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Khalid Al Tayer, Managing Director of Al Tayer Insignia and CEO of luxury goods e-commerce platform Ounass, speaks in his first public interview about the Middle East’s rapidly evolving luxury goods market and the region’s impact on global trends. Shared insights about power growth. , and how operating with a customer-first mindset has enabled us to build Ounass, one of the most powerful e-commerce platforms in the industry.
“Brands that have treated and respected the[Middle Eastern]customer as a very important customer are benefiting.We can say to this customer, “They just buy what we make, and we don’t do anything else.” Companies that approach people with the approach of “I’m busy with work and I’m going to do enough work” won’t benefit. We respect our customers in the Middle East,” said Al Tayer.
In this week’s BoF Podcast, BoF Founder and Editor-in-Chief Imran Amed speaks with Al Tayer to understand the changing tastes of customers in the Middle East and how they are creating opportunities for regional talent to flourish. Learn.
key insights
Despite the challenges in the global luxury goods sector, Al Tayer points out that the Middle East is a resilient outlier in the industry, especially post-COVID-19. Our brand investments in premium store experiences, thoughtful activations and customized assortments have fostered deeper connections with local customers. “The Middle East has…been a shining candle in the industry in general due to the growing resilience and sophistication of Middle Eastern customers,” Al Tayer points out, adding that this shift means more brands are tapping into this increasingly important market. I think that people have come to realize the importance of predicts that e-commerce will soon account for half of all luxury retail in the region, and Ounas is already driving double-digit annual growth in the sector. “In the next few years…50% of retail sales will be online,” he says, describing an evolving model he calls “luxury convenience.” While brick-and-mortar stores will continue to offer an unparalleled experience, online platforms like Ounass meet the growing demand for digital access and seamless customer journeys. Al Tayer attributes his company’s success to the “feverish focus” and dedication of his team. “First and foremost, it’s about building a team and surrounding yourself with the right people,” he says. “I try to build trust by giving them ownership. Once they have ownership, they drive the business as if it were their own.” An industry that requires a high level of execution. recommends being patient and focusing on the important details. “Focus on what you’re doing and do it right,” he advises, urging entrepreneurs to remain dedicated and data-driven.
