Eau de Oud: The Sweet Scent of Success

Over the past few decades, the Middle East’s well-publicized growth has brought foreign investment and an influx of international brands to a quickly growing population of middle and upper class consumers. These demographics responded especially strongly to the luxury market, an industry that currently enjoys strong global sales even amid a lackluster global economy. Now, a decidedly Middle Eastern luxury product has taken off amid this international luxury market, and their plans for global expansion could be a harbinger of the future of Middle Eastern exports.

The aforementioned luxury product is Oud, a perfume that has long enjoyed its status as the premier scent for the Middle Eastern elite. Over the past few years, demand for Oud has risen to the point where producers can no longer keep up with orders from its customers. But domestic demand is only half of the story. Oud companies are eying the emerging markets of South America and Asia as the first stops in their multi-billion dollar plans for expansion.

The message here is that the Middle East’s economic growth has provided an increase in sales for Western companies eager to expand, which in turn has spurred the region’s domestic industries. The result is that the major players in nearly every domestic industry are starting to do something novel: expand their own business in order to cater to a new set of customers throughout the world.

The problem is that Middle Eastern companies have very little experience in the global marketplace. These businesses are going to have to be brought up to speed very quickly in the cultural and professional norms of doing businesses in markets as diverse as Peru, Mexico, Canada, and Singapore. The barriers of language can seem quaint when compared to the regulations and societal issues that may come up.

What is an expanding Middle Eastern business to do? Hiring a consultancy group is a necessary investment, especially considering that many of these businesses are entering new markets for the first time—and we all know the importance of first impressions. No matter your industry, growth requires taking into account all the variables of a different culture. And who else knows the variables better than anyone else? Three words: Elder-Marini Group. Call us today.