DIC acquires significant stake in UAE-based Rivoli group
The investment will support the luxury retail group's ambitious regional expansion drive.
Based in Dubai, Rivoli is a private retail company with a diverse portfolio of international luxury brands and a vast retail network in the United Arab Emirates, Bahrain, Kuwait, Oman and Qatar.
Sameer Al Ansari, Executive Chairman and Chief Executive Officer of DIC said, 'This investment by DIC in Rivoli is a milestone in regional private equity transactions. DIC's regional strategy is focussed on supporting established family-owned businesses that have an excellent track record of successful expansion and which possess attractive growth potential. DIC is keen to tap into additional opportunities in family-owned businesses in order to support their future growth plans." He added that 'Over the years, Rivoli has built a strong brand name as a leading luxury retailer and the group's operating and financial performance have been outstanding. The regional luxury goods market is vibrant and continues to demonstrate favourable growth prospects, particularly for luxury watches, in which Rivoli commands a strong market share" Rivoli's Managing Partner, Ramesh Prabhakar commented on the transaction by saying, 'We are delighted to secure such a reputable investor as DIC in order to provide the right backing for Rivoli and to continue our heritage of robust growth. Partnering with DIC will enable us to build on our successful track record and take Rivoli to a new level of leadership in the luxury retail sector.
Rivoli's Managing Partner, Adel Zarouni, added, 'It gives us great pleasure to be partnering with DIC and we look forward to a rewarding long-term relationship. With DIC's support, we will reach our goals and will ensure Rivoli continues to be well-positioned to attain even greater success WAM/MN