Latest news with #Oman-based
Business of Fashion
10 hours ago
- Business
- Business of Fashion
How Niche Perfumers Pay to Win
While the greater beauty slowdown may be bringing about the end of the Lipstick Index, perhaps it's led to the emergence of a different product as an economic indicator: Fragrance. Sales in the category rose 4 percent in the prestige channel and 8 percent in the mass market in the first quarter of 2025, according to intelligence firm Circana. And while body mists and designer scents are driving the mass category, it's niche fragrances that are keeping prestige sales afloat. A recent NielsenIQ report saw indie brands claim 23 percent of overall fragrance sales, with its 34 percent year-over-year growth outpacing the overall category, driven by demand for esoteric and expensive new perfumes popularized on social media, especially TikTok. Its perception as an affordable luxury buy, and one that helps buyers express their individuality, has contributed to their rise. The indies have been growing 'exponentially,' said Linda Levy, president of the Fragrance Foundation. 'They're often on a level playing field with big brands in direct-to-consumer storytelling and engagement.' That success has brought more competition from perfumery's traditional players — and their deeper pockets. Indies have to walk a tightrope to survive: they must follow Big Perfumery's business blueprint, but are also expected to provide elevated quality with surprising compositions and precious ingredients. Benoît Verdier, co-founder of perfume house Ex Nihilo, previously told The Business of Beauty that their competition was 'the big guys', referring to conglomerates like Estée Lauder, LVMH and Puig. 'If we want to compete against them, we need power.' ADVERTISEMENT To stay ahead, and to ensure their offerings remain singular, they're investing heavily in various corners of their businesses — in their perfumers, in their retail spaces and in their juices themselves. Omani fragrance house Amouage, recently backed by L'Oréal, lavishes both time and money on its perfumes, with long maturation times and potent ingredient concentrations. (Amouage) For perfume houses like Marc-Antoine Barrois, Kriger and Amouage, these investments are crucial to justifying their lofty prices, starting at around $160 per ounce. And their pay-to-win strategies are working. In 2024, the Oman-based Amouage recorded 30 percent growth, and annual retail sales now exceed $260 million, a figure that's more than doubled in the last three years. Marc-Antoine Barrois, headquartered in France, did nearly $70 million in retail sales in 2024, and is projected to grow to $100 million in 2025, its eponymous founder and artistic director told The Business of Beauty. Many indies have been scooped up by private equity firms: In 2024, D.S. & Durga was acquired by private equity firm Manzanita Capital, and L'Oréal purchased a stake in Amouage the same year. But even after a cash infusion, niche perfumers have to work to maintain their credibility. D.S. & Durga Co-founder Kavi Moltz told BoF that, post-acquisition, 'we're now spending more time on the creations and our community.' A Fine Balance It can be challenging to decide to divert precious resources to a superior — and eye-poppingly expensive — quality of jasmine, when more pressing areas like escalating supply chain costs, inflated MOQs and viable distribution channels need cash infusions. But for many niche perfumers, passion supersedes profit. One universal touchpoint is destination retail spaces that manifest slower, immersive and meaningful storytelling experiences. Chief executive Marco Parsiegla said that Amouage's boutiques are 'both commercially impactful and creatively essential' and have turned a profit more quickly than anticipated. Standalone retail spaces can be costly, but they have more profit potential than wholesale, allowing for greater consumer engagement, explains Paul Austin, founder of fragrance and branding agency Austin Advisory Group, and co-creator of LilaNur Parfums. Many niche perfumers have a mix of both: Amouage is stocked at over 1,000 department stores and fragrance boutiques worldwide, in addition to its 12 standalone boutiques. Same for Barrois, whose relatively modest offering of seven perfume SKUs sustains three standalone boutiques. 'I wanted my stores to be a place where people can escape their reality,' Marc-Antoine Barrois said. Krigler keeps supply rarified, setting up jewel-box-like spaces in the most exclusive hotels and never exceeding one door per city. Its Parisian outpost opened in December last year at The Peninsula Paris, at a cost of $2 million, counting the value of archival trunks and Baccarat crystal decanters on display. The rent for the 320 square foot space is almost in the six figures in euros, said a source with knowledge of the brand's business. ADVERTISEMENT That level of spend is worth it to fifth-generation owner Ben Krigler because it allows them to connect with high-spending clients. On opening day, a Qatari royal cleaned out their inventory, buying limited edition flaçons and every bottle of an exclusive collection including the testers, each worth $1,700. Her shopping spree brought in €100,000 ($114,000). 