Industry Insights
Faveo Concierge Opens New Headquarters in Dubai
Adriana Sladovnikova, CEO and Executive Director of Faveo Concierge, is no stranger to adversity and has a knack for turning setbacks into gold (as previously published in LuxuryWise 08/23). What happens then, when she sets her sights on the horizon? After building one of the most successful luxury concierge agencies in Europe, she's now taken the first step (of what could be many more) into global prominence.
by Jacques Ledbetter
It was towards the end of 2022 – what many were still hoping to be the closing months of the pandemic, and before the industry experienced what "Revenge Travel" really meant. It's likely that Adriana Sladovnikova was either in her office (or, frankly, more likely to be somewhere in the air), having a conversation with one of her best clients. While that client loved working with Sladovnikova and her team, the one hang-up was that Faveo was based in Bratislava, and the client was in the UAE. Inevitably, the question was finally posed, "Why don't you come and be closer to us?"
And so the mental gymnastics to consider a major move to a new country began.
"There were obvious advantages – both real and perceived," says Sladovnikova. "It was clear to me how being closer to our clients would help improve our business with them, and with their networks. The other crucial thing about Dubai is its vast quantity of expats and how they are connected across the globe. Naturally there were other particulars, but the big thing that clients really like to see is that you and your business are growing – especially for us since we're coming from a small country."
Like a master of chess contemplating the steps ahead, she finally decided to make a move and began the process of opening up a private travel lounge in Dubai in the spring of 2023. But Dubai has a reputation, of course. On the outside it might seem like a business paradise, or like the physical manifestation of Murphy's Law: What can happen, will happen. But once you start peeling back the layers of the onion of what it actually means to open a business there, things start to become challenging very quickly.
Taking a vacation? Not for Adriana Sladovnikova: "I don't. I live and breathe travel. This is my life."
"For example, setting up a business account at the bank in Europe takes a couple minutes. In Dubai, it took a couple months. That was just so we could have money flowing, and without that there is no business. There were also so many legal processes, such as various compliance requirements, submitting that documentation to authorities, and an unexpectedly thorough verification of experience, and of capital. The whole process took about six months," says Adriana. "It was coming to a point where I was beginning to wonder if this was what doing business was going to be like in the UAE. Once we had our bank account open, thankfully things began to get a lot easier, which is when we decided to make the big announcement at ILTM in Cannes last year."
Since then, Faveo Concierge has organically grown its client base by about 10-12 percent – and that's just among GCC clients, not counting expats. Setting up in Dubai has also helped distinguish the company and improve its prestige among that community, but the Faveo CEO offers a caveat to anyone who might be getting ahead of themselves.
"GCC clients have very different values than clients from other regions," Sladovnikova observes. "Symbolism is important to them, which is why you have to be more attentive to them than to a client from the U.S. or the EU, for example. I've even had GCC clients call at 3am – not needing or wanting anything, just testing to see if I'm available. You have to be careful because they are not as loyal as other clients until they value you."
Faveo Concierge has seven team members in Bratislava, with two now based in Dubai. Within the next several months, Sladovnikova plans to open two or three more positions for travel advisors and support staff.
Despite a few headaches, which is par for the course anyway, Adriana maintains a positive outlook. "There will always be challenges," she adds, "but that's the beauty of it."
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