Arsen Mnatsakanyan: All crew customers must have the similar eyesight

Arsen Mnatsakanyan is the Chief Government Officer at “Timeless” LLC. It represents TI’ME retailers which make section of “Galaxy” Team of Companies. The small business was launched from the floor up by the founders of “Galaxy”, with only 3 staff. Prior to “Galaxy”, Arsen Mnatsakanyan worked at “Gazprom Armenia”. He studied and graduated from the Faculty of Economics of Yerevan Condition University. In 2006, he acquired a PhD in Finance from the Armenian State College of Economics. In 2016-2018, Arsen Mnatsakanyan ongoing his instruction at the College of Sheffield, England, acquiring an Government MBA in Organization Administration and Management.

Financial talked to Arsen Mnatsakanyan about TI’ME’s results tale, company approach and tennis.

From a standard worker to manager

“I started out my career in 1999 at “Gazprom Armenia” as an economist, growing to the situation of deputy Head of Investment Systems Advancement Division and then Head of Financial Office.”

Arsen Mnatsakanyan has labored at Gazprom Armenia for 13 yrs. He joined the corporation on his very own initiative, on finishing his military services assistance, immediately after a chance meeting with then director Roland Adonts.

“One working day, as I was nearing the stop of my provider, I approached him and asked if he would employ me after I was discharged. He stated sure and employed me.

It was a huge expertise for me, mainly because “Gazprom Armenia” is a person of the most significant providers in Armenia, the greatest employer and taxpayer, where by essential strategic systems have been produced. We experienced a significant workload, and it was a long time period of implementation of substantial-scale expense courses. With his leadership, abilities and understanding former Director Standard Karen Karapetyan built a good contribution to these big-scale developments and the establishment of the firm. “Gazprom Armenia” taught me to regulate large-scale work and was a pretty essential phase in my existence.

The driving pressure

“Looking back again, I notice that diligence is the power that drives me ahead. Perform is my enthusiasm.”

Commenting on a variety of queries about himself, Arsen Mnatsakanyan claims this is a topic his colleagues ought to talk about. When requested about what motivates him, he answers devoid of hesitation: the emotion of accountability, diligence and determination to perform. “Work or loved ones time?” The first 1 generally wins!

“Due to my get the job done, I just cannot usually expend considerably time with my loved ones. I am commonly away from Armenia on organization visits. To be much more trustworthy, from time to time my work leaves small time for family and I have not found the way to remedy this difficulty nevertheless. At this stage in my everyday living, I check out to harmony the two, to discover the “middle ground”.

“I have two daughters and a son, and they want to shell out far more time with me.”

Arsen Mnatsakanyan’s small children are 21, 14 and 13 yrs outdated. He says that not like the business, where democracy prevails, he is stricter and additional demanding at home. Education and learning is at the main of their upbringing. He believes that large quality education and learning is the finest investment in the children’s foreseeable future. I want to demonstrate to my youngsters the requirement of finding out instead than to pressure them to do it.


Arsen Mnatsakanyan

Image by: Mediamax

I attach fantastic great importance to sporting activities my son loves football pretty considerably. He also practices tennis with his more youthful sister. My eldest daughter graduated from the Marketing and advertising Office of the French College of Armenia and plans to carry on her Master’s degree at the American College of Armenia.

Tennis is a noble sport

“I am a significant tennis lover. I know the very best gamers and try to comply with all the tournaments.”

Arsen describes the recreation as an aristocratic and lovely sport, which has a historical past.

Unlike the organization, where the group is the cornerstone, victory in tennis relies upon on a person man or woman only. This activity aids maintain fairness and integrity. Not only the actual physical but the volitional wrestle as very well are significant right here. If you can handle your thoughts and are bodily solid, then you will be ready to get. If you get rid of, it’s difficult to blame anybody. I also enjoy soccer, which has a staff philosophy.

Instructional obstacle

“They retained telling us in Sheffield: – Never test to invent one thing new in management, consider the most successful illustrations, approved and analyzed approaches and use them in the enterprise.”

The two-calendar year system at the University of Sheffield was extremely exciting and worthwhile. The provide arrived from the shareholders of “Galaxy”.

Arsen Mnatsakanyan proudly says that at “Galaxy” Team of Corporations distinctive notice is paid to attaining new expertise and new expertise. This is one particular of the greatest motivations for firm workforce.

“In our company, it’s significant for just about every employee to consistently update their know-how and get a new instruction. The globe is establishing exceptionally dynamically, so if you really do not want to be a “loser” you have to keep up.

