In the next session, Assomull hosted a panel discussion, titled ‘Innovating the Business Model’. The discussion featured several industry experts, including Nadine Kanso, founder of jewellery label Bil Arabi; Jasmina Banda, president of Joint Ventures at Chalhoub Group; Fahed Ghanim, CEO of Majid Al Futtaim (MAF) Lifestyle; and Maria Yehia, co-founder and creative director of cult fashion label Mrs Keepa.
Yehia started by debunking some of the myths and misconceptions that international brands have about shoppers in the United Arab Emirates (UAE). “There is a stereotyping here in two forms: either that the Dubai consumer is an extravagant clientele who needs ‘bling bling’, or is a modest cultural clientele — when in fact, Dubai is one of the most cosmopolitan cities in the world,” she said. “Individualism is at its highest here. So this perception is what’s really frustrating for both retailers and designers.”
Banda built on this, pointing to the sophistication of shoppers in Dubai, who expect to see brands both online and offline, and appreciate when brands value their localised tastes. “Our consumer travels a lot, so you cannot fool them with a sub-optimal experience in store. They know what to expect, they know what they see in Paris, Milan, Tokyo, and they expect that here too,” she explained, adding that localising the brand experience is key.
Ghanim also spoke about the complexity of the Middle East as an “extremely multi-layered” market. He explained how, in the last few years, MAF Lifestyle has experimented with new formats, such as That concept store, which offers a unique brand mix, product assortment and services alongside new digital experiences. “We found that old retail is dead. Doing retail in the right way is what customers wanted and that experimentation worked for us,” he said. Ghanim highlighted the importance of using digital elements to provide a “direct benefit” to shoppers, rather than relying on the popular jargon of artificial intelligence. He gave the example of skin visualisation tools that evaluate the texture of shoppers’ skin to provide instant product recommendations based on their needs.
Kanso, founder of Bil Arabi, shared her honest experience of being a creative entrepreneur in the UAE: “When you start your own business, you think it’s going to fly and you’re going to become this entrepreneur who enjoys life, which doesn’t reflect reality. Now, people are all after experience. They want to engage with the designer, they want to have the story, the narrative. It’s no longer about a piece of clothing or jewellery. It’s the creative process behind it. It’s changed how we grow the business. Business-to-business is still very important, however this direct, VIC service and exclusivity gives the brand more authenticity.”
