Business
The watch man: Seddiqi
A company which started as a small watch store has today turned into a commercial empire housing 50 global brands
- By Zaher Bitar, Staff Reporter
- Published: 00:00 December 8, 2009
- Image Credit: Karen Dias/Xpress
- Watchman Mohammad Abdul Majid Seddiqi, vice-president of Sales, Ahmad Seddiqi & Sons Group — a leading watch dealer in Dubai.
Dubai: The science of measuring time and the art of making timepieces is not only a profession, but also a passion for Mohammad Abdul Majid Seddiqi, vice-president of sales and board member of the Ahmad Seddiqi & Sons Group — a leading watch dealer in Dubai.
The company which has the licence for 50 global watch brands and 56 showrooms across the UAE employs 500 workers. It has the biggest watch workshop in the Middle East — a "mini-Switzerland" — where it repairs around 15,000 watches a year, under the supervision of staff from Switzerland.
Over the last century, the company has grown from a small watch shop to a commercial empire involving both retail and real estate operations. It is 100 per cent owned and run by the Seddiqi family — and they would like it to stay that way.
The company was founded in Dubai by Ahmad Seddiqi — a man who had a passion for watches and started the business as a hobby while working for a company owned by his cousin. He kept a very small collection of watches in his drawer — mainly western brands like Rolex — which he bought and sold. For sentimental reasons the family still keeps some of the old timepieces that had been first bought by their grandfather long ago.
Then "things grew: the company grew and the family grew as Dubai grew".
Today, the company is run by the third generation of the Seddiqi family. However, influence of the second generation, particularly of Abdul Majid, Chairman, and Abdul Hamid, vice-chairman, is still felt as they remain involved in the business.
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All in the family
Seddiqi, 31, spoke to Gulf News in his modest office in a building — belonging to the family — on Shaikh Zayed Road, surrounded by family photographs, centred around a huge picture of his grandfather Ahmad Seddiqi.
Seddiqi was educated at a university in Geneva, Switzerland, where he earned a degree in Marketing and Management, while working part-time with the watch brand, Chopard. This gave him a new appreciation for the details and intricacies of horology, or watch-making.
Seddiqi believes that his love of watches is programmed in his DNA. To this day, he still keeps the first watch he owned, which was given to him by his father.
As a child, Mohammed would follow his father to his grandfather's house where he would jump at the chance to open up the boxes of newly delivered watches.
"From all my heart I love what I am doing. It is not only a family business. I am interested in watches and I have the passion."
Seddiqi said that even if one is a family member, joining the company has rules and regulations. He explained: "We should look at family business from a different perspective to achieve remarkable progress.
"So, whoever joined the family business should not [only be a family member, but also] have some passion and experience and market exposure outside the family company before stepping in.
"It is always a choice left to the individual whether he likes or not. For instance, when you do something because you have to do it, the result might be good, but still incomparable to the [results] when you do something because you love to do it and will dedicate more of your effort to do."
The father of two young boys, Seddiqi said, unless they wanted to, he would never tell his children to join the company.
Apart from watches, which represent 80 per cent of the business, Seddiqi's real estate investment makes up the remaining 20 per cent of the company.
"We develop and rent out but we do not sell. As in the watches business, our guiding philosophy in real estate is also quality," Seddiqi said.
Early next year Seddiqi will be opening new shops in the Sunset Mall on Jumeirah road and two shops in Mirdif City Centre in Dubai.
"We have no expansion plans for the Gulf region or worldwide. We consider Dubai as a very important market and very big in terms of [its diverse] economy. It is better to stay in Dubai, put more effort in improving everything than going outside to have more, exposure and achieve low quality business. Our concentration is UAE market and mainly Dubai. We trust only Dubai."
Despite the global economic crisis, he remains upbeat about the future of the business.
"The crisis affected everyone but we should not complain, as we should admit that 2007 and 2008 were two exceptional years. There are ups and downs in every business and in any market," Seddiqi said.
"Of course we have had a drop, but it is varied from one brand to another. However, we have an increase in sales for some other brands." It is a matter of pride that the company has not fired a single employee and none of their shops was closed amid the economic downturn.
He expects things to get better: "Wherever Dubai is going, we are going, following our leaders."
For Seddiqi, the real challenge is to maintain the company's number one position in the market, while coping with Dubai's growth and maintaining the quality of service that it provides to keep their customers trust. For him, the secret of Seddiqi success is ‘Trust, faithfulness and customer service'.
While there are competitors in the market, the relationship is friendly.
"We try to be close to each other to understand the market, but they are an alternate choice. At the end of the day, it is the customer's choice about which watch to buy," Seddiqi said.
Seddiqi's aim is to continue what his grandfather started — growth while staying in a family company based on tradition and customs. However, he has many other interests and spends time swimming, watching movies and collecting mobile phones and a variety of interesting knick-knacks. His love for food has taken him to some of the most amazing restaurants around the world.
According to Seddiqi, a man should consider life as a challenge. His motto: "Live every day as if it were your last."
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