“We’re the fastest growing globally, but even across categories in the GCC, no other retailer in any other vertical did one store to 100 in less than four years. So we really executed super fast,” Boumediene remarked.
Boumediene declined to disclose how much eyewear the company has sold since its launch but did say Eyewa is profitable and growing at over 50% year-over-year in revenues. The company intends to add at least 100 more stores across six countries, including Qatar, its next market, in 2025; it will also open a production facility and fulfillment centre in Riyadh next quarter, said the executive.
With this round, General Atlantic joins a growing list of U.S. investors deepening their presence in the GCC by backing startups and establishing local teams, after receiving capital from the region’s sovereign wealth funds.