In a transformative year, the Group surpasses the luxury retail sector in the Middle East, marking a standout inaugural year under the leadership of new CEO Yasser Taher.
RIYADH, Saudi Arabia, April 2, 2024 /PRNewswire/ — MAGRABi Retail Group, the Middle East’s leading eyewear retailer reports double-digit growth, a substantial surge in online sales and continued investment initiatives across the Group.
Highlights:
- 15% growth in company-wide sales compared to FY 2022
- 30% growth in L/L sales at lifestyle banner Doctor M
- 225% growth in online sales driven by the expansion of available markets, accelerated delivery times and enhanced customer performance
- Company-wide growth which outperforms the sector
Financial Update
MAGRABi Retail Group is delighted to confirm 15% growth in company-wide sales compared to 2022, with a 5% L/L uptick under the MAGRABi Banner and an impressive 30% L/L surge under the Doctor M Banner, following the successful campaign in May 2023. This growth performance exceeds expectations, as the Group continues to outperform the sector and consolidates its market-leading position as the Middle East’s fastest-growing eyewear retailer.
Online sales more than trebled, driven by an expanded market presence, swift delivery enhancements including same-day delivery, and integrated customer service features such as virtual try-on. The Group anticipates further market expansion in 2024, as it rolls out shipping to Qatar, Egypt, and Kuwait.
Commercial Update
MAGRABi Retail Group remains committed to strategic investment as a cornerstone of its commercial growth. With a total investment of 115m SAR during the year, the Group focused on new store openings, refurbishments, and transformation projects. In 2023 alone, 45 new stores were unveiled, setting a total of 190 stores across the Middle East.
Yasser Taher, CEO of MAGRABi Retail Group, commented: “I am delighted to report the positive figures we experienced this year in difficult market conditions felt by all across the industry. My first year as CEO was not without its challenges, but I am proud to have achieved with my team our ambitious plan for 2023.
“This year has confirmed my belief that our colleagues and culture at MAGRABi are the key to our success. Alongside my appointment as the Group’s first non-family CEO, we made improvements to our overall strategy by implementing a new board of directors with unique levels of corporate governance. I look forward to leading the company into 2024 and building upon the success of 2023.”
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