Jan 11 2024
In this insightful episode of Retales, from retailers to retailers, we delve into an engaging conversation with Toufic Kreidieh, the CEO of Brands For Less (BFL). He shares the fascinating journey of founding the fashion brand in Beirut back in 1996, highlighting the challenges faced when introducing the off-price concept to the Middle East.
Toufic emphasizes the core principle of the off-price business model, aiming to provide extremely affordable value products from renowned international brands. “The idea of Brands For Less or any off-price retailer is the more brands available, the merrier,” he assures.
Despite the initial challenge of familiarizing a market with this innovative retail approach, the concept gained traction, especially the captivating treasure hunt experience. Toufic attributes the success of this model to the inherent human nature of being hunters.
The podcast explores BFL’s international expansion, detailing the adaptability required to tailor a retail model to diverse markets and consumer preferences. Toufic underlines the crucial role of digital transformation and innovative solutions like Orquest in retail. “Our activities are extremely reliant on technology”, he says, to ensure a seamless intersection between brick-and-mortar and online channels.
Toufic also delves into the sustainability aspect of the off-price model. “We consider ourselves part of the sustainability cycle, expanding the life cycle of the product”, he states. Additionally, he stresses the importance of a clear vision and building a strong, committed team for delivering exceptional customer service, echoing the entrepreneurial philosophy that has fueled the success of Brands For Less in the competitive retail landscape.
Listen to the full conversation for more insights on how to build a retail brand based on the off-price model.