June 15, 2024

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The Sports Fanatics

Averroes Ventures spearheads acquisition of Magma Sportswear with Investments from Mohamed El-Sewedy

Magma — 1 of the promising Egyptian sportswear suppliers — introduced that it was obtained by Averroes Ventures with investments from its Chairperson, Mohamed El-Sewedy, to satisfy the wants of an untapped section of the Egyptian marketplace.

Leveraging its exceptional engineering, which signifies the main of all its goods, Magma features a exclusive worth proposition as a nearby producer with world-wide prospective. The new strategic investments will noticeably change the excellent of its goods and their presence in the community and regional industry.

Magma is between the very first Egyptian brands to offer you superior-quality sportswear that conjures up and empowers athletes and shoppers and can contend globally. The generation approach involves the most current technological know-how and an innovative R&D division that works on building materials.

The enterprise was also a single of the first movers to use this know-how, where it is engineered to improve effectiveness with fabric featuring breathability, antibacterial houses, odour resistance, speedy drying, and sweat-wicking qualities.

Commenting on the acquisition, El-Sewedy explained: “We have manufactured fantastic development and have extremely optimistic designs soon after the acquisition of Magma, such as regional growth in the Middle East and Gulf really quickly, as properly as the opening of a top condition-of-the-art shop in Egypt in 2023. These are major milestones in the company’s journey.”

“I expect Magma will become a main international sportswear manufacturer in the location by investing in products supplies and textiles dependent on the most recent engineering, as well as the newest know-how in e-commerce. We also goal to diversify and build goods and designs by prime designers to fulfill contemporary market place need for large good quality, contributing to a booming financial system that encourages area manufacturing and exports to other marketplaces.”

Ahmed Al-Sharif — Co-founder and CEO of Averroes Ventures — included: “We consider in the advancement potential of native makes and designs accompanied by slicing edge technologies, collectively with the rising demand of e-commerce, making a profitable system for Magma. The new investments and the administration team are also able of reworking this enterprise to a world wide participant in the expanding sector of sportswear and athleisure.”

“Moreover, Averroes Enterprise invests and supports early-phase start-ups and SMEs operating in the logistics, technological innovation, food items, agritech, and e-commerce industries in Egypt and MENA.”

Also commenting, CEO of Magma Amr Abu Ali claimed: “The company’s acquisition, spearheaded by Averroes Ventures and led by Mohamed El-Sewedy, is an crucial action in Magma’s history. Escalating Magma’s product providing to satisfy the demand of new industry segments is an vital final decision we designed, and this involves raising functional sports activities and athleisure clothing lines for adult men and females that are made for each day work out and use, with upcoming options to introduce teamwear, beachwear, add-ons, footwear, and a kids’ assortment.”

Magma Sportswear begun online and lately expanded its retail small business by means of perfectly-regarded retailers these types of as Debenhams. Magma also benefits from a very solid team skilled in the e-commerce sector.