Interview with Khoren Abrahamyan: Path to Success and Investments in Uzbekistan

Where did you start your business journey? What attracted you to Uzbekistan as an investment market, and what motivated you to open Tous and Time boutiques in Uzbekistan?

Although I started my business career as a teenager in London and Armenia, I took my first significant steps in England. I've always been drawn to Uzbekistan because of its history, culture, and spirit of advancement. I came to the conclusion that Uzbekistan has a lot of promise after witnessing how rapidly the nation is growing and how the government is opening up new doors for both citizens and companies. The country's improved tax rules and practices have made it more appealing to foreign investors. The dynamic nature of Uzbekistan makes it a great place to do business. We are currently expanding our retail network and looking into new investment opportunities.

What trends in the fashion and jewelry sectors do you see as the most promising in Uzbekistan and globally?

The luxury and fashion industries in Uzbekistan are expanding rapidly. International brands are growing in popularity here because they appeal to the younger demographic. It's great that Uzbekistan's youth are fashionable and up to date. Uzbekistan is a powerful nation with a lot of promise. I have no doubt that these industries will continue to grow. Being a part of this process makes me joyful.

What are your plans for expanding your business in Uzbekistan?

Our goal is to establish a significant holding here. We are examining a number of industries, including retail and healthcare. Beyond business, however, we are actively involved in charitable endeavors abroad. We provide support to medical facilities in Armenia and the United States through the Meduni Foundation and cultural initiatives through the Khoren Abrahamyan Foundation. Additionally, we want to begin carrying out humanitarian initiatives in Uzbekistan.

How do you choose brands and business directions?

We concentrate on well-known luxury brands throughout the world. For instance, we have more than 50 watch brands in our Time boutiques, and Tous is a well-known Spanish brand that particularly appeals to young people. In order to satisfy demand, we are prepared to keep growing our selection.

What does being a franchisee mean to you? What advantages do you see in this business model?

Franchising offers a great opportunity to partner with established and successful international brands. We hold franchises for Intimissimi, Intimissimi Uomo, Calzedonia, and Tezenis, all of which are expanding and progressing in the market. Franchising offers the chance to collaborate with a substantial team and proven business practices. This is especially crucial in emerging markets, where rapid adjustment is required. In the future, we may develop our own brand, but at the moment, we are focused on maintaining our work in the franchise model.

How do you manage to successfully run projects in Uzbekistan, Armenia, India, and other countries?

The success of a good business is based on partnerships and a strong professional team. I have a close friend and business partner, Oleg Kalaev, with whom I share similar views on business and life, as well as a common scale of thinking. Together, we have already implemented several successful projects abroad, and now we are actively working in Uzbekistan, Armenia, and India, expanding our horizons and opening new opportunities in various countries.

What have been your boldest ideas, and how have they influenced your business?

My career is filled with memorable moments and bold decisions. I always strive for new ideas and am ready to take risks, as this is part of the entrepreneurial journey. Sometimes decisions are made intuitively, but they are the ones that ultimately create new opportunities for the business.

What do you like about Uzbekistan, and how do you evaluate its future?

I fell in love with Uzbekistan, its history, culture, and people. It is an amazing country with great potential. I want to express my gratitude to President Shavkat Mirziyoyev and the government for their dedication to patriotism and initiatives aimed at enhancing the business environment. Uzbekistan is progressing each day, and I believe that with such a robust team, it will keep attracting investors and tourists. This is a country of the future.

It's often said that the entrepreneurial spirit is hereditary. Do you manage to maintain a balance between your personal and professional life?

Being an entrepreneur is both an art and a talent that is often innate. For me, there are no boundaries between personal life and business. It's all a way of life. Business and rest intertwine, and work is my pleasure, my energy. I don't need to seek balance; it is simply a part of my life.

How did studying at a French school influence your perception of life and business?

It greatly expanded my perspective because the entire curriculum was in French. We interacted with the French, participated in cultural events. This experience shaped my view of the world and taught me to value not only knowledge but also culture.

