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Dubai Future Foundation Partners With Richemont To Develop New Solutions In Luxury Retail Sector

Dubai Future Foundation (DFF) has announced the launch of a new, first-of-its-kind initiative in the region to encourage and support tech start-ups to participate in a special challenge to utilise the latest technologies and innovations and contribute to the development of a quality and innovative experience for luxury brand customers.

The challenge is part of the Future of Luxury Retail start-up incubation programme, organised by Dubai Future Accelerators, an initiative by the DFF, in collaboration with Richemont Middle East, India and Africa. It provides global entrepreneurs and start-ups the opportunity to showcase their ideas and innovative solutions to advance the retail sector.

The innovative solutions will be developed as part of the Future of Luxury Retail challenge by participating start-ups at Area 2071 – the innovation ecosystem in Dubai that brings together the world’s brightest minds.

The challenge 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 traditional digital channels using innovative methods.

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."

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 utilise the latest technologies to enhance Dubai’s position as a global hub for incubating, testing and developing innovations."

Pierre Fayard, Chief Executive Officer 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."

Entrepreneurs and start-ups wishing to participate in the challenge can register via Dubai Future Foundation website.

The Future of Luxury Retail challenge launched on 21st March, and participating entrepreneurs and start-ups can submit their entries before 26th April, 2022, at 23:59 GST. It encompasses challenge 1 on interactive product experience through immersive in-store activations, and challenge 2 on data-driven personalisation on interpreting insights to build customer relationships.

H.H. 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 an integrated global platform for shaping 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 ideal opportunity to find solutions to various challenges by exploring, developing, and utilising future technologies.

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