Gulf eyewear firm Magrabi Retail Group announced on Tuesday a merger with fellow Middle East eyewear retailer Rivoli Group. ​

Terms of the deal were not disclosed.

Dubbed the ​’Magrabi-Rivoli Enterprise’, the merging of the two multi-brand eyewear retail businesses looks to redefine the Middle East eyewear market, and deliver substantial benefits for customers and sector stakeholders, according to a press release. 

​The newly combined business will have an enhanced store portfolio that will establish Magrabi Retail  as the significant market share holder in the seven countries it operates, including Saudi Arabia, UAE, Qatar, Kuwait, Oman, Bahrain and Egypt.

​Looking ahead, Magrabi 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. In early 2024, Magrabi reported double-digit growth across the business, with a substantial surge in online sales.

“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,” said Amin Magrabi, Chair of Magrabi Retail Group.

“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.” 

Under the deal, Rivoli will remain a 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 Rivoli Group. 

“It is a great privilege to be announcing this exciting merger with Magrabi, solidifying a regional eyewear powerhouse in the Middle East,” said Prabhakar.

“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.”