Magma, Egypt’s sportswear-manufacturer, has been accquired by Mohamed El-Sewedy through venture capital firm Averroes Ventures.
The Egypt-based sportswear brand was launched in 2018, and was one of the first Egyptian manufacturers to include features such as antibacterial properties and fast drying in its products.
“We believe in the growth potential of native brands and designs accompanied by cutting edge technologies together with the growing demand of e-commerce, creating a winning formula for Magma. The new investments and the management team are well capable of transforming this company to a global player in the growing sector of sportswear and athleisure,” said Ahmed Alsharif, Co-founder and CEO of Averroes Ventures.
Following this acquisition, Magma plans on opening of a store in Egypt in 2023, further expand onto the MENA and GCC markets and invest in diversifying their product portfolio.
Magma aims to reach new market segments, and has plans to enter new markets such as teamwear, footwear and accessories.
“These are significant milestones in the company’s journey. I expect Magma will become a leading global sportswear brand in the region, by investing in product materials and textiles based on the latest technology, as well as the latest know-how in e-commerce,” Mohamed El-Sewedy, Magma’s Chairman also commented.
Read more: FAB and Europe Arab bank contribute to a $150m loan to El Sewedy Electric
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