May 18, 2020

Yoox Net-a-Porter sets sights on the Middle East

Middle East
net-a-porter
yoox
dubai mall
Bizclik Editor
1 min
Yoox Net-a-Porter sets sights on the Middle East

Yoox Net-a-Porter has its sights set on the Middle East after having sold a 100 million Euro stake in the company to Alabbar Enterprises. Alabbar owns Emaar Properties, which includes the world's most-visited luxury shopping mall, the Dubai Mall, combining the largest physical retailer with the largest online fashion store.

Richemont will remain the Yoox Net-a-Porter group's biggest shareholder, while Alabbar will pay 28 Euros per share, which is a premium of 5.7 percent on the closing share price earlier this week. The company is worth about $4.2 billion.

Luca Solca, an analyst for Exane BNP Paribas, told nytimes.com: "[Yoox Net-a-Porter] is a business that promises continuing gross revenues, as more and more brands convert to digital. It is understanable why a long-term investor might be attracted to it."

Although the Middle East represents five percent of the luxury market, neither Yoox nor Net-a-Porter has an Arabic website, the reason being that the region's contribution is considered merely a fraction of the 1.7 billion Euro revenue. 

Despite this, the Middle East has been increasing its interest in luxury items for some time. In 2012 Bahrain-based Investcorp bought silver branmd Georg Jensen for $140 million, and in 2013, Qatar's Mayhoola for Investments acquired Valentino for $850 million. 

 

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Jun 14, 2021

5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly

Tapoly
Insurance
Leadership
Digital
Kate Birch
3 min
Heading up Europe’s first on-demand insurance platform for the gig economy, Janthana Kaenprakhamroy is winning awards and leading with diversity

Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.

Here, Business Chief talks to Janthana about her leadership style and skills. 

What do you do, in a nutshell?

I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.

How would you describe your leadership style?

I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.

What’s the best leadership advice you’ve received?

Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.

How do you see leadership changing in a COVID world?

I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.

They say ‘from every crisis comes opportunity’, what opportunities do you see?

The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless. 

What advice would you give to your younger self just starting out in the industry?

Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.

 

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