Dubai Future Foundation, In Partnership With Switzerland-Based Richemont, Invites Startups To Participate In The Future of Luxury Retail Challenge This first-of-its-kind challenge in the region is for tech startups to contribute to the development of high quality and innovative experiences for luxury brand customers by utilizing the latest technologies and innovations.
By Entrepreneur Middle East Staff Edited by Aby Sam Thomas
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Dubai Future Foundation (DFF), in partnership with Switzerland-based luxury goods holding company Richemont Middle East, India, and Africa, has launched a first-of-its-kind challenge in the region for tech startups to contribute to the development of high quality and innovative experiences for luxury brand customers by utilizing the latest technologies and innovations.
Titled the Future of Luxury Retail challenge, the initiative was launched on March 21, 2022 with the deadline for applications set for April 26, 2022.
The challenge comes as a part of the Luxury Retail startup incubation program, organized by Dubai Future Accelerators (an DFF initiative that is hosted at the Dubai-based co-working space Area 2071) in collaboration with Richemont Middle East, India, and Africa. The incubation program aims to provide global entrepreneurs and startups with an opportunity to showcase innovative solutions that can advance the retail sector.
The Future of Luxury Retail challenge is split into two parts: Challenge 1 will focus on interactive product experience through immersive in-store activations, while Challenge 2 is about data-driven personalization of interpreting insights to build customer relationships. Participating startups will develop and fine-tune their business solutions at Area 2071.
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"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," said Abdulaziz Al Jaziri, Deputy CEO of Dubai Future Foundation, in a statement. "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."
On his part, Pierre Fayard, CEO at Richemont MEIA, 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 ideas that will be developed as part of the Future of Luxury Retail challenge will be catered towards redesigning the luxury customer experience. The challenge is also set to enable Richemont to utilize contemporary technologies to analyze data, study customer behaviors and engagement, as well as enhance communication through digital and traditional channels through innovative techniques. The solutions will also contribute towards the development of customized experiences that meet the needs of customers in line with their preferences, and help brands improve the quality of their experiences, develop marketing and sales strategies, and enhance revenues in the short and long term.
Interested entrepreneurs and startups wishing to participate in the challenge can register here before April 26, 2022, 11:59 pm Gulf Standard Time (GST).
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