Dubai Future Foundation (DFF) in collaboration with Richemont Middle East, India, and Africa (Richemont) has launched a first-of-its-kind initiative in the region to spur tech startup-based innovation in the luxury retail sector.
The Future of Luxury Retail startup incubation programme, which is organised by Dubai Future Accelerators – an initiative by DFF in collaboration with Richemont – provides global entrepreneurs and startups the opportunity to showcase their ideas and innovative solutions.
The initiative aims to redesign the luxury customer experience and help Richemont utilise modern technologies to analyse data, study customer behaviour and engagement, and enhance communication through digital and traditional channels using innovative methods.
The solutions will contribute to the development of customised experiences that meet the needs of customers in line with their preferences, and help brands improve the level of their experiences.
In addition, it will help develop marketing and sales strategies, and enhance revenues in short and long term. Entrepreneurs and startups wishing to participate in the challenge can register here.
The deputy CEO of the Dubai Future Foundation, Abdulaziz Al Jaziri, 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.”
He added: “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 utilize the latest technologies to enhance Dubai’s position as a global hub for incubating, testing and developing innovations.”
The chief executive officer at Richemont MEIA, Pierre Fayard, said: “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.”
The Future of Luxury Retail challenge launched on 21 March, 2022. Participating entrepreneurs and startups can submit their entries before 26 April, 2022.
It includes challenge 1 on interactive product experience through immersive in-store activations, and challenge 2 on data-driven personalization on interpreting insights to build customer relationships.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the 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.
The programme is part of the Dubai Future Foundation to provide an integrated global platform to shape the future of strategic sectors, creating economic value based on incubating and accelerating businesses and future technological solutions, and attracting top global minds to test and implement their innovations in Dubai and the UAE.
The Dubai Future Accelerators programme organises a series of specialised workshops, meetings and various professional and knowledge events at Area 2071, and provides an opportunity for cooperation to find solutions to various challenges by exploring, developing, and utilising future technologies.
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