MAGRABi Retail Group Announces Strategic Board Restructuring

MAGRABi, the eyewear retailer, is implementing changes to its board structure by appointing professionals with diverse backgrounds and global experience. The company’s objective is to meet international standards and transform the corporate governance landscape in the region. According to a senior official, the newly appointed board members have been carefully chosen to align with the strategic objectives of the retail group, bringing deep expertise and experience in areas such as luxury retail, corporate finance, retail real estate, supply chain, mainstream retail, and ESG.

Yasser Taher, CEO of MAGRABi Retail Group, emphasized that the selection process involved partnering with Spencer Stuart, a renowned global executive search firm, to ensure that the new board members align with the group’s overall strategy and Harvard Business School’s Fortune 500 best practice recommendations for corporate governance.

This board formation follows the recent appointment of Taher as the MAGRABi Retail Group’s first non-family CEO. It includes a lead independent director in line with the standard practice for publicly listed companies worldwide. The group is appointing six new board members, reflecting the C-suite leadership composition and supporting the firm’s broader restructuring objectives.

Taher highlighted an important dynamic of the new board structure, which grants equal voting rights irrespective of shareholding. He underlined that the new board is expected to drive the company’s transformation and support plans for new store openings and potential expansion into new markets in the coming years.

Moreover, MAGRABi Retail Group aims to achieve an equal gender balance across all organizational levels, becoming the first corporation in the Middle East to do so. Taher reaffirmed the commitment to achieving a 50/50 gender balance across all levels of the organization by 2025, reflecting the board’s structure that also respects this ratio.

The company’s focus is on consolidating its leadership position in the Middle East and expanding its omnichannel presence. The goal is to ensure equal representation and opportunities for both genders throughout the company’s hierarchy, promoting diversity and inclusivity in its workforce.

Saudi Arabia is a key market for MAGRABi, where it first launched the lifestyle banner, Doctor M, in 2021, along with the female-only store MAGRABi. The restructuring reflects the group’s commitment to additional transparency and a departure from the company’s traditional family-led management.

The newly formed nine-member board, effective Jan. 1, 2023, emphasizes independence, with six seats held by independent directors aligned with the company’s strategic goals. MAGRABi has widened the skillset and sector expertise with the appointment of professionals such as Huda Al-Lawati, Hisham El-Khazindar, Pierre Fayard, Dee Sarai, Nisreen Shocair, and Hanife Ymer, each with diverse backgrounds and international expertise.

Amin Magrabi, chair of MAGRABi Retail Group, expressed delight in leading a high-caliber board with such diverse backgrounds and international expertise, as the company prepares for the future. The retail group, which operates across five markets, has outlined a comprehensive strategy for significant expansion and investment, aiming to increase the number of Doctor M stores to 300 with a substantial financial commitment of $100 million to open 200 stores within the next three years.