The system in Sheffield was dependent not on principle but on sensible case reports, and we analyzed and analyzed academic literature with many intriguing and important investigation. These analytical studies are important, they allow us to see a broader photograph of the existing and the upcoming. They taught strategic imagining in Sheffield and kept reminding us that getting a technique is incredibly vital.”

Armenian education

“Armenia’s academic program is the greatest dilemma of the labor market”.

According to “Timeless” CEO, only two universities in Armenia can be aggressive in the world wide academic race. He thinks that everything, from the instructional content, methodology, alternative of subjects to the aura in the auditoriums, will need a radical transform.

From his possess educational knowledge, he concluded that the topics taught in Armenian universities and their content are out-of-date, out of date and impractical, and there is a lengthy-standing need to have for radical reforms.

“Armenia’s academic technique is one particular of the major reasons for our country’s failures. The process is in a terribly poor condition, which becomes apparent in the labor current market. Getting an educated specialist is a key issue today. It is not only about the work practical experience, but also about the fundamental expertise of instruction. Sad to say, most of these who have a good schooling emigrate for good. People who return are primarily men and women who don’t have increased education and learning and a very good specialization. There is a large lack of educated workforce and intellect in Armenia.”

The winning approach

“Back in 2012, when the initially TI’ME retailer opened, our company had 4 personnel: me and a few many others. Nine decades later, we have about 400 workers in 3 international locations.”

TI’ME is an Armenian brand name made by our organization. The business, predominantly financed by loans, begun from the floor up. When I agreed to operate the business, there were a amount of agreements with our international companions that have been not even fixed on paper. But there was a very clear approach and a improvement eyesight. In 2012, we launched active negotiations with several globe-popular corporations, many of which had no curiosity in Armenia, considering that it was a really smaller marketplace for them. On the other hand, the moment we presented our small business system, development potential customers, our plans, the retail store layout and the format, they agreed to cooperate. By the way, our organization is one of a kind in this regard, for the reason that we managed to sign prolonged-expression cooperation agreements with these renowned manufacturers as the Japanese Casio and Citizen, the Danish effectively-known silver jewellery brand Pandora, the American Fossil Group (which represents Fossil, Michael Kors, Emporio Armani, Skagen, Diesel, Armani Trade, DKNY, and so forth.) and TIMEX, the Swiss Hamilton and Gucci, American Parker. They selected us to signify them not only in Armenia, but in Georgia and Belarus as perfectly. The results of TI’ME’s thought lies in the actuality that we have been in a position to supply customers not only a large array of manufacturer watches in just one area, but also a huge range of obtainable jewelry, superior assistance, retailers that have distinctive and various style, enjoy maintenance services, reward software, and so on.

“The procedure of beginning cooperation was not an simple just one, as earth-famous brand name corporations are only interested in big markets,” Arsen recalls.

We had a really hard time convincing these massive and well-known businesses to concur to do the job with us. There is an important nuance below: in just about every country these large-identify models favor to operate in different ways and with one consultant only, and we have grow to be that just one agent, but for 3 markets.”


Arsen Mnatsakanyan

Impression by: Mediamax

“There ended up virtually no brand look at and jewelry suppliers in our place. What ever did exist, was both also expensive or fake and of lousy high quality. We analyzed that gap and took a top place in the market place in that section. When we started assembly with our overseas partners, it became apparent that reliability, extended-phrase and long lasting cooperation, as properly as the coincidence of method and eyesight, are really vital for them.

The initially keep opened in Yerevan in 2012, then the next adopted. Two several years afterwards, TI’ME minimize the crimson ribbon of its 1st keep in Ga, and two extra a long time afterwards in Belarus. The organization commenced increasing fast, tripling and then multiplying the selection of employees, increasing the products assortment, and introducing a range of jewellery – primarily Italian and French brands. The enterprise at this time has 37 TI’ME and Pandora merchants, and in the coming a long time that variety will expand to all-around 45-50.

The progress and the launch of TI’ME’s on line profits system in February 2020 was also a incredibly vital venture. Thanks to the web-site, our buyers can make on line purchases from wherever in the country, and then get their buy with quick and cost-free shipping.

Our enterprise is on the checklist of significant taxpayers, has a substantial standing of a secure and dependable companion the two among the foreign and Armenian companions. We have been employing many social and charitable plans for 9 years, although we choose not advertise them a lot.

It is very essential to have apparent promoting and HR methods based on the present-day situation on the markets.

Never ever turned down

“We have never ever been rejected in phrases of cooperation, and the nearly 10-year uninterrupted cooperation with renowned models speaks of our substantial name as a stable and skilled lover.”

