Shaping the dream

June 3, 2018 | By Rupkatha B

Our young entrepreneur for the month is Saudi national Malik Shehab, who along with his German friend Ronny Froehlich set up an online beauty business called Golden Scent in Saudi Arabia.

Ever since their university days they had the urge to set up a business together. Four years ago, they gave shape to their dream by launching Golden Scent. The goal was to offer easy access to premium perfume and beauty products in the Kingdom.

Cut to the present, in 2018; the brand has acquired a leadership position in KSA’s e-commerce landscape.  The co-founders, taking a long-term vision of the business, were keen to expand further. That saw Golden Scent raising Series A funding. Saudi Aramco Entrepreneurship Ventures backed the investment along with Equitrust, the investment arm of Choueiri Group, Wamda Capital and Raed Ventures, the investment arm of Almajdoui Holding.

“We self-funded the business initially, using our savings. As Golden Scent started gaining traction, we started talking to financial investors in KSA. But at that time it was difficult to convince investors to put their money in the e-commerce business,” recounts Shahab. “We travelled to Europe to pitch the idea and received seed investment from a German individual. That gave us a push to expand into Dubai with an office. The business started growing, and we were able to break even within the first year of receiving the seed investment. To scale up the business further and expand, we undertook the Series A funding, last December.”

The business started with perfumes, as the name implies. “Majority of our products are fragrance-oriented. But we didn’t want to see Golden Scent as an online perfume brand only. It had to go beyond perfumes and include everything under beauty, such as make-up and skincare. Currently, we have over 100 brands on Golden Scent. Together we have undertaken several successful campaigns to broaden our reach while spreading awareness about our brand partners,” Shehab shares.

Read the full story in our June edition.



Previous Article Next Article



Lulu Group partners with Amazon expanding grocery offerings to online customers in the UAE

Abu Dhabi based grocery retail chain Lulu Group has partnered with Amazon 

Continue Reading

November 24, 2022 | By RetailME Bureau
Food Tech Valley partners with Tradeling to boost UAE’s food ecosystem

UAE-government-led initiative Food Tech Valley – announced in 2021 by His Highness 

Continue Reading

November 17, 2022 | By RetailME Bureau
Lulu Hypermarket to open in The Dubai Mall in 2023

Abu Dhabi-based supermarket chain Lulu Hypermarket is all set to open in 

Continue Reading

November 10, 2022 | By Rupkatha B
Beyond Meat’s Q3 2022 results “disappointing”

Plant-based meat brand Beyond Meat’s financial results for the third quarter of 

Continue Reading

November 10, 2022 | By RetailME Bureau
Barakat unveils new biodegradable packaging

UAE’s fresh produce brand Barakat has launched bio-degradable packaging across its entire 

Continue Reading

October 27, 2022 | By RetailME Bureau
Pure Harvest CEO Sky Kurtz

UAE-based agritech start-up Pure Harvest Smart Farms has signed a Memorandum of 

Continue Reading

October 27, 2022 | By RetailME Bureau
Carrefour signed up as anchor tenant for Midtown Project

Carrefour, owned and operated by Majid Al Futtaim – Retail in the 

Continue Reading

October 27, 2022 | By RetailME Bureau
Grandiose Supermarket announces country-wide expansion plans

Grandiose Supermarket, part of Ghassan Aboud Group, has announced expansion plan in 

Continue Reading

October 26, 2022 | By Rupkatha B
100 years of Valrhona

The Valrhona journey began 100 years ago with a cocoa bean. Since 

Continue Reading

October 24, 2022 | By Justina Eitzinger
On-demand grocery delivery in 15 mins

Deliveroo UAE has announced the expansion of its rapid grocery delivery service 

Continue Reading

October 24, 2022 | By RetailME Bureau
Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment

The Ministry of Climate Change and Environment (MOCCAE) revealed that the UAE 

Continue Reading

October 17, 2022 | By RetailME Bureau

Abu Dhabi-based leading supermarket chain Lulu Group has appointed investment bankers Moelis 

Continue Reading

October 13, 2022 | By RetailME Bureau

Download Images RetailME Magazine