The Nice One story: from Instagram to a billion-dollar listing

Imagine a student doing a master's in the US who imports a beauty product and sends it to his brother, who sells it on Instagram. That's how Nice One began.

The brothers

Abdulrahman Al Olayan was studying for a master's in international management at the University of Bridgeport. Omar Al Olayan was the one selling on Instagram, and holds a law degree from Mustaqbal University.

The story started in 2013. They then opened a small shop in Buraidah before moving to Riyadh.

The app

In 2017 they launched the Nice One app and website. Today the company says about 95% of sales come through the app.

What does it sell?

• More than 28,000 products from more than 1,200 brands: makeup, fragrance, care, devices and vitamins.
• Private and exclusive brands with higher margins, including Calla and Topface.
• Same-day delivery in Riyadh since 2021.
• An automated warehouse in Riyadh of 14,500 square meters.

A private label gives you a margin that a product everyone sells never will.

The IPO

In 2024 revenue reached about SAR 1 billion.

On 8 January 2025 Nice One listed on Tadawul's main market at SAR 35 a share. The institutional book was covered 139.4 times, and the valuation passed SAR 4 billion, more than $1 billion.

After the listing the two brothers still held about 52% of the company. Omar is CEO, and Abdulrahman is vice chairman and chief marketing officer.

After the IPO

Then the picture changed. According to one report, 2025 net profit fell by about 96%, and in the first half of 2026 the company posted a net loss.

By October 2026 the share was about 72% below the IPO price, with a market cap of about SAR 1.12 billion.

The lesson for you as a founder

Growth gets you the valuation, but profit is what keeps it. Before you go public, ask yourself whether your numbers hold up when competition heats up.

Sources: Arab News 2018, IPO prospectus, IPO site, Argaam 2024, Final allocation, Argaam 2025, Jawlah 2026, Jawlah H1 2026, Mubasher.