“Timeless” CEO states the jewelry and the look at marketplace is creating rapidly currently, and new makes are gaining these kinds of a substantial recognition in just 2-3 many years that they overshadow even the Swiss brand name watches that have a record of a lot more than 100 a long time. Different modern technologies are now widely utilized in watchmaking, because of to which watches are regarded not only as time-exhibiting but also as multi-perform gadgets.

A person of the benefits of suppliers is that at TI’ME the assortment is adjusted and renewed in line with the dynamic requires and trends of the worldwide marketplace, and the rate policy is absolutely dictated by the brands, making certain a solitary marketing value of the merchandise around the world.

“We present inexpensive costs for all prospects. This was a dangerous shift from the pretty starting, simply because the exact planet-well-known makes encouraged us to emphasis on a unique and slim section of customers. Even so, we made the decision to make the shop accessible to all levels of population by providing substantial excellent services. You can discover authentic model watches and jewelry in the retailers starting from AMD 8-15 000.

This approach has been adopted from the incredibly to start with working day and has not adjusted. We had been the first to give an opportunity to acquire watches and jewellery on credit rating with % down payment and % desire price. In a nutshell, I can say that our business performed a substantial position in reworking the observe and jewellery business and developing and setting up a new society.”

How TI’ME name was picked out

“Originally TI’ME was merely Time. It may possibly sound odd, but the title has transformed and consists of a philosophy.”

It turns out that the TI’ME chain of merchants was initially called “Time”. The name was conditioned by the product, which was presented in the keep – only watches.

Having said that, right after a when, jewellery and accessories appeared in the stores and it was decided that the identify needs to be rebranded and need to express new emotions.

“A specialised business assisted us to change the name, so TI’ME became an acronym for “Territory wherever I am excited”. The identify began to have a philosophy, the symbol and colours also transformed, forming a new perception and mood, which had a incredibly beneficial effects not only on our clients, but on our workforce as perfectly.”

Performing with different nations

“Working with distinctive nations is a serious obstacle and a fantastic expertise.”

Apart from Armenia, TI’ME and PANDORA are also represented in Georgia and Belarus. According to Arsen Mnatsakanyan, running Armenian, Georgian and Belarusian staff members is a hard but excellent knowledge.

“I have never had this sort of expertise before. Both equally Georgians and Belarusians vary in their way of considering, worldview, type of get the job done and techniques. They normally request why Armenians are usually in a hurry and, as a rule, pretty impatient.”

According to Arsen Mnatsakanyan, in this area of get the job done it’s extremely vital not to target on national discrepancies. The most important standards that we adhere to are professionalism, function efficiency and real effects. In spite of the variances, we have tried to produce a company culture, introduce very clear processes and standardize accountability to the most.

Work at Galaxy

“I generally joke that TI’ME seems to be my fourth baby.”

Up coming calendar year will mark the 10th anniversary of “Timeless”.

“Both our firm and the “Galaxy” Group of Corporations established even bigger goals and packages each individual year. And this procedure would seem to never ever end. There is a major travel in our enterprise, we are regularly expanding, constantly finding new horizons. You generally have new and refreshing tasks, methods, new negotiations, new partners, new outings, and there is generally a will need to make greater initiatives. It is a nuts rhythm, but it is also appealing and motivating.

“Galaxy” has a excellent staff and a special tempo. This is what tends to make you love your do the job and have a powerful relationship with the business.”

The economic problem

“Our economic system seasoned two main crises: the pandemic and the war. The 1st a single was pressure majeure, the next a single – not so a lot, due to the fact they experienced been warning about the threat of a war for yrs.”

Arsen Mnatsakanyan forecasts that Armenia’s financial system will continue to be in a bad state for a extensive time, as there is no specific idea to proper and develop it. The current dangers and uncertainties are a trigger for worry.

“In basic, there is a incredibly huge trouble in Armenia – we don’t know and can not formulate what our aspiration is. When I question our workforce to formulate what our aspiration is, what Armenia’s and the Armenians’ dream is, they locate it hard to give a apparent-minimize solution. We don’t know where we are likely, how we are going and we just can’t deal with our aims as a condition (even in the limited-time period viewpoint). We normally hear or see some improvement tactics, sometimes for 20-30 many years. Everything is fantastically formulated in individuals plans, extraordinary figures are offered, but there is no reply to a very simple query: How are we heading to attain all that?”

Lusin Mkrtchyan
Photos by Emin Aristakesyan &#13