Sunaina Rana / EMIRATES BUSINESS
Striking furniture could add manifold to the ambience of any celebration and could earn a streak of compliments for the proud host. Finding a scope of lucrative business out of this innovative idea, Dubai-based start-up Innovative Hiring has established a groundbreaking business model of renting furniture in the region.
Innovative Hiring boasts of the best contemporary furniture in the region and is looked upon as one of the most reputable name in the industry.
Furniture sector also holds immense potential for the future growth. As according to Dubai Exports’ report, Dubai furniture imports crossed AED5.6 billion in 2011, and exports and re-exports were valued at AED529 million and AED1.5 billion respectively.
The Emirates plays a significant role in the region’s furniture industry with more than 600 factories set up at a capital investment of over AED1 billion ($272 million), said a recent report released by Dubai Exports in 2015.
Undoubtedly, furniture leasing business is emerging as one of the predominant sector in the industry. Renting furniture for business events, social gatherings and personal celebrations has been witnessed as the latest trend in the GCC market. With diverse range of companies offering such facilities, the sector has been evolving in the region rapidly. Over the years, Innovative Hiring has emerged as a market leader in the GCC region for event furniture leasing. Based in Dubai and offering services in the entire GCC region, Innovative Hiring is known for its unique products and impeccable service.
However, there was a very modest beginning for Innovative Hiring. It started its journey with two small shops in the International City in Dubai in 2012 and soon opened its own independent warehouse in the Investment Park – 2 of the emirates.
The parent company of Innovative hiring is Place Settings that was set up in Melbourne over 20 years ago. Place Settings brought its hiring experience and expertise, to Innovative Hiring with their equipment sourced or fabricated via Melbourne, through shipped directly to the UAE.
Innovative Hiring is bringing the finest selection of products that are unique and their service is simply unmatched.
With an eye in design and space management, Paul Harding, General Manager of Innovative Hiring, has discovered the niche for high-end furniture hiring market in Dubai and under his guidance, Innovative Hiring is catering to the likes of many big names including Galleries Lafayette, Harper’s Bazaar and Lincoln Automotive launch.
Emirates Business speaks with Harding, to get more of their innovative business model.
Excerpts from the Interview
What inspired you to explore the furniture hiring business?
Dubai is a cultural hub for showcasing products and ideas. A unique theme is always needed in the market and the industry of presenting these themes in the form of inspiring events holds immense potential.
Many times it has happened that I visited certain events and I felt that while the ideas were in place but their exact execution was lacking. Repetition in terms of décor was evident in countless events which I had attended. It was the time to rekindle my passion as I had a personal interest back home in Australia dealing with furniture. Creativity in furniture hire really lacked in Dubai and apparently I was at the right place at the right time to fill that void.
What are the prospects of furniture hiring business in the GCC?
The prospects are largely subjected to the ideas behind the theme. As a furniture hire firm for corporate events and personal garden parties, we have to look into both aspects. Our range is changing with time as we have four seasonal changes much like the fashion industry. Dubai is gearing for its moment of truth as a host city for Expo 2020, an opportunity to showcase the best of talents, ideas, innovation and culture. As a regional hub of marketing point, Dubai is flooded with multinationals. The prospects are getting higher every year. Since 2012, the events’ industry is growing at a rate of 25 percent annually, which is a solid sign of its strength and diversity.
What kind of clientage do you cater to?
We have clients such as Harper’s Bazaar, Lincoln, Channel, Christian Dior, Gucci, Louis Vuitton, Galleries Lafayette, GMASCO to name a few.
What kind of products are you offering in particular. Are they the blend of contemporary and vintage?
Our products are innovative and bespoke; we try to carry items that nobody else in the industry has.
This keeps us fresh and different and enables us to service our client base. If someone desires something different, they know they will find it at Innovative Hiring. Our range runs from modern contemporary right through to rustic and
What are the most popular events that depend upon the furniture hiring industry?
Residents in Dubai love shopping and it’s not a surprise that fashion and the food industry has large stakes in Dubai’s GDP. Fashion and food industries are in my opinion the most popular events that require unique furniture to décor and create a sense of experience that matches the individuals or the brands lifestyle design language.
What are the aspects you need to consider before taking up any project?
The client and their requirements are probably the key elements to be considered before we commit to a project. Sometimes we may not be able to meet a client’s requirements, but that is a rare chance. We always have something from our range that would satisfy even the pickiest of clients. Choosing the right client is also a key. We know the clients who pay on time and those who stall even long after the project has been completed.
Do you have any other project in the pipeline?
We have a lot of lifestyle and fashion events lined up. Right now they are all in the development and ideas formulation stage, therefore it is too early to divulge. We are also working with a large event company in Qatar on few very exciting events which will be happening later this year.
What kind of numbers are you expecting by the end of the financial year?
We are in line of growing around 30 to35 percent year on year. As a SME we are not focused on bidding for every event that comes around. We tend to pick and choose the projects for its creativity and being different. Our new line of Bordeux and Provincial range for this year brings back the French and plantation lifestyle which is fresh and engaging at the same time.