'A big portion of the store was empty,' said Krigler, who had to fly in employees from other stores with suitcases full of perfume the next day. Then it comes down to the juice itself. Fragrance houses spend lavishly on marquee name perfumers, who then go on to spend lavishly on ingredients. Barrois uses Quentin Bisch, a Givaudan perfumer known for Good Girl by Carolina Herrera and Parfums de Marly's Delina series. 'We have no limits on Quentin's time or on the ingredients we put in,' Barrois said. 'I don't know what it costs exactly and don't want to.' Bisch's scents, Ganymede and Tilia, are hits for the brand, together accounting for over 60 percent of sales. Perfumer and couturier Marc-Antoine Barrois, foreground, with his perfumer of choice, Quentin Bisch. 'We have no limits on Quentin's time or on the ingredients we put in,' Barrois said. 'I don't know what it costs exactly and don't want to.' (Jérôme Emeriau) Cash is not the only currency spent on niche fragrances, which often need time to mature. Amouage's approach to the aging process makes liberal use of both, which chief creative officer Renaud Salmon said is a non-negotiable part of their process: 'It unlocks the full potential of the perfume… bringing out complexity that would be impossible otherwise.' Each formula is evaluated to define the right maturation time. Since this step ties up working capital by requiring storage space, and results in inventory remaining unsold for months, it pushes up the cost of the perfume, as does Amouage's propensity to offer higher concentrations of fragrance concentrate than most houses, with some going up to 30 percent or more. 'From my experience creating for other luxury brands, this number is at least ten times higher than what is typically allowed,' Salmon said. Krigler's fragrances, too, start at 25 percent concentration, and can go up to 45 percent. Maturation time is a minimum of 18 months. Back to Basics These might seem like insurmountable costs to bootstrapped brands, which niche perfumeries often are. While Amouage is backed by L'Oréal, both Krigler and Marc Antoine Barrois remain family-owned. ADVERTISEMENT Barrois started in 2016 with a few thousand euros and invested everything he earned into the business. Early on, he rented out his apartment on Airbnb and funneled that into the company, too. But his first scent, B683, was so well-received that inventory he thought would last ten years sold in less than two months. That hustle and high comes with indie territory. And like Barrois, if nothing else, brands can leverage niche perfumery's founding principle: focus on product above all else. Veronique Gabai, founder and CEO of her eponymous brand, and former global president of the fragrance division of the Estée Lauder Companies, explains that indie perfumery's very origin was in disruption. 'Niche perfumes were born out of a reaction to the overtly marketed product that the fragrance industry was 20 or 25 years ago,' she said, citing the example of Frederic Malle. 'The purpose… was to go back to the quality of the juice, time spent on craftsmanship, and collaboration with perfumers.' Gabai welcomes brands renewed focus on what's always been at the heart of the niche perfumery ethos: The juice itself. Investment in the fragrance product is not just investment, but 'the very core of the strategy,' Gabai said. 'Niche isn't about marketing, imagery, or a big name and face. It's about creating a product that enchants, surprises and evokes important emotional reactions from people.' Sign up toThe Business of Beauty newsletter, your complimentary, must-read source for the day's most important beauty and wellness news and analysis.
Muscat Daily
24-05-2025
- Automotive
- Muscat Daily
Karwa unveils vehicle line-up for defence, logistics sectors
Muscat – Karwa Motors has launched a new range of vehicles in a strategic partnership with Impel and technical cooperation with MAN designed for logistics, military and public transport at its factory in Special Economic Zone at Duqm (SEZAD). Developed to meet needs of local, regional and international markets, the vehicles highlight Karwa Motors' efforts to align with modern transport technologies. The project supports both government and private sector requirements, while reinforcing the company's focus on enhancing local automotive manufacturing in the sultanate. The company is currently producing a variety of vehicles developed to meet high safety and efficiency standards, targeting transport needs across cities and remote areas. The line-up underscores Karwa's contribution to Oman's transport infrastructure. Karwa Motors also confirmed its continued collaboration with Oman-based Armored Group to produce armoured vehicles for special applications. The partnership aims to expand the company's product portfolio to serve key sectors requiring specialised transport solutions. Ibrahim bin Ali al Balushi, CEO of Karwa Motors, said the new vehicles launched reflect ongoing efforts to strengthen the automotive industry in Oman. 'The goal is to serve domestic markets and expand exports to regional and global destinations, while supporting industrial self-sufficiency.' He added that such vehicle manufacturing developments enhance the presence of Omani industries in wider markets and support national economic diversification objectives. 'Production of these vehicles represents a major step in our industrial and technological expansion,' Balushi said. 'It consolidates Oman's position as a centre for specialised vehicle manufacturing, leveraging the infrastructure available at SEZAD.'
