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Transformation, Takeovers, And Turnarounds
Forbes Middle East - English
|Jan 2023
Over just five years, Majid Al Futtaim Lifestyle has changed its name, quadrupled in size, and driven over 217.8 million in sales. CEO Fahed Ghanim discusses the pathway to growth, the importance of user design, and his vision for the future.
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Five years ago, Majid Al Futtaim Lifestyle intended to undergo a transformation. What was the decision behind that, and what have the milestones been?
Many businesses today are motivated by transactions rather than interactions. When joined Majid Al Futtaim Lifestyle in 2018, did so with the intention of fostering a culture of interconnectedness from the way the team operates to the way customers interact with our portfolio of brands. Therefore, our transformation has been built around delivering the best customer experiences, even amid the chaos of the pandemic, supply chain management issues, inflationary pressures, and technological advancements. We have reframed transformation’ as a higher level of performance and evolution rather than a time-bound project. Over the past five years, we have completely revised our portfolio strategy by divesting brands that were not the right fit in the pursuit of growth. We continue to record year-on-year, double-digit growth and trend above budget, boasting approximately 217.8 million in sales this year alone.
Not only has Majid Al Futtaim Lifestyle hit countless milestones, but so have our partners. For example, lululemon Middle East has gone from less than 13.6 million in sales to over 54.4 million in two years.
When setting any target, we always take the original number and double it-for these internal incentives encourage us to be bolder and do better. like to think that this expansive mindset is what inspired the name change from Majid Al Futtaim Fashion to Lifestyle, which left behind the business of retail to focus on the business of moments.
How do you help brands set up in the U.A.E. and across the region? How has Majid Al Futtaim Lifestyle maintained its own identity in the process?
This story is from the Jan 2023 edition of Forbes Middle East - English.
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