Irth announced the launch of UAE-born business, Covetor, which will allow emerging and disruptive brands to tap into Middle East consumers.
The company, co-founded by Mohammad and Saif Al Shamsi of the Al Shamsi family, seeks to bring to market emerging brands that were previously unavailable to Middle East consumers. Covetor disrupts traditional investment and distribution models by providing a full service offering to brands looking to enter the Middle East.
Covetor is operated under Irth, an opportunistic private investment firm.
Covetor will source innovative brands that have already enjoyed success with consumers and investors in their home markets and accelerate their expansion in the Middle East – putting the region at the forefront of global trends. Covetor makes venture capital investments in brands and aids them with all aspects of their expansion, supporting in region-wide distribution, retail, end-to-end logistics, marketing, technology and UX services.
Commenting on the launch of Covetor, Co-founder, Mohammad Al Shamsi said: “We are excited to be launching Covetor with its first-of-its-kind business model. The traditional Middle Eastern investor is passive. We are not. Covetor invests and actively creates consumer demand for the brands under its portfolio. We also recognise the region is often toward the end of global expansion plans and want to turn that on its head and put us at the forefront of consumer trends.”
Co-founder, Saif Al Shamsi, added: “From a shareholder perspective, delivering a seamless brand experience is our key objective. We use our expertise and technology to ensure that each brand we bring in is authentically represented, whilst also adapting it to suit the region’s cultural and operational needs”.
With a reputation for growing and transforming businesses, David Bisset has been appointed as Managing Partner of Covetor. David brings 20 years’ experience in leading established and start-up businesses, having managed portfolios of more than 900 of the world’s leading FMCG and luxury brands. Prior to joining Covetor, David was CEO of Lagardère Travel Retail Middle East, a subsidiary of the €7.2b publicly listed Lagardère Group. David holds an MBA from London Business School.
David Bisset, Managing Partner, Covetor, said: “The Middle East is an amazing, vibrant consumer market that closely follows global trends. Yet, often, the most exciting and emerging international brands are not here, and we strongly believe our consumers deserve to experience these brands.”
“Covetor is unique: we invest equity and buy stock. We are more than a partner; we are the brand in the region. We provide the full service offering to enable these brands to enter and succeed in the market,” David continued.
Covetor is currently in final talks with several international brands to facilitate their launch in the region.