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16 January 2024

Dubai Future Foundation and Richemont challenge start-ups to make luxury retail more innovative

By E247

Dubai Future Foundation (DFF) is partnering with Swiss luxury brands holding company Richemont in a competition to solve challenges in luxury retail experience by deploying innovative technologies and solutions.

The Future of Luxury Retail Technologies program, which includes two challenges, is open to UAE-based and global start-ups, scale-ups and SMEs. DFF and Richemont are inviting businesses to create innovative solutions to efficiently manage waiting time in boutiques while improving client experience and engagement, and innovative solutions to recruit younger clientele through unique and engaging experiences.

The program is overseen by the Dubai Future Accelerators (DFA), an initiative of Dubai Future Foundation, which facilitates dynamic partnerships between start-ups, private entities and government. The deadline for submissions is Sunday January 28, 2024, and can be made via the DFF website.

Finalists will be selected for a five-week program. The program will include air travel, visas and accommodation for two people per company, with access to state-of-the-art creative facilities, regional investors, advice from senior personnel at Richemont, and help with setting up a company outpost in Dubai.

Abdulaziz AlJaziri, Deputy CEO of DFF, said: “The launch of the second edition of The Future of Luxury Retail Technologies challenge is a testament of our ongoing collaboration with Richemont. It aims to attract pioneering and futuristic ideas to help shape the future of key sectors in Dubai and the UAE, as well as benefit communities.
“The new challenge supports the collaboration between government agencies, private companies and entrepreneurs to generate ideas aligned with the significance of the retail sector. The challenge addresses the importance of developing innovative solutions catering to customers’ demands.”

Pierre Fayard, CEO of Richemont MEIA, said: “We are pleased to announce the renewal of our partnership with the Dubai Future Foundation through this challenge, in line with our firm commitment to enhancing the process of innovation and supporting promising talents that enable us to shape the future. We will continue to work together to develop innovative experiences and reimagine the future of luxury retail.”

Next stage
Entries to the challenge will be evaluated by a special committee, based on quality, practicality, their economic feasibility, and potential future impact. Finalists will then be invited to take part in the five-week program in Dubai.
Companies participating in the challenge will connect with government entities, institutions and investment companies in the UAE and beyond, and receive support in obtaining commercial licenses if looking to operate in Dubai.