n $100 million into developing and managing gourmet lifestyle brands over the next three years for the aspiring mass affluent market. The group’s portfolio includes businesses like luxury tea brand TWG Tea, coffee boutique Bacha Coffee and Mediterranean restaurant Le Cabestan in Casablanca, Morocco. Bouqdib, president and CEO of V3 Gourmet, revealed the group’s raison d’être, key business learnings from the deadly pandemic, and what the future holds for the affordable luxury market. “In the past two years, we have invested in transforming the delivery experience,” Bouqdib said of the opportunities offered by Covid-19. “We wanted to keep ahead of the curve and connect with our customers where they were increasingly spending their time — on their smartphones.” “From then on, we have been extending the reach of our delivery network globally, while gradually improving our customers’ online and offline retail experiences at the same time. Today, the TWG Tea app has over 4 million users worldwide.” While the group’s stable is dominated by luxury beverages so far, it is likely to introduce specialty products like sake, whisky, and chocolates in the foreseeable future. Speaking about how the luxury group intends to further its brands in the F&B and gourmet retail sector, Bouqdib hinted digital offerings will play a more central role in the business operations than ever. “When customers enjoy the experience of visiting a TWG Tea salon or Bacha Coffee boutique, they rely on the convenience of our e-commerce platforms for gifting products they love to friends and family around the world and purchase larger items for themselves,” said Bouqdib. “This form of retail is extremely appealing – especially since social distancing measures brought about by the pandemic have prompted people of all ages and backgrounds to shop online.” The V3 Group comprises three key entities – V3 Brands, V3 Capital, and V3 Assets. The group has also filed for an initial public offering (IPO) on the Hong Kong stock exchange in March. “We envision our brands as offering more than just goods or merchandise. We grow timeless gourmet lifestyle brands for the long-term,” said Bouqdib, explaining the symbiotic relationship between e-commerce and brick-and-mortar retail. “We wish to develop our brick-and-mortar as consumer destinations.” Asked about the target countries for V3 Gourmet, Bouqdib said he aims to conquer the world, starting with Asia, given the group’s present foothold in the Asian market and the untapped potential the region offers. Explaining the rationale, he said: “The growing-affluent account for up to 40 per cent of household wealth in major Southeast Asian markets and more than half of the total spending in premium and luxury categories.” Bouqdib grew up in Morocco and during his career in the past 20 years, his business endeavours have taken him across countries in Europe and Asia, where he has observed the rise of this customer base. “Today, these individuals constitute up to only 10 per cent of the population in Southeast Asia’s biggest economies, but by 2030, the ranks of the growing-affluent are expected to reach 136 million and represent 21 per cent of the population.” Underlining the burgeoning appetite of the aspirational sections of the society, Bouqdib said, “The majority of growing-affluent consumers are young and savvy, salaried professionals or business owners, frequent travellers and heavy users of digital media. They want to invest in luxury goods as they make beautiful gifts and contribute to a certain quality of life.” “Asia is important because it is where our headquarters are located but V3 Gourmet is about bringing experiences to the world. Our concepts are never about being on every corner or every street. Rather, it is all about the right location. It’s about being a destination that people want to come to.”