The Bidayyat Fund, affiliated with Rachid Mohamed Rachid, the former Minister of Trade and Industry, acquired an undeclared minority stake in the Egyptian Jewelry Group "Azza Fahmy", an international brand of jewelry.
Fatima Ghaly, the CEO of "Holey Misr" Jewelry Group - Azza Fahmy, did not disclose any details about the financial terms of the deal, only saying that it was done by increasing the company’s capital by issuing new shares, which gave the fund a “large minority stake".
The CEO added that the brand plans to open two new major stores in the first half of next year, and to expand internationally, including entering the US.
The two parties also agreed to complete the journey of the Azza Fahmy School and Foundation to advance Egyptian design and crafts in the areas of creativity in general.
Many investors have been looking to acquire stakes in the family business led by women over the past years, according to Ghaly, but the choice was made because of Rachid's experience in the industry and his knowledge of building the brand digitally and spreading.
Holey Misr is a brand owned by Azza Fahmy. It is a leading brand in the Middle East, founded by the Egyptian Azza Fahmy, who is famous for her progressive spirit in 1969.
The Bidayat Fund is owned by the Swiss-based "Al Sarah" Investment Group, which was founded by the former minister of trade and industry, to support its regional development and international expansion, which recently entered into a series of partnerships with prominent fashion brands.
It acquired a stake in the Swiss startup Acony Group, which specializes in the eyewear industry, acquired a majority stake in the Chris Joy puffer jacket brand, and the Adorissa Group, and most recently acquired a stake in the Egyptian brand Okhtein, which designs and manufactures luxury handbags.
Rachid is also currently the Chairman of the Board of Directors of the fashion giants Valentino in Italy and Balmain in France, as well as the CEO of the Qatari Maihula Investment Company.
Contributed by Israa Farhan
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