5 Mins With… The Co-Founder of Philip Stein

What is your company focusing on this year?

We’ve just finished our re-branding and are very excited to bring it out to the world. The new ethos and central idea of our brand is ‘Live in tune’. Tuning is a very positive action. Tuning a music instrument makes it sound better and tuning a car makes it run better. Our technology re-tunes our body and mind to perform at its best. When we are in tune, we feel better.

Are you concerned that the current volatile global economic climate will affect your strategy?

The volatile economic climate affects everyone, but instead of waiting for better times to come we try to be proactive. Since we are no longer only a watch brand, but a wellbeing technology and lifestyle brand which has watches as one category, we are exploring other ways of using and applying our technology as well.

What are the growth areas currently for your industry?

Our fastest growing product category is the Philip Stein sleep bracelet. We are selling it very successfully on airlines, one of them being Emirates Airlines, as well as in our Philip Stein stores. This category has great big potential to grow, as sleep is a global problem. The sleep bracelet is a nighttime accessory engineered to help improve sleep and we’ve received great so far feedback from customers.

What new products will your company launch this year?

Toward the end of this year we will launch two collections of unisex bracelets, with our Natural Frequency Technology. These bracelets will come in at an affordable entry price point.

Will you be expanding into new territory?

Yes, we will open India this year. India is one of the emerging markets with a very large middle class. Furthermore, we will expand in China and South East Asia.

What are the biggest challenges for UAE businesses in your sector?

Since we are not the typical luxury watch brand, but a premium wellbeing technology brand, we first need to educate the local population about the benefits of our watches and other accessories. Once we’ve established credibility, we’ll be able to build a strong community of believers as we have done in other countries.

Will you be hiring this year?

Yes, we’ve hired already a new CFO, a in-house designer and some operation staff this year. We are now looking for a global brand manager and merchandising manager.

What’s your leadership style?

I’m a visionary and motivator. I inspire my employees with my visions and give them suggestions how to achieve these. I believe in giving employees freedom and responsibility in what they are doing and helping them to grow this way.

What makes the perfect employee?

Loyalty; hard work; and the ability to think.

Define success…

Love what you do, learn and grow, be independent, give back and stay healthy.

Three tips for becoming the boss…

• Do what you love
• Don’t let anyone say you can’t
• Never give up.

When I’m not at work I like to…

Spend time with family and friends, enjoy nature and be adventurous.