Map Syndicat · Business · Morocco

Moncef Belkhayat and H&S Group

In 2005 he started as a distributor with 1.5 million dirhams. Twenty years later H&S Group has 60+ companies and 5,500+ staff — and its retail arm, One Retail, is bringing international brands across Morocco.

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2005

Founded

1.5 million DH

Starting capital

60+ companies

Companies

5,500+ employees

Employees

Reported revenue: 6.0 to 6.8 billion dirhams depending on the source and date — no audited figure was found. 10 billion dirhams is the 2026 target, not a result.

The story

28 Jan 1970Born in Rabat.
1988 / 1992Baccalaureate (1988); graduates ISCAE (1992).
Early 1990s – 2000Procter & Gamble, Morocco then Saudi Arabia, then Africa & Middle East.Sources disagree: Sources disagree on the start year (1991 vs 1992) and the first role (sales rep vs marketing manager).
2000Joins Meditelecom as sales director.Sources disagree: Another bio says Telefónica in 2000; the Atcom move is dated 2002 in one source and Nov 2007 in another — no single date is asserted here.
2005Founds H&S Invest Holding with 1.5 million DH, as a distributor.
29 July 2009Appointed Minister of Youth and Sports.Sources disagree: Leaves the post end-2011 (Wikipedia) or January 2012 (Africa CEO Forum) — sources disagree.
2018Dislog acquires its first factory, Mohammedia (bleach, now Hygiénique Moderne Industries).
Feb 2022Dislog acquires Kosmopharm laboratory; Dislog and Dislog Industries merge.
1 May 2024Dislog acquires Sanicroix from Procter & Gamble.
Late 2024SPE Capital commits 450m DH to Dislog to prepare a Casablanca flotation; CFG Bank appointed IPO manager.
2025Five companies consolidated into Dislog Medical Devices. H&S takes 25% of Gidna, raised to 33% on finalisation (June 2025).
26 May 2025Casino Group × H&S in Rabat: exclusive master franchise for Franprix and Monoprix — over 210 stores in 10 years.
June 2025H&S Invest Retail takes 47.5% + 37.5% of Mr Bricolage Maroc (subject to Competition Council approval).
16 Sep 2025H&S Retail Holding launches in Casablanca with five brands.
Oct 2025BLS finalises Transload and La Voie Express (360m DH) — the logistics arm becomes La Voie Express Group.
Jan 2026H&S Invest Holding is renamed H&S Group and reorganised into six divisions. 2026 revenue target: 10bn DH. Six IPOs planned 2026–2030, Dislog first.
Feb – May 2026One Retail acquires 100% of Flormar Maroc (announced 17 Feb, finalised 14 May) and 100% of Dahab Coffee (announced 4 Mar, finalised May).
3 July 2026First Franprix test store opens in Casablanca (Val Fleuri).
4 Oct 2026La Voie Express announces a 100m DH logistics platform at Lqliaa, Agadir — its second Agadir site.
14 – 21 Oct 2026Intersport partnership announced (14 Oct, first stores H1 2027); Dahab reaches 115 points in 26 cities (15 Oct); Primor master franchise announced (21 Oct, first stores 2027).

H&S Group today — six divisions

In January 2026 H&S Invest Holding became H&S Group. Six IPOs are planned for 2026–2030, Dislog first — a plan postponed several times, not confirmed as of 9 November 2026.

Dislog Group

Flagship. FMCG distribution and manufacturing, hygiene, food, health and medical devices. About 72,000 points of sale.

La Voie Express Group

Logistics (ex-BLS): warehousing, transport, distribution, e-commerce logistics.

WB Group

Media buying, communication strategy, content production, digital marketing, PR.

Gidna / Kaya Immobilier

Construction and public works (Gidna, founded 2006, 1,800 staff, 620m DH turnover in 2024) and real-estate development (Kaya Immobilier). No project list published — not mapped.

Chari

B2B e-commerce and fintech for neighbourhood grocers. Founded 2020, HQ Casablanca / Bouskoura. Other Moroccan cities unverified — not mapped beyond HQ.

One Retail

Retail platform: food & beverage, DIY, beauty, convenience, sport & textile. Launched as H&S Retail Holding, Sep 2025.

One Retail — the brands

One Retail is the group's retail platform (launched as H&S Retail Holding in September 2025). Reported scale in Oct–Nov 2026: 240 to 250 stores, depending on the source — not a single total.