Business Standard
12-05-2025
- Business
- Business Standard
TCS soars after signing digital transformation pact with Oman's largest insurer Dhofar Insurance
Tata Consultancy Services jumped 4.68% to Rs 3603.45 after the company announced agreement with Oman-based Dhofar Insurance Company for transforming its core insurance platform. Incorporated in Oman in 1989, Dhofar Insurance Company (DIC) is the largest insurance enterprise in Oman. It has a market share of over 18% in the general insurance space in the region. As a part of the collaboration, TCS will accelerate DICs digital transformation journey, by setting up a modern insurance platform with next-gen technologies and improve customer and advisor experience across its key business offerings including life, medical, general and motor insurance. TCS will help DIC harmonize several existing product lines and drive business agility while rolling out new products. R Vivekanand, president, BFSI Products & Platforms, TCS, said: We are delighted to partner with Dhofar Insurance Company on the modernization journey of their insurance platform, and further expand our presence in the region. We are confident that Dhofar Insurance Company will be able to achieve breakthroughs in productivity, elevate customer and advisor experience with the Next-gen TCS BaNCS; and in the process accelerate business outcomes. TCS has a presence of over 20 years in Oman and is working with leading companies in the field of telecom, securities and some of the biggest banks and financial institutions in the country. TCS also opened its first office in Oman earlier this year, echoing TCS' commitment to driving digital transformation and supporting the economic and social development goals outlined in Vision Oman 2040. Tata Consultancy Services (TCS) is a digital transformation and technology partner of choice for industry-leading organizations worldwide. On a consolidated basis, TCS reported a 1.26% decline in net profit to Rs 12,224 crore while revenue from operations rose 0.79% to Rs 64,479 crore in Q4 March 2025 over Q3 December 2024.
Observer
09-05-2025
- Business
- Observer
Salalah Port aims to become liquid trading hub
MUSCAT, MAY 9 Having already established itself as a major player in the handling of container and dry bulk commodities, Oman's Port of Salalah — one of the busiest maritime gateways in the Middle East — is now eyeing the potential to serve as a prominent liquid hub as well. Fuelling this potential is the growth of an expanding petrochemicals industry in and around Salalah, with significantly volumes of methanol, LPG and fuel products currently being handled at the maritime port overlooking the Arabian Sea and Indian Ocean beyond. A sizable increase in wet bulk volumes is also anticipated when a major new cluster of petrochemical plants materialises at the adjoining Salalah Free Zone in the coming years. Commenting on the outlook for the growth of a liquid hub at Salalah Port, Braik Musallam al Amri, Chairman of Board of Directors, Salalah Port Services Co SAOG, said: 'Interest in wet bulk is encouraging and Salalah's potential as a hub for liquid trading and handling is becoming more solid. This is driven by the well-developed infrastructure in place and the established know-how that the port built over the years. The company is working with prospective customers on opportunities to develop new business in the Port.' Currently, all of the volumes of methanol and LPG exported through Salalah Port are generated by OQ Base Industries (OQBI), the majority Omani state-owned integrated petrochemicals complex operating in the free zone. Output of methanol and LPG from the plant hit record levels last year. Seeking to capitalise on the presence of ammonia, methanol and LPG as feedstock in Salalah, Al Baleed Petrochemical Company — an Oman-based firm — is currently in the early stages of developing a petrochemicals park in the free zone. The cluster is envisaged as an integrated petrochemicals complex that will process these commodities into an array of high-demand chemical products. The park is proposed to host modularised units focused on, among other commodities, propane dehydrogenation (PDH); maleic anhydride — a key intermediate in the production of biodegradable plastics; Formic Acid (85 per cent concentration), Acetic Acid and Hydrogen Peroxide (35 per cent and 50 per cent concentrations). On the dry bulk front, however, Salalah Port continued to post strong gains, bolstered by its growing importance as a hub for locally mined minerals like gypsum and limestone. General cargo throughput climbed 11 per cent to 6.4 million tonnes during Q1 2025, up from 5.8 million tonnes in Q1 2024. The increase was driven by an uptick in the demand for gypsum and limestone for export. 'Dry Bulk (limestone and gypsum) demand is strong and traders are exploring new markets, which will strengthen our forecasts once confirmed. With port equipment capacity reinstated, customers are now more confident to book larger parcels, which puts the port on track to meet volume forecasts for this year,' said Al Amri in the Director's Report for Q1 2025. However, container volumes declined 6 per cent to 823K TEUs in the first quarter of this year, compared to 878K TEUs a year ago — a dip attributable primarily to ongoing disruptions in the Red Sea. 'The Red Sea situation remains unchanged and uncertainty extended well into Q2 2025. However, the longer term outlook remains positive given ramping up of the Gemini network and the interest from Hapag Lloyd to divert business to Salalah. This is seen on both the transshipment and import/export fronts,' the Chairman added.