What place does family occupy in your life? How does it support you in your endeavors?

Family is the most important thing. I grew up in a family where traditions and respect were valued. My family supports me spiritually — for a man, the support of his wife and mother is essential. This support is my motivation to move forward; it's not about financial backing, but the proper upbringing and values passed down.

What qualities do you particularly value in women in the business world?

Pushkin, in a letter to Vyazemsky, accurately described what should be important for a man, especially for a nobleman. The ideal woman — she is decent, from a respectable family, educated, beautiful, and inaccessible. On the other hand, she must be passionate and sensual, especially in relationships. In my opinion, this is the balance that many successful men value, and it seems to be in line with Pushkin's view.

Hobbies help find balance in life. What are your hobbies, and how long have they been a part of your life?

Sports are an important part of my life. I was a professional boxer. I love chess; my father and grandfather taught me how to play, and I have the first category. I am also passionate about horse racing. Creativity is an important part of my life. I love art: painting, opera, and quality cinema — this is what fills me.

Travel has become a part of your life. Which trip left the greatest impression on you?

There is no particular place for me. I love all the places I've visited. Each country, each city is unique and has its own spirit and atmosphere. When I travel, I always draw energy from the new place, try to get to know and immerse myself in its culture and people. I am always in motion and open to new horizons. I enjoy winter with its snow and contrasts, as well as summer, autumn, and spring. I cherish every moment of life, because our world is a miracle.

How do you maintain motivation and energy in the modern business world?

Motivation for me is not something external; it comes from within. Work is not just an obligation, but a pleasure, a drive, and energy. I cannot imagine life without constant movement. This is my lifestyle.

What values do you consider fundamental in personal and professional development?

Devotion and honesty. To be true to oneself and one's principles. In business, as in life, mutual understanding and trust are very important. I value the people I work with for these qualities. In addition, I would highlight decisiveness, courage, and scale — these are key character traits of a successful entrepreneur. It is important to invest in oneself — to be spiritual, believe in God, develop physical fitness, learn, and improve. Success depends on a holistic approach: not only the ability to take risks but also the ability to work on oneself and one's skills.

What lessons have you learned from your experience that could be useful for young entrepreneurs?

The main lesson is to dream and take action. Never let doubts steer you off course. Mistakes are investments in experience. It's important to keep moving forward, regardless of those who try to stop you. The key is to keep going, no matter what.

1. What has been your most surprising discovery about the culture or business in Uzbekistan?

The people are incredibly friendly and kind, and they treat foreigners with great respect in Uzbekistan. Here, everyone feels like a guest, if not at home. This openness and hospitality are impressive.

2. If you could choose one traditional Uzbek product to export, what would it be and why?

Bukhara carpets are a symbol of Uzbek culture, and their unique patterns and quality could attract international attention. Also, silk which continues to be highly valued by many countries for its exceptional quality.

3. If you could spend a day with any famous Uzbek figure (from the past or present), who would it be and why?

Abdulla Kahhar, one of the greatest Uzbek writers of the 20th century. He left a deep mark on the literature of the homeland. His works address vital questions of morality, justice, and the search for truth in life. It would be fascinating to talk to him about how he was able to write such powerful, philosophy-laden works in difficult political and social conditions. I would also like to meet Amir Timur, the great conqueror and strategist. His leadership qualities and ability to make large-scale decisions continue to inspire.

4. What is the most interesting myth or stereotype about doing business in Uzbekistan that you have debunked?

One of the most common myths is the belief that doing business in Uzbekistan involves insurmountable bureaucratic obstacles and corruption at every step. Many think that everything is based on personal connections and that success is impossible without them. In reality, the country is actively working to improve the business climate, simplify administrative procedures, and support entrepreneurs. Of course, like in any other country, there are unique features, but each year, it becomes easier and more convenient to do business.

5. What inspires you most in the Uzbek business community?

The dynamics of business development. The country is ready for change. While preserving its unique culture, people are open to new ideas and opportunities. This provides immense energy for business.