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Background
In his first-ever public interview, Khalid Al Tayer, managing director of Al Tayer Insignia and CEO of the luxury e-commerce platform Ounass, shared his insights into the rapidly evolving luxury market in the Middle East, the regionâs growing influence on global trends, and how developing his business with a customer-first mindset has enabled him to build Ounass, one of the most powerful e-commerce platforms in the industry.
âThe brands that have taken [the Middle Eastern] customer as a very important customer and respect them are seeing benefit. The ones that approach this customer as, âTheyâre just going to buy what we make, and weâre going to do ⦠a good enough job because weâre busy somewhere else,â are not benefiting. Respect the Middle Eastern customer,â shares Al Tayer.
This week on The BoF Podcast, BoF founder and editor-in-chief Imran Amed sits down with Al Tayer to understand the shifting preferences of customers in the Middle East and learn how he is creating opportunities for regional talent to flourish.
Key Insights
- Despite challenges in the global luxury sector, Al Tayer points to the Middle East as a resilient outlier in the industry, especially post-Covid. Brand investment in top-tier store experiences, thoughtful activations, and tailored assortments have fostered a deeper connection with the local customer. âThe Middle East ⦠has been a shining candle in the industry generally because of the resilience and the growing sophistication of the Middle Eastern customer,â Al Tayer notes, attributing this shift to more brands recognising the importance of this increasingly important market.
- Al Tayer forecasts that e-commerce will soon make up half of all luxury retail in the region, with Ounass already pushing double-digit annual growth in this area. âIn the next few years ⦠50 percent of the sales of retail will be online,â he says, describing an evolving model he calls âluxury convenience.â While physical stores will still offer unparalleled experiences, online platforms like Ounass meet the growing demand for digital access and seamless customer journeys.
- Al Tayer attributes his companyâs success to âfanatical focusâ and the dedication of his team. âFirst and foremost, itâs all about team and surrounding yourself with the right people,â he says. âI try to build trust by allowing them to have ownership. When they have ownership, they really drive the business like itâs their own.â In an industry that requires high levels of execution, he recommends patience and focusing on the details that matter. âFocus on what youâre doing and get it right,â he advises, urging entrepreneurs to remain committed and data-driven.
