Millya CEO: Cyprus has a vibrant and growing luxury fashion retail industry
07:10 - 05 May 2023
Ilya Loshak, CEO and Group managing partner of Millya Group – the company behind the high-end First Boutique in Limassol and Nicosia – tells us what makes the group a leader in the luxury fashion retail industry, talks about Cyprus’ “vibrant and growing” industry and reveals some exciting news about its future expansion plans on the island. Including the opening of ONE HOME, a designer homeware store.
Can you tell us more about your company, when you were established in Cyprus and how many offices / members of staff you currently have?
Millya Group was established in Cyprus in 2012 with the vision of redefining the concept of luxury retail industry and creating an exceptional luxury shopping experience for our customers. As an investment company representing luxury fashion retail activities in Cyprus and worldwide, we have built a team of experienced executives with a passion for luxury fashion and a commitment to creating an exceptional customer experience. Our team includes experts in fashion retail, e-commerce, marketing, and finance, all working together to bring our vision to life. We believe that our strategic location in Cyprus, combined with our innovative approach to luxury retail, positions us well to become a new benchmark in the Mediterranean region for the luxury fashion retail business.
Our focus is on providing our customers with access to the highest quality luxury goods and services, and we are committed to staying at the forefront of the industry by constantly seeking out the latest trends and innovations in luxury retail. We are proud to have established ourselves as a leading player in the luxury fashion retail industry in Cyprus, and our goal is to continue to grow and expand our business both locally and globally, while maintaining our commitment to innovation, quality, and exceptional customer service. Currently, we employ over 40 members of staff.
What do you believe sets your company apart from its competition?
As the CEO of Millya Group, I believe there are several factors that set us apart from our competition. Firstly, we have a deep understanding of the luxury fashion market and a passion for fashion that sets us apart from other investment companies. We do not just invest in brands and stores, but we actively participate in the industry. With a network of relationships, we work closely with top luxury brands and designers to stay on top of trends and maintain a fresh, relevant image and to create successful retail experiences for our customers. Secondly, with a strong focus on customer service we are creating a welcoming, luxurious environment in our stores, whether they choose online or offline. We place great emphasis on ensuring that our customers have a memorable and enjoyable shopping experience, and this sets us apart from companies that may only focus on the bottom line. Thirdly, we are committed to ethical and sustainable business practices. We believe in giving back to the community and making a positive impact on the environment, and this sets us apart from companies that may not prioritise these values. Overall, I believe our combination of industry knowledge, customer focus, innovation, and commitment to ethical business practices sets us apart from our competition and makes Millya Group a leader in the luxury fashion retail industry.
How has your experience of doing business in Cyprus been and would you recommend it to other foreign interest companies looking to relocate?
I have found Cyprus to be a great place to do business. Cyprus has a strategic location, which makes it an ideal location for companies that are looking to expand their operations globally. Furthermore, Cyprus has a vibrant and growing luxury fashion retail industry, with a strong demand for high-end products and services. This presents excellent opportunities for foreign interest companies looking to establish a presence in the country. Overall, I would highly recommend Cyprus to other foreign interest companies looking to relocate. The country offers a wealth of opportunities and advantages for businesses, and I believe it has a bright future as a hub for luxury fashion retail in the region.
What is your view of your sector (locally and on a global level) both as it is today and its potential for growth?
The luxury fashion retail sector has tremendous potential for growth both locally and on a global level. The sector has seen steady growth in recent years, driven by rising incomes, changing consumer preferences, and increasing demand for high-quality, exclusive products and experiences. On a local level, the luxury fashion retail sector in Cyprus is still relatively young but growing rapidly. There is a strong demand for high-end products and services, and this presents excellent opportunities for companies that are willing to invest in the market. On a global level, the luxury fashion retail sector has been resilient despite economic and geopolitical challenges. The sector has seen increasing demand from emerging markets and this trend is expected to continue. Furthermore, the rise of e-commerce and social media has created new opportunities for companies to reach customers and expand their global footprint. Overall, I believe that the luxury fashion retail sector has enormous potential for growth both locally and globally, and I am excited to be a part of this dynamic and constantly evolving industry and for all the opportunities and possibilities that lie ahead for Millya Group.
Where do you see your company in five years? Are there any immediate plans for your company you can reveal to us, for example new products, services, plans for expansion?
My vision is for Millya Group to continue to be a leader in the luxury fashion retail industry, both in Cyprus and worldwide. We have ambitious plans to expand our operations both locally and globally, and we are constantly exploring new opportunities to enhance our services and offerings. I want to expand our portfolio of brands and exclusive lines of products, expanding our online and e-commerce capabilities in order continue to innovate and create unique experiences for our customers. In terms of immediate plans, we are currently working on several new initiatives to strengthen our position in the luxury retail industry. These includes our new locations for “FIRST BOUTIQUE”, new additions of beauty and wellness brands for “ONEWELL WELLNESS & FLOAT SPA”, the launch of our App, “FIRSTBTQ” which brings luxury shopping to your fingertips, with an easy-to-use interface that makes browsing and buying a breeze. Another important project is “ONE HOME”, a luxury homeware store which will carry a variety from the world’s top homeware designer brands, ranging from both indoor and outdoor furniture, kitchen design, tableware and glassware, home decor and more. It will house itself at a large and prime location along the seaside road in Limassol, Cyprus, covering over 600 square metres of indoor space. Also we had influencer activations that aimed at promoting FIRST BOUTIQUE and the luxury brands in our portfolio. Some of the latest collaborations were with the famous NLE CHOPPA, an American rapper who chose to be dressed with pieces from FIRST BOUTIQUE for the cover of PAUSE magazine, with Annabella Hilal, a TV presenter on MBC1 and MTV Lebanon with a verified account and 3.8 million followers and with Mija Knezevic. She was voted as an Influencer of the Year and rightfully so, as she is one of the leading trendsetters in Europe. Last but not least a collaboration with the London-based menswear fashion blogger and famous YouTuber, Gallucks aka Joel Mcloughlin, who is loved by his followers for his contemporary dress code and edgy undertones. Overall, I am confident that Millya Group will continue to be a leader in the luxury fashion retail industry, and I look forward to seeing our company grow and evolve over the next five years and beyond.
How much focus do you put on CSR and being part of the local community?
As the CEO of Millya Group, we place a significant amount of focus on Corporate Social Responsibility (CSR) and being an active member of the local community. We believe that as a leading luxury fashion retail brand, it is our responsibility to make a positive impact on society and the environment. This includes initiatives to reduce our environmental footprint, promote sustainability, and support local communities through various initiatives. We work closely with local organisations and charities to identify opportunities to make a meaningful impact, and we encourage our employees to get involved in these efforts through volunteering and other forms of support. In addition, we believe that being an active and engaged member of the local community is a key factor in building strong and lasting relationships with our customers, and in maintaining our reputation as a responsible and trustworthy company. Overall, we place a strong emphasis on CSR and being part of the local community, and we are committed to continuing to find ways to make a positive impact in these areas.