Middle Eastern eyewear retailer MAGRABi Retail is seeking to acquire all issued shares of Kuwait’s optical chain Kefan Optics.
This transaction is a pivotal step in MAGRABi’s strategic evolution and follows the successful integration of Rivoli Vision in September 2024.
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The latest acquisition will enable the integration of MAGRABi’s customer-focused approach into Kefan’s existing outlets while preserving Kefan’s brand identity.
The deal will see 37 Kefan Optics stores joining the MAGRABi’s portfolio, expanding its total store count to more than 350 locations by the end of 2025, strengthening its market share in the region.
MAGRABi Retail Group chair Amin Magrabi stated: “This acquisition marks another defining moment in our transformation journey. We are proud to strengthen our presence in Kuwait and reinforce our leadership in a region poised for consolidation. Our goal remains clear: to lead the evolution of eye care in the Middle East.”
Kefan Optics was founded in 1978 and has a strong presence in Kuwait’s co-operative societies and an expanding footprint in shopping malls.
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By GlobalDataThe chain also made strides in omnichannel retailing with e-commerce. Its manufacturing ventures include a joint venture with Nikon for lens production.
Another joint venture partner of Kefan, the Optical Supplies Company which distributes Bella coloured contact lenses, is not part of the deal with MAGRABi.
The retailer reported double-digit growth in 2024 and anticipates replicating this performance in 2025.
Kefan Optics chairman Wael Al-Subaih stated: Today marks a significant milestone as Kefan Optics continues its journey of excellence under the Magrabi Retail Group. We celebrate this new chapter with great optimism and extend our best wishes to all involved.
“As we look to the future, we are confident that the legacy of excellence and dedication built over nearly five decades will continue to thrive and grow under the stewardship of Magrabi Retail Group.”
Financial details of the deal have not been disclosed. Meanwhile, MAGRABi CEO Yasser Taher told Arab News about the company’s approach to financing. He explained that their strategy typically involves a combination of sources, with a preference for securing 70% of funds through banking institutions and covering the remaining 30% with internal equity.
In September 2024, MAGRABi confirmed a merger deal with Rivoli Group, a premium lifestyle retailer in the Lower Gulf.
