Trade Watch V8 No 3 July 2014

SUCCESS STORY

Participation in ANUGA has opened new export markets for SMAKS. In addition to the Caribbean market, the company is now distributing to Europe, specifically Austria, Belgium, Denmark, France, Sweden, Switzerland and the United Kingdom. The company is also in discussions with buyers in Germany and Italy. The other major achievement for SMAKS Chai Rum was catching the attention of and securing a deal with Camper and Nicholsons International, the world’s largest yacht brokerage. As a global brand partner, Chai Rum will be poured at some of the company’s most prestigious events, including the Formula 1 Monaco Grand Prix slated for May 22-25, 2014. Chai Rum has also won silver in a Wine & Spirits tasting competition at the world renowned Wine & Spirits Wholesalers of America at Caesars Palace in Las Vegas, an accomplishment that will no doubt open the US market for the luxury brand. “It has been amazing experience, and all it started with ANUGA. Of all the experiences I’ve had with Caribbean Export over the last three years, this was by far the best.” SMAKS first became a beneficiary of Caribbean Export in 2011, shortly after he had introduced Bespoke Teas to his company’s brand. “Even before ANUGA, Caribbean Export had played an incredibly important role in our success. They gave us the very first break by facilitating our participation in Design Caribbean in Santo Domingo, and the response from the public was phenomenal. After that, there were other trade missions, opportunities to receive funding, and attend talk shops and meetings. With each activity, we tried to maximise the opportunity that was given to us.” Following Design Caribbean, Kiran entered and won Caribbean Export’s pilot launch of its business competition, Break Point in Grenada in 2012 and was given the opportunity to pitch his product to investors in the finals of the competition in London. SMAKS received a Direct Assistance Grant that year, to assist with the re-branding of the business and facilitate e-commerce. “What Caribbean Export offers regional firms and entrepreneurs is a hand up, not a hand out. It’s up to us to make the most of these opportunities. We built this company on passion and fumes, but initiatives like Design Caribbean, Break Point and ANUGA gave us the momentum we required, to reach the markets that we desired.” As Kiran continues to capture the taste and flavour of the Caribbean with his unique blends and assortment of teas, the shrewd businessman is constantly thinking of new ways to revolutionise the story of SMAKS. “In addition to expanding the growth of Chai Rum across the rest of Europe, we want to re-launch the website for the Tea and focus a bit more on that side of the business. We are also looking at the structure of the company and increasing financing.” Building a globally recognised brand takes time and comes with its own lessons. Kiran notes that that vision, quality and confidence are at the top of his list. “Like most Caribbean businesses, SMAKS’ model was import and retail, not manufacture and export, but I saw a huge and largely unexploited opportunity, and other entrepreneurs can do the same if they embrace the vast natural resources that the region has to offer, pay attention to quality and detail, and be confident in their brand.”

Kiran also believes that regional firms are in a position to maximise their exports with co-operation and innovation. He admonished bigger firms to understand that innovation is important and that working with small entrepreneurs is the way to go. “These entrepreneurs don’t have the bureaucracy that comes with bigger organizations, but they have to the speed to move and ideas to innovate. However, as small entrepreneurs, we have to be sure that we have a good idea or product; the best way to test this is to face the public. Bring it to market and gauge the reaction you receive.” (TW)

To view the Exporting Success video with Dr. Kiran Akal, Chief Executive Officer, SMAKS Luxury Group please press play on the image (internet connection required)

Contact Details: SMAKS Luxury Group Limited Shop #129, Building #6 Valpark Shopping Plaza, Valsayn Park Trinidad and Tobago Tel: 1-868-663-3097/621-0699 Email: info@chairum.com

16 Tradewatch • The Official E-Newsletter of the Caribbean Export Development Agency • Vol. 8 No. 3 July 2014