Building a beauty business

Lata Loungani FCCA is an exemplar for women in business in the Middle East. In the seven years since she joined The Grooming Company Holding (TGCH) – a private equity-owned, UAE-headquartered and largely female-led salon and beauty brand chain – she has worked her way up from finance manager at a subsidiary to group CFO, garnering a wealth of experience and insight along the way.

Female leads

Loungani is not the only senior woman on the team – indeed, the company is to a very real extent led by women. ‘All the managing directors and heads of department are women, and this supportive network has fostered my professional advancement,’ she says.

Born and raised in Dubai, she understands the cultural dynamics and complexities around entering the business world as a woman. ‘It was hard to make my way, especially during the early stages of my career. I had to face challenges that were not typical for my male peers, put in longer hours and work even harder to prove myself.’

She found those years fulfilling, however. ‘It taught me resilience and gave me an unwavering determination to succeed,’ she says. ‘I’ve also been lucky to have had mentors who advised me along the way and provided guidance on how to navigate the challenges that come with being a professional woman.’

Strategic turn

As CFO, Loungani has proved herself to be a driving force for the organisation’s success. She is involved in decision-making at a high level alongside other heads of department, the senior leadership team and the group’s main board. ‘When I started, my work focused on company-level business initiatives. Now, it encompasses long-term strategic planning for the whole group, working with multiple brands,’ she says.

‘We meticulously analyse strategies to streamline operations, achieve economies of scale and uphold the brands’ core values,’ she explains, adding that several board members are founders of businesses the company has acquired. ‘It can be inspiring to learn from their journey and gain from their insights and views.’

One of the most important questions currently preoccupying Loungani is risk mitigation. ‘We look at how trends are changing, how our competitors are changing, and how our financials are aligning with company objectives,’ she says.

As well as those competitive pressures, inflation and optimising technology use are on her agenda. ‘Investment in technology has been a priority to remain ahead and retain market share,’ she adds.

Beauty boom

The beauty and personal care sector the company operates in is thriving in the Middle East. In the UAE, 2023 revenues for the sector are projected to be US$1.14bn, according to Statista, with the personal care segment accounting for nearly half that.

TGCH has been growing accordingly; since 2016, revenues have grown by 70%. When Loungani joined, it was a loose grouping of beauty businesses (she was the finance head of one of them), with three core beauty brands and 16 salons. Today, it has five brands, including nail bar chain N.Bar and male grooming chain 1847, operating through more than 50 outlets across UAE, Qatar and Saudi Arabia as well as franchise businesses in the UK and Canada, and partners with household names such as UK hairdressing luminary Trevor Sorbie. Another 10 salon openings are planned for the current financial year.

People focus

The business and its sector may be thriving, but Loungani is determined to maintain efficiencies and competitiveness. Part of that effort involves focusing on employees, franchisees and partners. She and the other heads of departments pay close attention to managing human capital – everything from salaries and benefits to staff satisfaction levels and productivity.

A key issue is around agility in a fast-moving environment. ‘There are questions around how we take action more quickly,’ she says. ‘How do we maximise and capture the crowd?’

If keeping the business lean and competitive as it expands is critical, ensuring that the customer experience remains compelling is equally so. ‘We are investing in technology to make the whole process as smooth and simple as it can be for our customers,’  Loungani says.

Modernising the back office is crucial, too. As well as overseeing an SAP enterprise software roll-out, Loungani is looking at the potential of business analytics platform Power BI to help her enhance reporting systems.

Rapid rise

Loungani has come a long way since starting out as an accounting intern at a local firm while studying for the ACCA Qualification. A year later she joined BDO as an external auditor before moving on to The Grooming Company, where initially she collaborated with the operations team and provided business insights. ‘Within two years, I’d been promoted to take over the entire Dubai operation, coordinating with managing directors and working with bigger teams,’ she says. ‘Having ACCA was definitely a big plus, since I was given an opportunity based on my qualification when I had little experience.’

Her remit broadened further still as she started working with the CEO to integrate the policies, systems and cultures of businesses being acquired by the group. She was soon given responsibility for UK operations as well, dividing her time between the UK and Dubai.

She then took the reins of the finance reporting function for the whole group, having been promoted to group finance planning and analysis manager, and in 2020, when the group’s e-commerce platform was launched, she took over responsibility for the supply chain and IT functions before becoming CFO.

‘Every one to two years, I’d get a new opportunity, and that’s what has kept me thriving. Every day I get new challenges to solve,’ she says.

Looking ahead, she plans to continue driving sustainable growth and further her commitment to empowering women in business. ‘My story demonstrates the power of determination and passion,’ she says. ‘I hope I serve as a beacon of hope for aspiring female professionals, encouraging them to break barriers and defy societal norms. I want to inspire others to pursue their dreams without fear.’