Fund run by Rachid Mohamed Rachid buys stake in Egyptian handbag brand Okhtein
Mediterranean-focused investment fund Bidayat has acquired a stake in luxury Egyptian handbag brand Okhtein, Okhtein CEO Mohamed Abdel Raouf told Enterprise without disclosing the financial details of the agreement.
The family-run bag designer will use Bidayat’s fashion industry know-how to boost its product design, merchandising, and supply-chain management as it restructures for global expansion, according to Abdel Raouf. Okhtein hopes the partnership will help it further strengthen its international e-commerce presence after online sales shot up 157% y-o-y in 2020, he said.
Bidayat invests in creative brands in the Mediterranean region and is a sub-fund of the Swiss-based Alsara Investment Group, which has recently embarked on a string of partnerships with high-profile fashion brands, buying a stake in Swiss eyewear start-up Akoni Group and acquiring a majority share in puffer-jacket brand Khrisjoy.
Bidayat is run by former Egyptian trade and industry minister Rachid Mohamed Rachid, who is now chairman of fashion giants Valentino in Italy and Balmain in France, as well as CEO of Qatari luxury goods investment vehicle Mayhoola.
Advisors: MHR in association with White & Case LLP for Okhtein, and Alliance Law Firm for Bidayat, according to an emailed press release (pdf) from Okhtein.