Eyewa, a rising powerhouse in the eyewear market in the Middle East, has recently made significant strides in expanding its reach and offerings. Founded by former Bain & Company consultants Anass Boumediene, Mehdi Oudghiri, and Abdullah AlRugaib, Eyewa started as an e-commerce retailer for third-party brands but quickly pivoted to create its own brands to meet the unmet needs of the region.
With the recent $100 million Series C round led by General Atlantic, Eyewa has raised a total of $130 million since its launch in 2017. The company now boasts nine proprietary brands catering to diverse preferences, with 96% of its revenue coming from these in-house brands. This strategy has enabled Eyewa to keep prices affordable for the mass market, including customers in smaller cities across Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman.
Unlike traditional retailers that focus on selling expensive brands in sterile settings, Eyewa markets its eyeglasses, including prescription ones, as fashion accessories. Co-CEO Oudghiri emphasized the importance of fashion in the eyewear experience, highlighting the company’s focus on providing high-quality lenses and eye tests while prioritizing fashion in the retail experience.
To further enhance its customer reach, Eyewa has expanded its omnichannel experience by opening 150 retail stores since December 2020. This move has allowed the company to cater to customers who prefer in-store experiences to try on frames and complete their purchases. By owning the full customer journey and providing eye examinations in physical stores, Eyewa has positioned itself as the largest eyewear brand in Saudi Arabia by store count and the fastest-growing eyewear retailer globally.
Looking ahead, Eyewa plans to add at least 100 more stores across six countries, including Qatar, in 2025. The company also intends to open a production facility and fulfillment center in Riyadh to support its growing operations. With a focus on profitability and sustainable growth, Eyewa is poised to continue its success in the eyewear market.
The recent investment from General Atlantic, along with participation from Badwa Capital and Turmeric Capital, underscores the growing interest of U.S. investors in the GCC region. As Eyewa continues to expand its presence and offerings, it remains at the forefront of innovation and customer-centric approach in the eyewear industry. Through its commitment to affordability, fashion, and customer experience, Eyewa is setting new standards for eyewear retail in the Middle East and beyond.
