recently, MAGRABi Retail Group inaugurated its own state-of-the-art lens manufacturing facility in Dubai, the 'Lens Innovation Center' (LIC), serving as the largest in the region, which supplies all of its stores. The Group currently employs over 1,700 experts dedicated to providing eyewear solutions to match modern lifestyles.
About the Rivoli Group
Rivoli Group, based in Dubai, UAE, offers a wide spectrum of over 100 prestigious international brands and is the largest luxury and premium lifestyle retail group in the Lower Gulf, with Swatch Group as the majority shareholder. Rivoli encompasses a wide spectrum of premium offerings such as watches, eyewear, jewellery, leather accessories and writing instruments.
From its headquarters in Dubai, the Group has swiftly established its reputation as one of the largest importers, distributors and retailers of luxury products with over 300 stores in the region. The Group also manages travel retail in leading airports and on-board airlines. It currently operates in the UAE, Qatar, Oman and Bahrain. The Group expanded its eyewear distribution into regional retail operations with its new avatar Rivoli Vision in 2020.
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