The Nice One story: how Nice One reached Tadawul at a valuation above $1 billion
The story of Nice One and its founders, the brothers Abdulrahman and Omar Al Olayan: from a beauty product on Instagram in 2013, to a shop in Buraidah, to an app that brings in 95% of sales, to a Tadawul listing at a valuation above $1 billion, then competition and falling profits.
Full film transcript
In 2013, a Saudi student in America sent a beauty product to his brother in Qassim.
And his brother sold it on Instagram.
That was the start of Nice One: an online beauty company, listed on Tadawul at a valuation above $1 billion.
The brothers: Abdulrahman and Omar Al Olayan.
They started with a small shop in Buraidah, then an office and a warehouse in Riyadh, 200 square meters, with three employees.
In 2017, they launched the Nice One app.
Today, about 95% of their sales come through the app.
More than 28,000 products, from more than 1,200 brands.
They have their own brands, and same-day delivery in Riyadh.
And the 200-square-meter warehouse? It became an automated warehouse of 14,500 square meters.
Its revenue in 2024 reached about 1 billion riyals.
In January 2025, Nice One listed its shares on Tadawul, at 35 riyals.
Institutional demand was covered more than 139 times.
The valuation: above 4 billion riyals. That's more than $1 billion.
But afterward, competition intensified, and 2025 profits fell about 96%.
Today, the share is about 72% below the offer price.
The lesson for you as a founder: growth gets you the valuation. But profit is what keeps it.
Follow us at Saudi Founders.
Detailed figures and sources are in the Nice One profile in the directory.
