Publications
Publications
- August 2023
- HBS Case Collection
Floward
By: Krishna Palepu and Namrata Arora
Abstract
In 2022, Abdulaziz B. Al Loughani, CEO and co-founder of Floward, an online flower and gifting company established in Kuwait in 2017, contemplated the firm's growth trajectory. Floward, an e-commerce enterprise that offered fresh-cut flowers sourced directly from global growers and had control over the entire delivery chain, had expanded its footprint to 32 cities across nine MENA countries and had ventured into the UK. Witnessing a remarkable CAGR of over 160% between 2020 and 2022, Floward was valued at $152.5 million during its Series B investment round in 2021. Having served over 400,000 customers and recently diversifying into the broader gifting sector, Al Loughani faced pivotal decisions: Should Floward pursue further global expansion or solidify its gifting vertical in the Gulf? And, considering its aggressive growth aspirations, should the company opt for an IPO, and if so, which stock exchange should they target?
Keywords
Initial Public Offering; Expansion; Growth and Development Strategy; E-commerce; Information Technology Industry; Middle East; North Africa; Saudi Arabia; Kuwait; United Arab Emirates; Jordan
Citation
Palepu, Krishna, and Namrata Arora. "Floward." Harvard Business School Case 124-010, August 2023.