Boutiqaat Group
 | |
| Industry | E-Commerce |
|---|---|
| Founded | 2015 |
| Headquarters | Kuwait |
Area served | Kuwait, Saudi Arabia, UAE, Qatar, Oman, Bahrain, Iraq |
Key people | Faisal Al-Shaiji (Chairman) Abdullah Al-Julaibi (Group CEO) |
| Products | Beauty, Apparel & Sports, Accessories, Lifestyle |
Number of employees | 1300+ |
| Website | www.boutiqaat.com |
Boutiqaat Group (doing business as Boutiqaat) is a conglomerate that sells beauty, skincare, fragrances, fashion, electronics, lifestyle and other products. The Group constitutes of "Boutiqaat" eCommerce platform and other brands fully or partially owned by the group. Its headquarters are in Kuwait and operates in the Middle East region. The company was founded in 2015 and is one of the most valuable technology start-ups in the region.[1]
Business Model
[edit]The Boutiqaat eCommerce platform provides virtual stores (also called Boutiques) where social media influencers and celebrities share their products recommendations and sometimes also tutorials on using those products. The social media followers and fans of these influencers can browse through the curated products in these virtual stores and purchase any of these items through Boutiqaat.[2][3][4]
History
[edit]Boutiqaat launched in 2015 with a unique concept of Social E-commerce, connecting celebrities and influencers with their fan bases. It allowed celebrities to add their favorite products in virtual boutiques on the platform, enabling their fans and other customers to easily browse through these curated products and buy them.[5]
In 2019, Boutiqaat expanded into Men's fashion. The company also launched new categories dedicated exclusively for men segment.[6]
In 2020, Boutiqaat hired Citigroup Inc. to explore raising additional funds at a valuation hoped at around US$1 billion.[2][7]
In 2022, Boutiqaat opened new headquarters in Saudi Arabia and started working on the enhancement of its logistics and operational capabilities in the Kingdom.[8]
Controversy
[edit]In July 2020, Kuwait's Ministry of Interior released names of social media influencers who were suspected of using Boutiqaat for money laundering.[9] As a result, Boutiqaat's accounts were temporarily frozen.[10][11]
In April 2021, Boutiqaat was cleared from all money laundering allegations. Company was found to be compliant with all regulatory and financial policies after completion of investigation by Kuwait Attorney General of Public Prosecution (AGPP).[12] Committee of Experts investigating the matter further found that the company’s position was solid, after an examination of papers, documents, international shipping records, records of the company, suppliers, and customers.[13]
References
[edit]- ^ https://www.reuters.com/article/technology/kuwait-beauty-startup-boutiqaat-in-new-funding-talks-eyes-unicorn-status-sourc-idUSL8N2AJ1QC/
- ^ a b "Luxury Retailer in Kuwait Hires Citigroup to Advise on Options". Bloomberg.com. 2020-06-24. Retrieved 2024-10-17.
- ^ "Boutiqaat: An Online Beauty Boutique to Shop Influencers' Favorite Products". Vogue Arabia. Retrieved 2024-10-18.
- ^ Ebntaymiyah Alshaiji (2024). "The role of social media on Boutiqaat's e-commerce success in Kuwait". doi:10.13140/RG.2.2.20173.24809.
{{cite journal}}: Cite journal requires|journal=(help) - ^ https://pitchbook.com/profiles/company/279831-88#overview
- ^ https://www.menabytes.com/boutiqaat-men-launch/amp/
- ^ Caldwell, Georgina (2020-06-29). "Is Boutiqaat up for sale? Kuwaiti retailer hires Citigroup to 'explore options'". Global Cosmetics News. Retrieved 2024-10-18.
- ^ "«بوتيكات» تعزّز عملياتها التشغيلية وخدماتها اللوجستية في السعودية". جريدة القبس. Retrieved 2024-10-22.
- ^ "The Boutiqaat Saga: Balancing Innovation and Corporate Governance". Arab Gulf States Institute in Washington. 2020-08-17. Retrieved 2024-10-22.
- ^ "25 Saudi influencers linked to Kuwait money laundering scandal". gulfnews.com. 2020-07-28. Retrieved 2024-10-22.
- ^ "High-profile Kuwaiti social media influencers accused of money laundering - The Filipino Times". 2020-08-02. Retrieved 2024-10-22.
- ^ Paracha, Zubair Naeem (2021-04-06). "Kuwaiti beauty ecommerce platform Boutiqaat acquitted in money laundering case". MENAbytes. Retrieved 2024-10-22.
- ^ https://timeskuwait.com/news/boutiqaat-cleared-of-money-laundering-charges/amp/