Egypt's TFK acquires D2C fashion brand Opio

The move is intended to establish TFK as an all-encompassing fashion aggregator and venture builder in the region, TFK and Opio said in a joint press release.

The TFK’s primary market focus is on Egypt and Saudi Arabia, selected for their extensive potential and large market size. Current figures from ecommerceDB indicate that Egypt boasts a $1.6 billion fashion e-commerce market, with projections showing a rise to $3 billion by 2027. In the same vein, Saudi Arabia’s fashion e-commerce market value stands at $4 billion, anticipated to grow to $7 billion in 2027.

The newly-minted TFK is set to close the gap, creating culturally relevant brands for the region, minimising dependency on imports, and promoting a decreased reliance on international franchises. Its mission extends to the development, acquisition, and expansion of diverse vertical fashion brands throughout the MENA region, utilising both online and offline platforms, augmented by a regional marketplace.

The TFK will be home to a rich portfolio of brands, featuring Opio, FE, and Boddiction, plus newcomers Saltwater Circle and No Apologies, set for imminent launch.

Support for TFK comes from a wide roster of investors including A15, The Raba Partnership, Foundation Ventures, CIB, Acasia Ventures, Sunny Side Venture Partners, Flat6labs, Oqal Angel, Athal Angel, AUC angels, and a collection of regional family offices.

Fadi Antaki, founder and CEO of TFK, said: “The acquisition of Opio is a strategic move that complements and completes our ecosystem. We are creating an all-in-one ecosystem, that combines Opio’s D2C expertise with TFK’s marketplace infrastructure.

“The MENA region deserves fashion brands that truly resonate with its diverse population. By building and acquiring brands from the region, we can provide authentic and relatable fashion brands, that embody the taste, aspirations, and values of our MENA customers.”

Shady Mokhtar, co-founder and CEO of Opio, said: “Collaboratively, we will push boundaries, elevate our brand influence, and reshape the fashion industry. TFK offers its brands a fully-fledged platform of support, including, but not limited to, manufacturing, operations, marketing, and content creation capabilities, all powered by a scalable tech stack.”

Fibre2Fashion News Desk (NB)