#Saudi Arabia #Riyadh #MAGRABi #Kefan Optics #eyewear retailer

MAGRABi Retail Group's Acquisition of Kefan Optics

The MAGRABi Retail Group, recognized as a leader in the Middle East eyewear sector, has recently announced its plans to acquire 100% of the issued share capital of Kefan Optics Company KSCC, a renowned retailer in Kuwait. This acquisition represents a pivotal move for MAGRABi as it seeks to expand its reach into Kuwait’s retail market. With this deal, the Group will incorporate 37 additional stores into its portfolio, enhancing its presence and providing a more extensive retail network across the region.

Expansion Into Kuwait

The acquisition of Kefan Optics is expected to solidify MAGRABi's position in the eyewear industry, increasing its total network to over 350 stores throughout the MENA region by the end of 2025. This development will not only elevate the Group's standing as a key market player in Kuwait but also aims to redesign the overall customer experience by integrating its customer-centric approach within the existing Kefan stores.

Integrating Ethos with Local Heritage

MAGRABi is committed to preserving the identity of Kefan Optics while enhancing the shopping experience for customers. This integration will ensure that the unique brand essence of Kefan is maintained while introducing the premium service quality MAGRABi is known for. Amin Magrabi, Chair of MAGRABi, emphasized the importance of this acquisition, stating, “We are proud to strengthen our presence in Kuwait and reinforce our leadership in a region poised for consolidation.” This sentiment resonates with the vision to elevate industry standards while respecting local heritage.

Enhancements in Customer Experience

The integration between MAGRABi’s retail concepts and Kefan’s established stores promotes a unique experience for customers, bridging traditional in-store shopping with modern digital platforms. The Group's approach to innovation and omnichannel excellence will streamline experiences across all channels, enabling a seamless transition for customers whether shopping online or in stores. This acquisition reaffirms MAGRABi's commitment to delivering exceptional customer experiences by supporting luxury to mainstream segments effectively.

Historical Significance of Kefan Optics

Founded in 1978, Kefan has maintained a robust market presence through its effective operations within cooperative societies and malls in Kuwait. The brand has garnered a loyal customer base thanks to its commitment to quality, integrity, and excellent service. Undergoing a strategic transformation, Kefan also launched a joint venture with Nikon to manufacture lenses, showcasing its adaptability and foresight in a competitive market.

Looking Ahead

The transaction is not just about increasing store numbers; it signifies a broader strategy for MAGRABi Retail Group as it seeks to lead the evolution of eye care in the Middle East. Following the integration of businesses like Rivoli Vision, which had earlier demonstrated operational efficiencies, this acquisition of Kefan is set to offer similar synergies, strengthening overall profitability and performance metrics.

CEO Yasser Taher expressed enthusiasm about the acquisition, stating, “We are proud to welcome Kefan into the MAGRABi family. This reflects our strategic commitment to elevate customer experiences.”

Conclusion

As MAGRABi Retail Group moves forward with this significant acquisition, it sets a precedent for the eyewear industry in the region. It is poised to redefine excellence in retail and eyewear by not only expanding its physical footprint in Kuwait but by enriching the customer journey with tailored services and innovative offerings. The approval for this transaction is pending regulatory clearances, including those from the Kuwait Competition Protection Authority.