MAGRABi Retail Group, a regional leader in eyewear and eye care, has signed a deal to acquire Kuwait-based Kefan Optics, marking a significant step in its Gulf expansion strategy.
Founded 47 years ago, Kefan Optics is well-regarded for its technical expertise, professional eye care services, and loyal customer base. The acquisition is expected to increase MAGRABi’s top-line sales by 5% and boost EBITDA by over 10% in the first year post-integration.
In an interview with Arab News, MAGRABi CEO Yasser Taher said the deal would raise the company’s market share in Kuwait from 5% to 30%, making MAGRABi the market leader in the country’s optical retail space.
“Kefan is a highly trusted optician in Kuwait,” said Taher. “They’re known for professional optometry and high-quality service. It’s a great cultural and commercial fit.”
Rather than phasing out the Kefan brand, MAGRABi will modernize it—revamping its logo, store design, and customer experience, all supported by omnichannel capabilities aimed at attracting Gen Z.
MAGRABi Chairman Amin Magrabi hailed the deal as a strategic milestone.
“This marks another defining moment in our transformation journey,” he said. “Our goal remains clear: to lead the evolution of eye care in the Middle East.”
Kefan Optics Chairman Wael Al-Subaih also welcomed the deal:
“For 47 years, we’ve served Kuwait through 37 branches. This new chapter under MAGRABi brings great optimism.”
Deal Details and What’s Next
- The acquisition is pending regulatory approval from Kuwait’s and Saudi Arabia’s competition authorities.
- Expected closing: Late August or early September 2025
- Financing: 70% bank funding, 30% equity, per CEO Taher
IPO on the Horizon?
MAGRABi is considering going public, though no formal steps have been taken.
“There is strong intent to list the company, but timelines aren’t immediate,” Taher noted.Interestingly, Kefan’s shareholders may get the chance to participate in MAGRABi’s future IPO, aligning their long-term interests.