Christophe Caïs, 55, may be managing his own firm that takes care of customer experiences at luxury brands like Louis Vuitton, Dior, Gucci, Lancôme, and Ferrari, for nearly 15 years now in the UAE, but the roots of the French expat's first of two multi-national businesses lie in China from back in 2006.
Caïs’ career, however, began in the US, where he worked for an audit firm and then a large food importer. "I met a young French designer who had launched her label and asked me to join her at some point. We worked together for 10 years, which taught me much about fashion, branding, and retail.
"Leaving the fashion company was a tough decision, but being in China at the time was a lucky opportunity, as it was the ideal place to launch a new venture. Another defining moment came during the Covid-19 crisis when our turnover plummeted by 90 per cent within a couple of months."
As part of his entrepreneurial journey, Caïs has lived in many countries – France, Spain, the US, China, and the UK, but he admits that Dubai is the place that offers the “best conditions for an entrepreneur like me”. The company started operating in Dubai, in 2010.
"Dubai has been instrumental in my professional and financial growth. The business-friendly environment and dynamic economy have allowed me to expand my ventures and investments significantly."
From kid entrepreneur to running a $30m multinational firm
However, success did not come easy for the serial entrepreneur who now runs a firm that currently generates $30 million (Dh110.2 million) in revenue. Coming from a modest family background, he had to work to make money.
"I started selling potatoes at age 10 that I found in the field near our home after the farmer had finished his harvest." A recovering workaholic, as Caïs calls himself, he learnt the hard way to keep a reasonable budget, while occasionally spending on luxuries or splurges.
Caïs was forced to practice extreme frugality at the start of his business journey. "My business partner and I were extremely frugal with our company's running costs when we started. We had only two staff members and didn't pay ourselves any salary initially,” he described.
“Initially, we operated out of a tiny apartment, keeping expenses to an absolute minimum. When we started in 2006, we ended the year with fewer than ten clients. We were quite fortunate to sign our first contract within a few months of opening the company.
“We requested a deposit at the contract's signature, which helped us cover our initial expenses. By the end of the first year, our growth accelerated rapidly, necessitating the involvement of a financial investor. He stayed with us for two years and returned during the Lehman [2008] financial crisis.”
Caïs sums up this in the Chinese word "Weiji," which signifies that a crisis is both a danger and an opportunity. He said, "Embracing this mindset has been crucial in navigating challenging times. I was already well aware of a brand's challenges in delivering a good customer experience. My idea was to be a trusted partner and do that at scale."
What went into launching business operations in Dubai, UAE?
As a service provider, starting operations in Dubai required hiring people and finding an office. Caïs said the human resource costs have been the most significant for their businesses. Though the firm was born in China, it now operates with 12 offices in cities such as Tokyo, Shanghai, Paris, and New York, with an IT hub in Tunis.
Lesson #1: Don’t reinvest all profits back into the company and neglect savings
"In my first business, I reinvested all profits back into the company, neglecting my savings, leaving me vulnerable when facing challenges. I found myself with nothing when I turned 37 at the end of my first venture. All my friends had already bought their homes or apartments.”
Learning from this experience, Caïs now invests in real estate, high-quality bonds, and select shares to ensure his financial security isn't solely dependent on his business. "When I launched my second business in 2006, I was determined to take a different approach and decided grow the business and build my assets.
“As soon as the business was stable, I needed a decent salary and started saving. My current strategy for saving for retirement is quite conservative. I invest in real estate, high-quality bonds, and select shares. This strategy has made a significant difference, providing financial security and stability that I lacked in my first venture.
"Running a business demands a significant amount of my attention and energy, so I choose stable investment schemes that require minimal oversight. This allows me to focus on my primary investment: The business I founded and continue to run."
"I spend a lot of time with my family. When the weather permits, I'm all about outdoor activities, particularly camping in the desert. I recently started playing golf and paddle tennis; it's a lot of fun. I also enjoy reading classic novels, I'm about to finish ‘Les Misérables’ by Victor Hugo, and business books."
Lesson #2: Saying ‘no’ when pursuing every new investment opportunity
Saying "no" has been the most challenging yet valuable lesson Caïs had to learn. He added that pursuing every new opportunity and exciting direction when starting a business is tempting. While adapting to a changing landscape is crucial, having a focused strategy provides the necessary foundation.
"One of my professors once said, 'If your strategy changes every year, you don't have a strategy, but if it doesn't change in 10 years, you don't have one either.' This wisdom has guided me in balancing the need for consistency with the flexibility to adapt when necessary.
"Moreover, discipline, resilience, optimism, and constant learning are also crucial. Remaining open and curious is especially important in today's rapidly changing world. Engaging with what I read and hear from conversations helps me continually adjust my strategy."
Caïs has established two exceptional teams over time. "Within the company, I rely on my executive team, and outside, I depend on my advisory board. Both groups play a vital role in my decision-making process, providing invaluable support and insights."
