7 minute read
Enter the dragon Touker Suleyman on the future of retail
Enter the dragon
Britain’s retail magnate Touker Suleyman talks the future of big brands and how to impress on Dragons’ Den
Words: Rachel Ingram
Best known as one of the fiery faces of television series Dragons’ Den, Touker Suleyman is a tough-talking businessman with an impressive career history, particularly in the retail sector. From fashion brands and tailoring shops to brownies and baby toys, Suleyman’s smart investments and business acumen have made him one of Britain’s foremost retail giants. He’s taken brands from collapse to success, launched start-ups and transformed them into household names and, while he’s been burned in the past, he’s always risen from the ashes. In an exclusive interview with Tempus, Suleyman talks product innovation, impressing the dragons, and how to stay ahead of the ever-changing retail game. »
Tempus: You’ve made your millions in retail. What is it about the industry that appeals to you?
Touker Suleyman: Well, I’ve been in the retail sector all my life, whether it’s in products or manufacturing. I’m a product man. I like products and I love innovation. I love the fact you can create something and someone will buy it.
How closely do you work with the brands you support on a daily basis?
I’m very much hands on. With our clothing brands, there’s not one item of clothing that leaves the office that I don’t see. I have a great team around me and they understand I want to see everything. It’s all about product innovation.
How do you select the companies to work with?
I ask, can we add value? Is there a synergy we can do? Can we source it in the right places? Can we open doors for the product? A lot of my investments come from a gut feeling. I don’t take months to think about something, I just do it.
Would you say you’re a risk taker?
I’m a calculated risk taker. Every day I come to work is a risk. I’ve made mistakes – I bought a business without due diligence and I lost everything. Each day we take a risk, whether it’s to do things one way or another, it’s all a risk. Take Hawes & Curtis – we bought them for a pound and now we’ve built it up to a £30m business. Even now with Brexit and retail slowing down, we were stuck with a business with fixed prices. So we’ve overcome all those.
How have you adjusted your business strategies to manage the impact of recent political and economical issues?
We are adjusting all the time. We have adjusted Hawes & Curtis prices that have gone up because of Brexit. And we looked at the offering and realised people are dressing more casual than business, so we are putting more casual wares out there now. It’s important to give the customer what they want and not become set in your ways and say ‘this is what you should be buying’. Give them what they want to buy.
How do you see the retail world changing in the future?
We will see more and more stores close down. We will have a new revolution of pop up digital stores. I think online will grow even further. I think technology will grow. Same day delivery will be more common. Certain brands will diminish. High streets will become service orientated.
How should people be embracing this change?
If you have a product people want, they will find you. However, if you have a shop, it’s fixed costs. If you have an online business you can switch it on and off when you want. Don’t get involved in fixed costs long term.
What are the biggest challenges of running an online business?
The online business is challenging because it’s all about how much you throw at it. We have a brand called Healthista. It’s an amazing brand with amazing prospects. It has three lots of revenue: a magazine, a website selling health products, and the brand which has its own products. So Healthista could a brand that could go into drink, a bar, anything. We have also invested in a bike market online called Bike Soup. We realised that cycling is now the biggest sport in the world now so we’re in that market, and that’s got a longer play because it’s got a lot of technology invested in it.
Which industries should people be investing in going forward?
I think technology is one that’s growing very fast, however it’s a risk. There’ll be a lot of businesses in technology, some will work, some won’t. The problem with technology is when a new technology comes along. For instance, I met a very astute investor who said to me ‘I won’t invest in Apple’. I said ‘why?’ and he said ‘there’ll be a new invention and Apple will be disappear.’
When it’s up, it can only go one way. For me, any business that is appealing, has a cash flow and can make a profit, yes, but industry wise, we're in the baby world which we believe is very good. Retail is tough because a lot of people today are very savvy and have become very discount orientated. However food and drink is always good. But it’s all about marketing. You can have the worst vodka in the world but if you market it right, it’ll be number one.
Many people know you as one of the ‘dragons’ on Dragons’ Den. What inspired you to go on the show?
At the time, I felt I could give something back. My highlight is that I have become an investor. People are coming to us outside of ‘the den’. Dragons’ Den is a passport to open more doors.
Do you enjoy the competition with the other dragons?
Yes, that’s part of the fun because when you’ve got a business in front of you and you want that business, there is competition. I’ve just done my third year and that’s made it a bit easier because most of the entrepreneurs now accept me as a dragon. In the first year it was very difficult because they didn’t know me.
What do you get out of the show on a personal level?
For Dragons’ Den, you have to give up 22 days of your time to go up to Manchester so it’s a commitment. However what it does do, for me, is give me a chance to meet lots of entrepreneurs. It’s helped me open my mind to other businesses away from fashion. So apart from something that’s very technological (I’m not into tech in a big way) there’s not a product sourcing business that I won’t look at. When you sit in that chair, you don’t know who’s going to come through the door or what entrepreneurs are pitching to you, so it’s wide open.
What do you look for in a potential business partner?
That they can run their own business, are honourable, trustworthy and have passion. I look for people who are hardworking and honest, and people who share my dream.
What’s your advice for those pitching to investors?
It’s important they know their numbers, know their pitches and, of course, have the vision to take it forward. A lot of it is knowing your journey and knowing where to go.
Names to watch
A closer look at some of Touker Suleyman’s most exciting investments.
The Air Agents
Luxury Airbnb property management company The Air Agents takes the hassle out of renting out properties in London. From check-in and concierge to fresh linen and cleaning, the company offers hotel-style management. Plus, with background checks in place for renters, owners needn’t worry about what they’ll come home to. It’s a no brainer.
theairagents.com
Hawes & Curtis
One of London’s longest-standing menswear tailors, Hawes & Curtis has been crafting premium tailored shirts since 1913. Relaunched by Suleyman in 2001, the brand continues to dominate the premium tailoring market and has expanded from shirts to suits, ties, accessories and womenswear.
hawesandcurtis.com
Finery London
Offering contemporary, affordable ready-towear clothing for women, British online retailer Finery London has been described as London’s alternative to fast fashion. The British label specialises in timelessly stylish pieces that are made to last and defy trends.
hawesandcurtis.com
Healthista
A fast-growing digital platform for healthconscious women, Healthista offers practical advice and products for those seeking to live a healthy, balanced lifestyle. The health channel is a one-stop shop for all of its reader’s needs, both online and offline.
