Magma — one of the promising Egyptian sportswear manufacturers — announced that it was acquired by Averroes Ventures with investments from its Chairperson, Mohamed El-Sewedy, to meet the needs of an untapped segment of the Egyptian market.
Leveraging its unique technology, which represents the core of all its products, Magma offers a distinctive value proposition as a local manufacturer with global potential. The new strategic investments will significantly change the quality of its products and their presence in the local and regional market.
Magma is among the first Egyptian brands to offer high-quality sportswear that inspires and empowers athletes and consumers and can compete globally. The production process includes the latest technology and an advanced R&D department that works on developing fabrics.
The company was also one of the first movers to use this technology, where it is engineered to enhance performance with fabric featuring breathability, antibacterial properties, odour resistance, fast drying, and sweat-wicking properties.
Commenting on the acquisition, El-Sewedy said: “We have made great progress and have very optimistic plans after the acquisition of Magma, including regional expansion in the Middle East and Gulf very soon, as well as the opening of a leading state-of-the-art store in Egypt in 2023. 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. We also aim to diversify and develop products and designs by top designers to meet modern market demand for high quality, contributing to a booming economy that encourages local manufacturing and exports to other markets.”
Ahmed Al-Sharif — Co-founder and CEO of Averroes Ventures — added: “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 also capable of transforming this company to a global player in the growing sector of sportswear and athleisure.”
“Moreover, Averroes Venture invests and supports early-stage start-ups and SMEs operating in the logistics, technology, food, agritech, and e-commerce industries in Egypt and MENA.”
Also commenting, CEO of Magma Amr Abu Ali said: “The company’s acquisition, spearheaded by Averroes Ventures and led by Mohamed El-Sewedy, is an important step in Magma’s history. Increasing Magma’s product offering to meet the demand of new market segments is an important decision we made, and this includes increasing functional sports and athleisure clothing lines for men and women that are designed for daily exercise and wear, with future plans to introduce teamwear, beachwear, accessories, footwear, and a kids’ collection.”
Magma Sportswear started online and recently expanded its retail business through well-known outlets such as Debenhams. Magma also benefits from a very strong team experienced in the e-commerce sector.