Arab retailer BinHendi Enterprises, one of the oldest family-owned businesses in the UAE, has hired McKinsey & Company to review the performance of the organization. Based on the outcome, the strategy advisory firm has been given the mandate that it can if needed "restructure the organization and improve its management". That is what Mohi-Din BinHendi, President of the retailer, confirms in Gulf News.
BinHendi Enterprises is one of the largest retailers in the UAE. It focuses on luxury and fashion segments, including fashion, shoes, watches, jewellery and accessories. Over the past year the retailer booked a 20% growth of its business.
"Every so often we tend to dive into the company and stay there and not come out of it" says Mohi-Din BinHendi. "We wanted professionals to look at our processes, systems and management". When asked why he hired McKinsey, known to be the most expensive management consultants in the field, he said: "Hiring the wrong people results in lost opportunities". Reputation also played a major role he declares open-heartedly: "When you hire a top international consulting firm like McKinsey then you can't hire wrong".