Brand	Pole	Status
FrFranprix	Convenience	Open in Casablanca only. First test store 3 July 2026 (Val Fleuri).
MoMonoprix	Convenience	Announced only. No store opening verified as of 9 Nov 2026.
MbMr Bricolage	DIY / home	Operating since 2005. H&S entry June 2025 (47.5% + 37.5%). Store count reported as 10 or 11 — conflict.
FlFlormar	Beauty	Over 50 stores in 19 cities. Full city list not published; cities below are the named ones only.
VeVenezia Ice	Food & beverage	42 points of sale (Sep 2025). City list from a 2023 catalogue — dated, not current.
DaDahab Coffee	Food & beverage	115 points in 26 cities (Oct 2026). Full list not published; only El Jadida, Casablanca and Tétouan (founding city) are named here.
InIntersport	Sport & textile	Announced 14 Oct 2026. First stores first half of 2027, Casablanca first. No address verified.
PrPrimor	Beauty	Announced 21 Oct 2026. First stores 2027, main cities, no cities disclosed — no pin.
LvLa Voie Express	Logistics	Logistics group (ex-BLS). Present in 22 cities claimed; full list not published; named sites only.
DiDislog Group	Distribution / industry	Flagship division. Industrial sites in Mohammedia and Bouskoura; ~72,000 points of sale nationwide (network claim, not mappable points).
Beauty For You	Beauty	Online only, as far as found — no store, no pin on the map.

The map — where he is in Morocco

58 pins, one per brand per city, across 25 cities. Casablanca is hottest (score 5.5), then Agadir (3.5) and Tanger (3). Pins are city-level: no shop address was verified.

Map status: starting… · errors: 0

Pins are city-level only: no shop address was verified, so pins for one city ring its centre for legibility — the ring is not a real location. Solid pins are open or operating; hollow dashed pins are announced only (Monoprix, Intersport, and the planned Agadir logistics platform); faded pins are older or dated listings. Primor has no pin: it was announced for 2027 with no city disclosed.

Casablanca

Presence score: 5.5

FrFranprix · OpenMoMonoprix · AnnouncedMbMr Bricolage · OpenFlFlormar · OpenVeVenezia Ice · Older listingDaDahab Coffee · OpenInIntersport · AnnouncedLvLa Voie Express · Logistics

Franprix: First test store, Val Fleuri, 3 July 2026.
Monoprix: Announced; no opening verified.
Flormar: Incl. Tachfine Center and Anfa Place Mall.
Venezia Ice: 2023 catalogue — dated.
Dahab Coffee: Casablanca Finance City, Oct 2026.
Intersport: First stores H1 2027. Address not verified.
La Voie Express: Casa Hub.

Agadir

Presence score: 3.5

MbMr Bricolage · OpenFlFlormar · OpenVeVenezia Ice · Older listingInIntersport · AnnouncedLvLa Voie Express · LogisticsLvLa Voie Express · Announced

Mr Bricolage: Since 2012.
Venezia Ice: 2023 catalogue — dated.
La Voie Express: Existing site.
La Voie Express: New Lqliaa platform, 100m DH, 25,000 m² — announced Oct 2026, not yet built.

Tanger

Presence score: 3

MbMr Bricolage · OpenFlFlormar · Older listingVeVenezia Ice · Older listingInIntersport · AnnouncedLvLa Voie Express · Logistics

Mr Bricolage: Since 2011.
Flormar: Named in a 2016 article — stale, not confirmed current.
Venezia Ice: 2023 catalogue — dated.

Bouskoura

Presence score: 2.5

MbMr Bricolage · OpenVeVenezia Ice · Older listingDiDislog Group · Logistics

Venezia Ice: 2023 catalogue — dated.
Dislog Group: Zone Industrielle Ouled Saleh.

Marrakech

Presence score: 2.5

MbMr Bricolage · OpenFlFlormar · OpenVeVenezia Ice · Older listingInIntersport · Announced

Mr Bricolage: Since 2008.
Flormar: Carré Eden, Jemaa el-Fna, Marjane.
Venezia Ice: 2023 catalogue — dated.

El Jadida

Presence score: 2

FlFlormar · Older listingVeVenezia Ice · Older listingDaDahab Coffee · Open

Flormar: Named in a 2016 article — stale, not confirmed current.
Venezia Ice: 2023 catalogue — dated.
Dahab Coffee: New opening, Oct 2026.

Dar Bouazza

Presence score: 1.5

MbMr Bricolage · OpenVeVenezia Ice · Older listing

Venezia Ice: 2023 catalogue — dated.

Fès

Presence score: 1.5

FlFlormar · OpenVeVenezia Ice · Older listing

Flormar: Borj Fès Mall.
Venezia Ice: 2023 catalogue — dated.

Meknès

Presence score: 1.5

MbMr Bricolage · OpenFlFlormar · Older listing

Flormar: Named in a 2016 article — stale, not confirmed current.

Mohammédia

Presence score: 1.5

VeVenezia Ice · Older listingDiDislog Group · Logistics

Venezia Ice: 2023 catalogue — dated.
Dislog Group: Industrial complex (HMI/ACE).

Nador

Presence score: 1.5

VeVenezia Ice · Older listingLvLa Voie Express · Logistics

Venezia Ice: 2023 catalogue — dated.

Oujda

Presence score: 1.5

VeVenezia Ice · Older listingLvLa Voie Express · Logistics

Venezia Ice: 2023 catalogue — dated.

Rabat

Presence score: 1.5

FlFlormar · OpenVeVenezia Ice · Older listingInIntersport · Announced

Flormar: Agdal, reopening Mar 2026.
Venezia Ice: 2023 catalogue — dated.

