MAGRABi and Rivoli Vision Unite to Transform Middle East Eyewear
MAGRABi Retail Group and Rivoli Vision Join Forces
A historic partnership between prominent luxury retailers, MAGRABi Retail Group and Rivoli Group, is set to revolutionize the eyewear sector in the Middle East. This merger will enhance the market presence with over 290 stores and significantly improve customer experiences across the region.
Market Transformation and Expansion
With this merger, the newly formed "MAGRABi-Rivoli Enterprise" aims to deliver remarkable benefits for consumers and stakeholders alike, thereby redefining eye care in the region. Focusing on excellence in service and quality, the enterprise will integrate state-of-the-art omnichannel strategies that seamlessly blend physical store offerings with digital platforms, catering to luxury, premium, and mainstream market segments.
A Robust Retail Network
By the end of 2024, MAGRABi Retail Group plans to scale operations to more than 290 locations, incorporating 89 Rivoli Vision stores that serve various markets throughout the Gulf region, including major territories. This strategic consolidation is designed to establish MAGRABi as the leader in market share among the seven countries of operation.
History of Rivoli Vision
The Rivoli Group has made strides in the eyewear sector since expanding into regional retail operations in 2020 with Rivoli Vision. Their innovative approaches and key partnerships have reinforced their position as a prominent player in the industry, achieving steady revenue growth and increasing customer loyalty. Rivoli will maintain a significant minority ownership in the merged venture, ensuring cohesive leadership under the expertise of Ramesh Prabhakar, who will join the board of MAGRABi Retail Group.
Significant Growth Trajectory
As reported earlier this year, MAGRABi Retail Group has experienced impressive double-digit growth, indicating a vibrant trajectory for the business landscape. The Group continues to invest in its growth strategy while aiming for a balanced workforce with gender parity, championed by the efforts of the CEO, Yasser Taher.
Leadership Insights
The Chair of MAGRABi Retail Group, Amin Magrabi, expressed enthusiasm for the merger, emphasizing the transformative nature of this alliance. He remarked that the partnership marks a significant phase in their journey, as they strive to lead in a market ready for consolidation. Ramesh Prabhakar echoed these sentiments, noting the significance of this merger in solidifying their position as a leading regional retailer in the eyewear market.
Future Collaborations and Commitments
Yasser Taher observed that this strategic alliance will enhance their capabilities to offer superior consumer experiences, paving the way for extraordinary market advancements. By merging their networks, they expect to create substantial value and establish themselves firmly in the MENA region.
Completion of the Transaction
The successful conclusion of the merger is subject to meeting various commercial and regulatory conditions, which both companies are keen to address as they move forward.
About the MAGRABi Retail Group
It is recognized as the regional frontrunner in eyewear, offering unparalleled client experiences through diverse retail concepts, premier optical services, and a varied product range. Operating extensively across various countries, MAGRABi has revolutionized the optical segment by intertwining advanced techniques with artistic flair. Its portfolio includes the largest luxury eyewear brand in the region and the lifestyle brand Doctor M.
Infrastructure and Workforce
Since opening its first store in connection with MAGRABi Eye Hospital in 1981, the Group has grown significantly, with over 200 outlets and an omnichannel presence supported by recent investments in manufacturing capabilities like their Lens Innovation Center in Dubai, now the largest in the region.
About the Rivoli Group
Based in Dubai, Rivoli Group is recognized as the premier retailer for luxury and premium lifestyle brands, managing an impressive array of over 100 international brands. They offer a wide variety of luxury products, reinforcing their status as a key player in the retail space across the Gulf region.
Strategic Contributions and Market Presence
Rivoli Group's established network of over 300 locations ensures its prominent place in the industry. Their continuous expansion into eyewear retail with Rivoli Vision reflects their commitment to tapping into new growth opportunities while maintaining a focus on luxury and quality.
Frequently Asked Questions
What is the main objective of the MAGRABi and Rivoli merger?
The merger aims to enhance customer experiences and redefine eye care in the Middle East by blending luxury and mainstream markets.
How many locations will MAGRABi Retail Group operate after the merger?
The group plans to operate over 290 locations, including new Rivoli Vision stores.
What is the significance of Rivoli Vision in the merger?
Rivoli Vision strengthens MAGRABi's market position and contributes to its overall strategy in the eyewear industry.
Who are the key executives involved in this merger?
Amin Magrabi, Ramesh Prabhakar, and Yasser Taher play crucial roles in guiding the newly formed venture's direction.
What future initiatives are planned post-merger?
Post-merger, both companies plan to focus on innovation, customer service, and expanding their market presence across the MENA region.
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