Arab Finance: MAGRABI Retail, the Middle East’s largest eyewear retailer, intends to acquire 51% of the issued share capital of Baraka Optics Group, one of the largest premium optical retail chains in Egypt, according to a press release.

The transaction remains subject to customary regulatory approvals, including clearance from the Egyptian Competition Authority.

Founded in 1979 by Mohamed Fathy Ragab, Baraka evolved into one of the pioneers of organized optical retail in Egypt after launching its first retail concept in 1984. The company currently operates 23 stores across the country under the Baraka Optics, C&Co, and People banners.

The proposed acquisition represents a strategic move in MAGRABI Retail’s regional expansion and mergers and acquisitions (M&A) strategy, targeting complementary growth opportunities across key geographic and retail segments.

The transaction comes amid improving economic conditions in Egypt, thanks to its implemented economic reform program backed by the International Monetary Fund over the past two years. Real gross domestic product (GDP) growth in the second quarter (Q2) of fiscal year (FY) 2025/2026 hit 5.3%, with household spending increasing by 23.1% in 2025.

Reduced macro headwinds, a stable exchange rate, lower inflation, coupled with a tightening labor market, are expected to further stimulate the consumer in this 110 million-strong market.

Despite the market’s scale, Egypt’s optical retail sector remains highly fragmented, creating significant consolidation opportunities as the economy recovers.

Within this landscape, Baraka Optics is regarded as one of the country’s most established premium optical brands, further strengthening MAGRABI Retail’s market position.

Following completion, Baraka will be integrated into MAGRABI Retail, with MAGRABI assuming full day-to-day management of the business.

The acquisition deal is expected to generate significant commercial and operational synergies across sourcing, supply chain, and retail operations.

Meanwhile, the current shareholders will serve on the Baraka Board of Directors, ensuring continuity and providing strategic guidance as the company enters its next phase of expansion.

This transaction marks another key milestone in MAGRABI Retail’s strategic M&A roadmap, following the acquisitions of the Rivoli Group’s vision division in September 2024 and Kefan Optics in May 2025.

Yasser Taher, CEO of MAGRABI Retail, commented: “Baraka is a pioneer in Egyptian eyewear as one of the first entrants in organized retail, having set a new domestic standard in the space. The company has been built on a strong foundation of trust and family values. The alignment in values and the premium retail positioning made this partnership a natural step for us. Premium eyewear is one of the fastest-growing retail segments in Egypt.”

Amin Magrabi, Chairman of MAGRABI Retail, said: “As with every M&A led by the Group, this transaction is rooted in MAGRABI’s longstanding vision, ensuring that each strategic move translates into tangible value for our clients, and we are very pleased to welcome Baraka to the group. Our ambition remains clear: to be at the forefront of eye care excellence in the Middle East while delivering an unparalleled customer experience.”