Observer
08-05-2025
- Business
- Observer
Total assets of Asyad Shipping top RO 1.1 billion
MUSCAT, MAY 8 Total assets of Asyad Shipping Company SAOG, Oman's majority government-owned maritime transportation company, has recorded a rise in the valuation of its assets to RO 1.099 billion at the end of Q1 2025, up from RO 1.085 billion at the end of 2024 – a growth driven by an increase in property, vessels and equipment, right of use assets and trade receivables. Announcing its maiden financial results for Q1 2025 – the first since the company's successful listing on the Muscat Stock Exchange (MSX) in March following the completion of its Initial Public Offering (IPO) – Asyad Shipping also witnessed an increase in the size of its diversified ocean-going transportation fleet. 'During the first quarter of 2025, two newly built Product Tankers had been acquired that are under construction where the first installment was paid for in Q1 2025; Furthermore, we have made an additional payment related to one of the newly built LNG vessels acquired in 2023,' Abdulrahman Salim Al Hatmi, Chairman of the Board of Directors - Asyad Shipping Company SAOG, noted in the Directors' report for the quarter. Owned 80 per cent by Asyad Group, the Oman-based global integrated logistics enterprise, Asyad Shipping currently operates a fleet of 86 vessels, of which 47 are owned or co-owned, 33 are chartered-in and 6 are under order. The fleet comprises: 22 crude tankers (including 16 VLCCs, four Suezmax vessels and two Aframax vessels); 32 products tankers (26 MRs, two LR2s, two methanol carriers, one small tanker and one small chemical tanker); 17 dry bulk carriers (four VLOCs, nine Ultramax vessels, two Supramax vessels and two Kamsarmax vessels); 10 gas carriers (eight LNG carriers, one VLGC and one MGC); and Five container vessels (two Handymax vessels, one Handysize vessel, one Supramax vessel and one Panamax vessel). A further six new vessels, currently under construction at Korean shipyards, are set to join the fleet over the next two years. Asyad Shipping and its associated ship management and charter companies reported a net profit of RO 11.4 million for Q1 1025, compared to RO 12.8 million for the same period in 2024. Gross revenue amounted to RO 83.8 million, which was slightly lower than the RO 86.4 million recorded in Q1 2024. Parent holding company Asyad Group – part of Oman Investment Authority (OIA) – continues to leverage its expansive presence encompassing the ports, shipping and maritime, land and coastal transportation, and logistics segments, to reinforce the country's appeal as a logistics hub. 'Asyad Group is committed to positioning the Sultanate of Oman as a global logistics gateway and a regional distribution hub for international trade,' commented Abdulrahman al Hatmi, Asyad Group CEO. In an interview featured in Enjaz & Eejaz, the quarterly newsletter of Oman Investment Authority, Al Hatmi, said Asyad Group is 'actively exploring opportunities for foreign acquisition and expansion into new markets'. At the same time, various subsidiaries of the Group have kicked off a number of landmark initiatives that will catalyse further economic growth and investment inflows, he said. Notable among these developments are: the start of construction of the Muscat Airport Free Zone; southern expansion of Sohar Port; Phase 2 development of Sohar Freezone; development of Port Suwaiq and Port Sultan Qaboos; and preparatory works for the Hafeet Rail network project. 'In terms of future plans, ASYAD has completed all necessary studies to develop and operate the Integrated Economic Zone in Al Dhahirah Governorate, enhancing trade links with the Kingdom of Saudi Arabia. It has also finalized agreements for the establishment and operation of a dry port in Al Rawdha, Al Buraimi Governorate, to strengthen trade flows with the United Arab Emirates,' he added.
