Dubai Future Foundation partners with Richemont to explore solutions for luxury retail sector

Dubai Future Foundation (DFF) has launched a new initiative to encourage tech startups, scale-ups, SMEs and entrepreneurs from around the world to participate in a challenge to come up with unique solutions for the luxury retail sector.

The challenge is part of the Future of Luxury Retail startup incubation programme, organised by Dubai Future Accelerators, an initiative by DFF, in collaboration with Richemont Middle East, India and Africa.

The innovative solutions will be developed as part of the Future of Luxury Retail challenge by participating startups at Area 2071.

The Future of Luxury Retail challenge launched on March 21, and participating entrepreneurs and startups can submit their entries before April 26, at 11.59pm GST.

There will be two main challenges: the first is to develop an interactive product experience through immersive in-store activations, and the second is to explore data-driven personalisation solutions that interpret insights to build customer relationships.

.@DubaiFuture Foundation partners with Richemont to develop new solutions in the luxury retail sector. #Dubai https://t.co/pxV9kdJmBr pic.twitter.com/EKkHnAFIoD

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Following the registrations, a 12-week programme will commence in May 2022. In the first phase of it, a four-week virtual programme will involve each entrant presenting their ideas to a decision-making committee. The top companies will move to the next phase. The second phase will involve an eight-week in-residence programme in Dubai (flights, visa and accommodation will be provided as part of the benefits), during which Richemont will review and evaluate the proposals of the participants and choose the winners.

The challenge is expected to aid Richemont – whose brands include some of the world’s most prestigious brands including Cartier, A. Lange & Söhne, and Vacheron Constantin, among others – to utilise modern technologies to analyse data, study customers’ behaviors and engagement, and enhance the communication through digital and traditional channels.

Abdulaziz Al Jaziri, deputy CEO of Dubai Future Foundation, said: “The Future of Luxury Retail challenge is part of Dubai Future Foundation’s efforts to strengthen partnerships with the private sector at the local, regional and global levels and to provide an opportunity for entrepreneurs and innovators to launch new tech-enabled solutions from Dubai. Retail is a key sector in Dubai, and the innovative solutions that will be developed at Area 2071 in collaboration with Richemont will help advance the sector, which can utilise the latest technologies to enhance Dubai’s position as a global hub for incubating, testing and developing innovations.”

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council and Chairman of the Board of Trustees of the Dubai Future Foundation, launched the Dubai Future Accelerators programme in 2016, as part of DFF to provide a platform to shape the future of strategic sectors, incubate technological solutions, and attract top global minds to test and implement their innovations in Dubai and the UAE.

Pierre Fayard, CEO at Richemont MEIA, added: “We are proud to partner with Dubai Future Foundation in launching this unique initiative in Dubai, which is considered one of the best global hubs in the trade, retail and shopping sectors, and a preferred destination for customers looking for a luxury retail experience.”