Tétouan

Presence score: 1.5

VeVenezia Ice · Older listingDaDahab Coffee · Open

Venezia Ice: 2023 catalogue — dated.
Dahab Coffee: Founded in Tétouan, 2011.

Khouribga

Presence score: 1

LvLa Voie Express · Logistics

Lakhyayta

Presence score: 1

LvLa Voie Express · Logistics

La Voie Express: Logiprod platform, 110,000 m².

Safi

Presence score: 1

FlFlormar · Older listingVeVenezia Ice · Older listing

Flormar: Named in a 2016 article — stale, not confirmed current.
Venezia Ice: 2023 catalogue — dated.

Témara

Presence score: 1

MbMr Bricolage · Open

Mr Bricolage: 9th store, 2021.

Tit Mellil

Presence score: 1

LvLa Voie Express · Logistics

Assilah

Presence score: 0.5

VeVenezia Ice · Older listing

Venezia Ice: 2023 catalogue — dated.

Kénitra

Presence score: 0.5

FlFlormar · Older listing

Flormar: Named in a 2016 article — stale, not confirmed current.

Larache

Presence score: 0.5

VeVenezia Ice · Older listing

Venezia Ice: 2023 catalogue — dated.

Saïdia

Presence score: 0.5

VeVenezia Ice · Older listing

Venezia Ice: 2023 catalogue — dated.

Salé

Presence score: 0.5

VeVenezia Ice · Older listing

Venezia Ice: 2023 catalogue — dated.

Taghazout

Presence score: 0.5

VeVenezia Ice · Older listing

Venezia Ice: 2023 catalogue — dated.

What could not be verified

Minister end date: end-2011 vs January 2012.
Early career: P&G start 1991 vs 1992; sales rep vs marketing manager; Meditelecom vs Telefónica in 2000; Atcom presidency 2002 vs CEO appointment Nov 2007.
H&S revenue: 6.0 / 6.5 / 6.6 / 6.8bn DH (different dates and scopes). 10bn DH is a 2026 target, not a result.
One Retail scale: 224 vs 240 vs 250 vs ~300 stores; 35 vs 47 cities; 780m vs 800m vs ~1bn DH (2026 revenue).
Franprix/Monoprix investment and target: 1bn DH (2025–27) vs 1.35bn DH; 210 stores by 2035 vs 300 by 2032.
Mr Bricolage count: 8th store vs 10 stores vs 11 stores; 300m vs 400m DH turnover.
Intersport first store: Bd Al Massira, Casablanca, 1,200 m² (Bladi/Modaes) vs the communiqué gives no address or surface (L'Express Franchise). Do not publish the address as fact.
Monoprix opening: no Monoprix store opening found as of 9 Nov 2026; only Franprix (Casablanca, July 2026) is evidenced.
Full city lists were not published for Flormar (19 cities), Dahab (26 cities), Venezia Ice (current list), La Voie Express (22 cities) or Chari — do not reconstruct them.
Specific store street addresses from directories are low-authority and in some cases stale — city-level mapping is the safe level.
Flormar deal value ~300m DH — single source, company did not disclose.
Red Med 200m DH raise — negotiations only, Nov 2026, not closed.
One Retail / H&S Retail Holding legal rename date — not found; only the branding transition (Sep 2025 → Jan 2026) is evidenced.
Leaving politics, 26 Dec 2019 — Wikipedia only.

Sources

"Verified live" means the page was opened on 9 November 2026. "Index only" means the fact comes from a search snippet — the page could not be opened.

L'Economiste, 8 Jan 2026 — rename, six divisions, 10bn DH target, six IPOs (Verified live)
Casino Group / Euronext, 26 May 2025 — over 210 Franprix/Monoprix stores (Verified live)
Billionaires.Africa, 4 Oct 2026 — Agadir Lqliaa, 1.5m DH founding capital, 6.5bn DH revenue (Verified live)
Billionaires.Africa, 10 Jul 2026 — Dislog IPO, SPE 450m DH, 72,000 outlets (Verified live)
Challenge, 4 Nov 2026 — One Retail, five poles, 2026/2027/2030 targets (Verified live)
H&S Group (hns.ma), 15 Oct 2026 — Dahab 115 stores / 26 cities (Verified live)
Wikipedia — Moncef Belkhayat (Index only)
Africa CEO Forum 2023 — Moncef Belkhayat (Index only)
Médias24, 16 Jun 2026 — first Franprix test store, 3 July (Index only)
LesEco, 18 Sep 2025 — H&S Retail Holding launch (Index only)
Mr Bricolage deal, LesEco via Maghress, 19 Jun 2025 (Index only)
Flormar finalisation, LeSiteInfo, 14 May 2026 (Index only)
Dahab acquisition, LesEco, 9 Mar 2026 (Index only)
Intersport, Business of Sports Africa, 14 Oct 2026 (Index only)
Intersport first store, Bladi, 19 Oct 2026 (address claim unverified) (Index only)
Primor, Morocco World News, 21 Oct 2026 (Index only)

Page written by Map Syndicat from the sources above. Map Syndicat is not affiliated with H&S Group.