Moroccan companies are continuing to establish themselves in Africa. Today, it is the turn of the KITEA Group, the leader in the distribution of furniture in Morocco which, alongside its long-standing partner Tana Africa Capital (a pan-African investment holding company), has just announced the acquisition of majority stake in Furniture Palace Limited. It is the leading distributor of home furniture, office furniture and home accessories in Kenya. This transaction in East Africa is KITEA’s first acquisition outside the borders of Morocco and is in line with its pan-African expansion strategy.
Commenting on this transaction, Amine Benkirane, Founder and CEO of KITEA, said “KITEA’s investment in Furniture Palace is in line with our vision to build the best diversified furniture distribution group across Africa. Our mission in Morocco has always been to democratize furniture while providing the best offer and customer experience to Moroccan consumers and we look forward to extending this vision beyond Morocco’s borders. We aspire to build on the strong foundations of organization and brand quality, which have been built by the founding shareholders and management team of Furniture Palace over the past two decades, to deploy our offering and our knowledge. -do historically accumulated for the benefit of Kenyan consumers and the rest of the sub-region. »
According to a press release from the group, KITEA’s ambition remains the pursuit of its organic growth in Morocco with the opening of new stores while accelerating its own continental expansion with a multi-brand approach to meet the needs of various social classes. . KITEA is on its way to becoming the only African home and office furniture distribution group present in North, East and West Africa through its various brands. The Group is also historically represented in Central Africa through two franchisees respectively in Equatorial Guinea and the Democratic Republic of Congo.
In Morocco, the group has 30 stores in 17 cities across the Kingdom.
Founded in 2002, Furniture Palace has a network of nine stores across 3 Kenyan cities representing an exhibition area of approximately 20,000 square meters. Furniture Palace markets a wide range of home furniture, office furniture and home accessories with a catalog of several thousand references. Its stores are available under two brands, Furniture Palace and Big Save Furniture, which cater respectively to socio-professional categories A and B.
