Ramesh Prabhakar and Amin Magrabi (PC: MAGRABi)
In what comes as a significant announcement, Middle East based eyewear majors MAGRABi Retail Group and Rivoli Vision are set to merge.
MENA-based eyewear majors MAGRABi Retail Group and Rivoli Group have entered a “groundbreaking” partnership. The merger, the terms of which have not been disclosed yet, was signed by Amin Magrabi, Chairman of MAGRABi Retail Group and Rivoli Group’s Vice Chairman, Ramesh Prabhakar. It promises to revolutionise the regional eyewear market, enhancing customer experiences.
The new “MAGRABi-Rivoli Enterprise” will combine the strengths of both brands to expand their presence across key Middle Eastern markets, with a shared commitment to innovation and excellence. The joint entity aims to set new standards for the Middle East eyewear industry.
A synergistic tie-up: 290 locations by 2024
By the end of 2024, MAGRABi will operate over 290 locations, including 89 Rivoli Vision stores. While Rivoli Vision, launched in 2020, will continue to play a key role in the combined entity. Meanwhile, Prabhakar will, reportedly, join the MAGRABi board as a minority shareholder.
“I am delighted to announce MAGRABi Retail Group’s merger with Rivoli Vision. This partnership marks a significant moment as we unite our strengths to move forward and redefine the region’s eyewear industry,” stated Yasser Taher, CEO, MAGRABi Retail Group in a LinkedIn post.
“At MAGRABi, our customers are at the heart of everything we do. By blending our innovative store concepts with digital channels, we are enhancing the entire shopping journey, delivering even more superior product offerings and personalised customer experiences. I am excited to embark on this next chapter together, driving new levels of excellence across the region,” he added.
A quick look at stats
The Middle East & Africa eyewear market is projected to grow at a CAGR of 6.7% between 2024 and 2030: Grand View Research
The UAE eyewear market is expected to grow at a CAGR of 3.17% between 2024 and 2029, while in KSA the segment is projected to grow at 7.09% during the same period: Statista
A strategic consolidation
With the presence of established and emerging names, the MENA eyewear market is seeing robust growth. Factors fuelling this growth include the region’s diverse consumer base and their constant demand for fashionable and functional eyewear. Interestingly, every segment of the eyewear market – from seasonal and stylish to iconic and exclusive – sees a surge demand.
The market offers significant growth potential for luxury eyewear brands, which makes the MAGRABi-Rivoli partnership of essence as it promises to consolidate the knowledge, reputation and footprint of two major players.
For perspective, the MAGRABi-Rivoli merger is expected to cover almost 80% of the eyewear market with their combined offerings across luxury, premium and the mainstream segments.
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