Indian fragrance and flavour business Sacheerome plans to invest $5 million to establish a research unit in Dubai. The business aims to bolster its business in the UAE and announced its investment goals at a trade show in the UAE this week.
Sacheerome is confident that its investment will strengthen its business in the Middle East, which it sees as an increasingly important luxury market, India Retailing reported. The business aims to achieve ten-fold revenue growth in the coming 30 to 60 months, fuelled by its Dubai unit.
“The Middle East is a confluence of cultures from across the world, and the business is remarkably fluid,” said Sacheerome’s managing director Manoj Arora at the BeautyWorld Middle East 2023 trade show in Dubai, the Press Trust of India reported. “Earlier London, Rome, and Paris were the luxury market trendsetters but today, Dubai is as big a fashion and lifestyle powerhouse.”
Sacheerome exhibited at the Dubai trade show from October 30 to November 1 to present its offering to an international business-to-business audience. “While India is a huge price sensitive market, Middle East shoppers, with their strong purchasing power, are willing to spend more on high quality niche products,” said Arora.
Sacheerome’s investment will be used to set up the research and innovation centre as well as an application lab, evaluation centre, sales office, and warehouse. The project is expected to take between three and five years.
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