Browsing: Naivas

Arnaud Lagesse. Group CEO of IBL Limited.
  • IBL Group, a multinational conglomerate has acquired an undisclosed stake in Harley’s, a pharmaceutical distributor based in Kenya.
  • The transaction marks the group’s latest investment in Kenya, following the acquisition of a 26.32-percent stake in Naivas Limited for Ksh12.5 billion (US$100 million) last year.
  • IBL revenues for six months ended 31 December 2022 increased by 24 per cent to Rs 27.06 billion. Operating profit for the Group has increased to Rs 1.99 billion from Rs1.65 billion in 1H2022, representing a growth of 20 per cent.

Mauritian conglomerate Ireland Blyth Limited (IBL) has bought an undisclosed stake in Nairobi-based pharmaceuticals distributor Harley’s as part of a consortium that has taken control of the company.

This marks the latest investment in Kenya for IBL which last year acquired a 26.32 per cent stake in supermarket chain Naivas Limited for US$100 million (Sh12.5 billion) also as part of a consortium, underscoring the group’s …

savings apps

In partnership with the SaveApp Group, through their newly launched product, Octagon Africa is working to improve their services whereby customers will be able to save their spare change at Naivas till payments and channel this towards their savings for retirement under the Octagon Personal Pension Scheme.

“Our drive is to work with strategic partners such as SaveApp in a bid to improve the quality of life for our customers in their sunset years,” Simba said.

Ukonga app is a collaboration between SaveApp Group, a Kenyan technology company that creates solutions to solve real-life problems, UBA Kenya as the banking partner, Octagon Africa as a pension partner and Naivas Supermarket as the retail partner.…

New rebirth for Kenyan retail sector as foreign capital flows in

The Kenyan retail market has not been very kind for foreign investors. Botswana’s Choppies Supermarket came with a promise of adding a sparkle to an industry that was adapting to the advent of online shopping in Kenya.

At that time, Nakumatt Supermarket- the most profitable and successful store in East Africa was in deathbed and the sector was looking for the new supremo. It did not go so well for the South African retailer and it has been riddled with debts and poor sales.

Another South African outfit, Game has struggled to make an impact with just a few stores. The only foreign store that has a greater impact in the Kenyan market is Carrefour which has grown from a single store to taking over space formerly occupied by Nakumatt.

The remaining local supermarket chains have had to come up with innovative ways to stay afloat in a sector that …