'The skincare industry in the UAE has generated $1.2 billion in sales': Asghar Akhtar Khan

Asghar Akhtar Khan, a Pepsi co-heir and an alumnus of Boston University, has turned a new leaf as an entrepreneur.

In 2019, though he had entered the $10.5 billion organic skincare market with ex-celebrity designer Ollia Tzarina, a Greek-born-Russian designer, who is known for red carpet outfits of Beyoncé Knowles and Kendall Jenner, his business acumen and entrepreneurial skills are on show following the launch of VITA Eternity in the UAE on June 10.

VITA, which means life in Latin, Eternity seeks to tap the organic skincare market in the country and beyond. “Data shows that the skincare industry in the UAE has generated $1.2 billion in sales, of which 24 per cent accounted for online sales alone. We’re also conscious of our price points, which are highly competitive,” he says.

Credibility, he claims, is his biggest capital.

Outside of his entrepreneurial pursuits, Khan is a fitness freak.

“After a hard day’s work, I usually like to read articles online or watch edutainment documentaries and movies. However, the best way to unwind is a 50-minute workout as it strikes a happy blend of physical and mental wellness throughout the week,” he says.

Khan also admits that he owes his success to his parents, “who served as mentors to inculcate discipline, integrity and keep the faith going”.

He was fortunate enough to travel around the world during his childhood. “It’s fascinating how much you can learn and remember at a tender age by experiencing new cultures in various geographies,” he says.

Today, Khan hopes to emerge as a dominant player in the skincare market segment in the UAE.

“We’d like to expand our footprints to the Kingdom of Saudi Arabia and Qatar as both these countries have a high per capita income and purchasing power on the lines of the UAE. I’m bullish about the beauty and cosmetics sector in the UAE alone, which is expected to grow at a CAGR (compound annual growth rate) of 4 per cent over a five-year period and generate a revenue of up to $150 per person,” he adds.

Khan explains the primary factors that are driving the discernible growth. “There has been a perceptible generational change as younger consumers penetrate the market, who are highly tech-savvy, aided and abetted by social media platforms and e-commerce. Besides, from a macro-economy point of view, the UAE is poised to experience strong GDP (gross domestic products) growth, driven by large consumer spending, rising real estate demand, effective healthcare policies, incentivised work visa offerings, high tourist footfall and effective law and order enforcement,” he says.

His business acumen is grounded in his experience in banking and finance. “I’ve put in place a robust business plan to create high-quality products, which are naturally attractive in a competitive market. I’m laying emphasis on lifestyle products, which are largely durable in nature,” he adds.

What made him make the paradigm shift to the beauty industry from investment banking? “I spent a lot of time researching various sectors and industries during my stint with the investment banking sector. I conducted due diligence regarding sectoral financial metrics and future growth prospects,” says Khan, who has an innate idea of the skincare and beauty industry because of its tremendous popularity in his native Pakistan.

joydeep@khaleejtimes.com