Mahyoola CEO Rachid Mohamed Rachid Decodes the Luxury Business

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The Egyptian entrepreneur transitioned from Coca-Cola and Lipton tea to chairman of Valentino and Balmain.

executives who got their start in fast-moving consumer goods — and quickly learned that the marketing approach is vastly different.

Rachid disclosed that Mayhoola had been exploring an initial public offering as a way to bolster governance, raise capital for M&A, and create incentive systems like share options for its management teams. “We definitely found in Kering and its leadership a like-minded institution,” he said, praising the leadership and vision of its chairman and chief executive officer François-Henri Pinault.

“It was a huge success story over a period of 20 years,” so much so that the chairman of Unilever at the time asked Rachid to join him as an executive director as the-then Anglo-Dutch giant work was embarking on an acquisition spree. “In one week, he bought three companies: Best Foods, Ben & Jerry’s ice cream and Slim-Fast.”

He fled the country after the 25 January Revolution of that year, established himself in Qatar and sold his 40 percent stake in the Unilever joint venture, which then boasted a market capitalization of about 2 billion euros. Rachid established what was then called Mayhoola for Investments along with a number of private investors, including Qatar’s royal family. “We keep the shareholding very confidential,” he stressed.

Alsara Strategic Investments, which controls Bidayat, includes the brands Akoni, which produces eyewear for Valentino and Balmain; puffer jacket maker Khrisjoy; design venture Fromm; jewelry brand Azza Fahmy; Egypt-based handbags label Okhtein; Flyroom, and the IP of Walter Albini, with the goal to revive the dormant Italian fashion brand.During a wide-ranging conversation, Rachid shared his views on the luxury business, mused on his leadership style and the silver lining in failures.

Pal Zileri is a different story, as we had the challenge that all the formal menswear companies had. But we are taking advantage of the reality that tailoring is picking up again. After the pandemic, people are going back to suits and going back to a mix between formal and casual.

 

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