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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. Established in 1988, Rivoli has built a strong reputation as a leading luxury retailer in the GCC and currently operates over 215 retail outlets. Rivoli imports, distributes and retails a wide range of luxury products including high-end watches, writing instruments, menswear, accessories, eyewear, gifts, and more.
DIC's investment philosophy is based on selecting market leaders with experienced and committed management teams with strong growth prospects. Rivoli's management team will continue to be led by Managing Partners Adel Al Zarouni and Ramesh Prabhakar. DIC's investment will support Rivoli's aggressive growth strategy and bring to fruition a series of value-creating initiatives including expansion into new retail markets, the development of innovative retail concepts and the addition of new luxury brands to the group's portfolio.
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.'
'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 reputation as a well-run enterprise with an experienced and well-respected management team is of fundamental importance to us; this investment is in line with DIC's strategy of supporting the growth strategies of successful management teams.'
DIC's investment in Rivoli will enable further growth of the group's operations throughout the region. 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. We are excited to implement the key elements of our growth strategy and take advantage of growth opportunities that include the expansion of our retail network throughout the region and the broadening of our luxury brand portfolio with additional world-class brands.'
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.'
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Posted by Anne-Birte Stensgaard, Senior News Editor
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