Kanessa Muluneh, the founder of UAE-based premium family lifestyle brand Mulu, believes in the power of having multiple sources of income.
Although her clothing business is currently her main source of income, she has built additional channels to bring in money if needed, such as offering mentorship or business advice.
The Dutch citizen, who was born in Ethiopia, moved to Dubai from Amsterdam three and a half years ago because she felt like she was “hitting a ceiling in Europe”.
Although Ms Muluneh, 35, went to medical school, she never worked in the field because it was a subject she studied to make her parents proud. She ventured into entrepreneurship by creating a tool for the medical field, which she turned into a business and later sold to a large company.
She established Mulu as a clothing brand in 2018 in the Netherlands. Once a plus-size fashion brand for women, Mulu has now rebranded as a label for the entire family. It creates essentials across all age groups and sizes, with products available in more than 15 countries.
“I sold clothes to plus-sized women in Europe. After my pregnancy, I was plus-sized myself and needed clothes to go to the gym, so I started making them for myself. The brand did well in Europe and the US,” Ms Muluneh says.
“During Covid, my manufacturer in Pakistan was on the verge of a collapse so I decided to buy the company. Initially, I manufactured only for my own brand but now we do so for others, too. Now, we can create multiple brands under our label and we do everything in-house.”
She currently lives in The Villa community in Dubai with her husband, who works in finance, and three children aged eight, six and two.
Did wealth feature in your childhood? What did you learn?
I did not grow up in wealth. Although my mother’s lifestyle was very wealthy in Ethiopia, she had to flee the country, which forced her into a less glamorous life. But she always had a wealthy mindset, which influenced me. I wanted to live the way my mother projected her life.
I said there's more to life than whatever we have. I always envisioned myself living in a big house, driving a nice car. I never had a vision of getting married or having kids. I dreamt of being successful so I could live the lifestyle my mother projected.
What did your first job pay?
My first job was in a pharmacy as an intern in Holland. I was paid €3.25 ($3.80) per hour. The last job that I worked was at an elderly care centre when I was 19. I worked 32 hours a week and took home around €1,700 per month.
Any early financial jolts?
A lot, but that's because I'm not good with money management. I'm still not good with it because my goal has always been to have a comfortable lifestyle. My end goal is to spend, not necessarily have a fixed amount in my account. Luckily, I am married to a tax strategist, so he manages the house finances.
How do you grow your wealth?
I started to shift my goals two years ago. Instead of piling money into my account, I decided to build channels to bring in money. I have communities that know me for certain things, for instance, within the investment world in Africa, they know me as a businesswoman, while in this region I am known for my fashion background. I can always sell a product or a service to them.
That is more powerful than having just one stream of income. I have resources that I can always tap into. For example, I can offer my mentorship services in fashion, which would easily bring money. But I don't have to do it now.
Are you a spender or a saver?
I wish this was different, but I'm a spender. I take care of myself first.
Have you been wise with money?
Not yet. On the other hand, I enjoy life way more than the average person. If I die any moment, I'd be happy because I've done everything, my bucket list is complete. For instance, I travel business-class, not because I don't want to fly economy, but this is a basic standard that I set for myself. It was a dream.
When my parents were alive, I used to pay for their house, cars and travel and it made me happy. I don't buy luxury goods like bags or expensive clothes. Instead, I hire tailors to make my clothes. I like to invest in family as well. My kids need to look good and travel in luxurious cars.
What has been your best investment?
Investing in Africa, Asia and emerging markets. People don't see the potential of emerging markets. It started with me buying the manufacturing unit in Pakistan. Everybody said I was crazy. Despite the bribery and corruption, it's still one of the best investments I made and opened a door that I would have never seen unless I took the jump.
I am now looking at projects in Sri Lanka and a textile manufacturing unit in India. These markets are cheap [but] the returns are amazing. Yes, it's a little bit of headache, but it's also recession-proof most of the time.
Any cherished purchases?
I let go of emotions tied to material belongings a long time ago. Now, my cherished purchases are the things I bought for my parents, the jewellery, which I started reusing, or my mum's bags that I bought for her.
founder of Mulu
Any financial advice for your younger self?
I should have listened less to my fears. Fear was one of the biggest roadblocks for me. Eventually, I did a lot of things but there were many things that I didn't do, simply because I cared too much about what others think or what would happen. I had a lot of imaginary problems in my head and that blocked me from reaching my goals earlier.
Any key financial milestones?
I have achieved most of them. On one side, I want to say "thank you and this is enough", but then it would kill the entrepreneur in me if I stopped here. So, I have a goal to reach a personal net worth of $1 billion, but don't ask me what I'm going to do with it. I don't know. It's just that you need to keep yourself motivated.
What luxuries are important to you?
Before, it used to be material things but now I think it’s anything I can do to improve my mental well-being, like massages or taking days off. That is a luxury on its own. Sometimes I take a whole week off. I can turn off my phone and nothing will happen. I think that's a great luxury.
