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Bidayat, a subsidiary of Alsara Investment Group, the investment vehicle founded by Valentino board chairman and Mayhoola chief executive, Rachid Mohamed Rachid, has taken an undisclosed stake in Egyptian accessories brand, Okhtein.
The financial details of the deal were kept private, but Bidayat, which focuses specifically on investing in creative talent and young entrepreneurs from the Mediterranean Basin, said it would help Okhtein open more stores, expand its distribution globally, develop a more diverse range of products and build out the brand’s digital business.
Okhtein, which means “sisters” in Arabic, was founded by real-life sisters, Mounaz and Aya Abdel Raouf, in 2014. Since then, the brand has developed a cult following beyond its homeland and garnered celebrity fans, including Beyoncé, Emma Watson, Cardi B and Gigi Hadid.
“Having a hands-on partner like Bidayat will help us unlock our full commercial potential,” said Okhtein CEO, Mohamed Abdel Raouf, who is also Mounaz and Aya’s brother.
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Bidayat’s parent company, Alsara Investment Group, has also previously invested in luxury eyewear player, Akoni Group, and puffer jacket specialists, Khrisjoy.
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