Historic partnership between leading luxury retailers will further expand existing footprint with over 290 stores and elevate customer experience across the region
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.
