Floward, one of Faith Capital’s earliest investments, announced it has completed the acquisition of Mubkhar, the leading brand defining authentic standards of perfumery in the GCC.
Since its establishment in 2015, Mubkhar has witnessed dramatic growth in the region led by its innovation, high-quality fragrances, and loyal customer base; and has since expanded its footprint to Saudi Arabia, Bahrain, and Qatar from its home base in Kuwait.
Floward believes in the enthusiastic and energetic entrepreneurs that took Mubkhar from nothing to where it is right now in a very short amount of time. The management will continue running Mubkhar on a day-to-day basis.
The acquisition fits Floward’s strategy in maintaining and strengthening the vision of being the dominant online quick commerce gifting platform in the MENA region, and in the UK.
Floward initially partnered with Mubkhar to sell their luxurious fragrances on its platform years ago and the brand has since become a top seller across the GCC, making this acquisition the natural next step of the two companies’ relationship. Floward will be investing in expanding Mubkhar’s product breadth and points of sales and furthering its growth while preserving the uniqueness and exclusivity of its offering.
Commenting on the acquisition, Floward Chairman & CEO, Mr. Abdulaziz B. Al Loughani said: “We are thrilled to join forces with Mubkhar, a brand that without a doubt has left its mark in the fragrances and gifts market. This acquisition is proof that we’re forging ahead in the right direction with expanding our gifting categories and having an exceptional team led by Khalid AlMannaa on board is a pivotal step forward in our expansion strategy. With our companies aligned on the same vision to offer our clients the best gifts through great customer services, we are certain that we will be further cementing our leading market position.”
Mubkhar’s Founder and CEO Mr. Khalid Nawaf AlMannaa said: “We are proud of what Mubkhar achieved since we launched and being acknowledged and acquired by a brand as big and as successful as Floward is a true testament to the success we’re witnessed over the years. We are happy about taking our relationship with Floward to the next level and excited for Mubkhar’s future as we continue to bring our customers the best fragrances and the great customer experience they’re used to.”
Established in 2017, Floward is a full-fledged e-commerce platform that offers prime fresh-cut flowers and gifts across the MENA region, and the UK covering 36 cities and nine countries. Floward sources products from the best suppliers around the world for its flowers and gifts, which include confectionary products as well as perfumes, jewellery, and a range of other categories. Floward also fully manages the last-mile delivery to its customers.
Mubkhar is a fragrances company that offers the finest oriental and western fragrances manufactured with high-quality specifications and is considered the only perfumery store in the Middle East that carries natural essential oils that are certified and registered worldwide.