Kenya’s Naivas opens 112th outlet in Nairobi’s Mihango as retailer accelerates expansion
The retailer is targeting 200 outlets as financial results show rising revenue and profit.
KENYA – Naivas has opened its 112th store in Mihango, Nairobi, extending its reach into one of the city’s rapidly growing neighbourhoods.
The new outlet gives shoppers in the area broader access to the retailer’s product range while adding to its presence in the capital.
The launch follows a year of steady rollout, tying into the chain’s wider plans for controlled but continuous expansion.
In November, the company announced it intends to open up to 10 new stores each year as it works toward a target of 200 outlets across the country.
This strategy builds on the 111 stores it operated at the time of the announcement, highlighting its interest in serving both major urban centres and emerging towns.
Financial Performance
Naivas recorded a 43.4% rise in net profit for the financial year ending 2025, reaching US$16.1 million.
Revenue for the same period increased by 21.6% to US$751.4 million, showing resilient consumer spending despite inflation.
The chain grew its footprint to 108 stores during the financial year, helping it tap into more customer segments nationwide.
The retailer is also implementing a new Enterprise Resource Planning system designed to improve efficiency and coordination across all locations.
IBL Ltd., which owns 51% of Naivas, reported that East Africa now contributes 37% of its total revenue, with Naivas driving most of that performance.
IBL Group Outlook
IBL’s retail division posted a 79% increase in operating profit, with Group CEO Arnaud Lagesse linking the improvement to ongoing regional expansion.
Financial disclosures show that Naivas shifted from a negative equity position of US$0.9 million to a positive US$202.2 million, suggesting internal restructuring or a revaluation of ownership.
Total expenses rose by 21.3% to US$735.8 million, reflecting the increased cost of running a wider network of stores.
Profit attributable to owners moved from a loss in the prior year to US$9.0 million, pointing to a stronger financial footing.
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