In today’s links, we start off with an interesting article recently featured on the popular international news site Quartz and written by a good friend and member of MYCOE on how the world’s fastest-growing population is also a massively untapped food and fashion market. Some insightful quotes from the article:
- A report by Euromonitor estimates that Muslims will make up more than a quarter of the world’s population by 2030. According to The Economist, the global Islamic market was worth over $3.6 trillion in 2013, and the market is projected to be worth over $5 trillion by 2020.
- The market for Muslim fashion is projected to account for over 14% of the global fashion market by 2019.
- While the market for e-commerce in this arena is still relatively small, it is also growing faster than conventional fashion sales online; it expanded at a rate of 25.4% in 2013, as compared to 5.8% growth in conventional fashion-related e-commerce.
- While the market for Muslim-friendly products has been developing over the years, there is still a lot of room for growth as the Muslim consumer base continues to increase. Opportunities for companies to enter this market abound, regardless of the organization’s location or religious persuasion.
Have you heard of Chobani yoghurt? Chobani yoghurt was founded by Hamdi Ulukaya, a Turkish immigrant to the USA. In October 2007, he created the first batch of “Greek style” yoghurt (which was at that time very new to the US market) for a modest trial order. Through having a quality product and clever marketing and sales strategies, Chobani yoghurt expanded rapidly and now makes up more 19% of the overall yoghurt market, hauling in some $1.5 billion in revenue in 2016. It’s an unbelievable story considering Ulukaya grew up raising sheep. Ulukaya is intent on uplifting immigrants and today, about 30% of the company’s 2,000 employees are immigrants, hailing from more than 15 different countries despite social media outrage and receiving death threats. Having turned down buyout offers from the likes of PepsiCo, Chobani’s continued expansion will be exciting to watch. Ulukaya talking about two young girls who were refugees now employed by the plant:
“Yes, I built a $450 million plant and all that stuff, but the part I love the most is becoming this hub for building lives. Refugees have gone through so much, just like these two girls. And seeing them smile and full of energy, it’s like a new world is created—while you’re making a cup of yogurt! Nothing is more beautiful than that.”
In other news, the new double-tax agreement between South Africa and the United Arab Emirates (UAE) may offer reprieve for South Africans working in Dubai if National Treasury’s proposal (mentioned in one of our previous posts) to amend the exemption on foreign employment income applicable to South African tax residents is introduced. “So whether or not you earn foreign income – as long as it is not sourced from South Africa (which it will not be because you work and live in Dubai) – you will not be subject to tax in South Africa. So this proposed change in law may not have such a widespread impact as what at first sight may have been apparent.”
An inspiring article on The Art of Finding Your Focus is well worth a read.
“If you really want to get ahead, the first thing you need to do is figure out where you’re going to create a massive amount of value in your career. The second thing, is figuring out how you’re going to carve out the time and energy to focus on the first.”
And in our last link for the day, the ZAR cracks through R12.35 to the USD for the first time since July 2015. How does that impact you or your business if at all? We would love to hear your thoughts.