How Lotto Carpets's passion for educating clients is attracting growing interest from younger investors

SINGAPORE: Lotto Carpets’ passion for educating clients has drawn growing interest from younger investors who value knowledge and authenticity, said Imran Abid Mir, principal of Lotto Carpets Gallery, which was established in Singapore in 1981. Mr Imran, a sixth-generation carpet merchant, took over the business after his father, Abid Mir, suddenly passed away in 2023. He believed that while being a good salesman is important, it’s just as important to build relationships and educate customers—something he said he picked up from his father, who prioritised sharing his knowledge of carpets over closing a sale. “We’re not here just to sell you carpets. Whether you buy or not is secondary,” Mr Imran told Channel News Asia in an interview last year, explaining why they prefer to call themselves merchants, not dealers. When asked what lessons from his father have been most useful in facing today’s market, he said perseverance, adaptability and a passion-driven approach, which have guided him through challenges. He noted that during the Asian financial crisis, his father adapted by diversifying product offerings and building relationships with clients amid the challenges. Now, he chooses to stay on top of market trends, invest in digital platforms to reach new clients, and prioritise client education to build trust and loyalty—with the latter helping attract younger buyers or investors.

Why Lotto Carpets is drawing Millennials and Gen Z investors

“Our passion for educating has indeed attracted younger investors who value knowledge and authenticity. We've seen an increase in millennial and Gen Z buyers who appreciate our expertise and are eager to learn about carpets as both investments and art pieces,” Mr Imran told The Independent Singapore when asked if his teaching-first approach attracted young and curious buyers or investors. He also shared that most first-time buyers ask him about the history, craftsmanship, and investment value of carpets. “For instance, a young couple once asked about the significance of a particular carpet's design and how it reflected the cultural heritage of its region, which not only helped them understand the carpet's value but also sparked their interest in collecting,” he said. Lotto Carpets Gallery regularly hosts workshops and lectures on carpet history, craftsmanship, and conservation, which not only educate clients and help the business build long-term relationships with them but also create a sense of community among those who share the same passion for carpets. Mr Imran shared about a client who eventually purchased a rare carpet after they took the time to explain its history, condition, and market value. According to CNA, citing the company, rare and highly collectable carpets are usually priced between US$200,000 and US$500,000 (S$267,556 to S$668,891). When asked about sales of rare carpets this year, Mr Imran said the business has seen steady interest in high-end pieces, with clients seeing greater appreciation for unique, handmade carpets with rich histories and cultural significance. He shared that one client recently purchased a rare 19th-century Persian carpet for its exceptional craftsmanship and historical significance. Still, while many clients collect rare carpets for investment, Mr Imran shared that some purchase pieces mainly for their sentimental value. He noted that one client, for example, bought a rare carpet because it reminded her of her grandmother’s home abroad.

Is this the best time to invest in carpets?

Mr Imran said now is the best time for new collectors looking to start investing in carpets, as the current economic downturn offers opportunities to access rare pieces at potentially lower prices, with estate sales and auctions providing a good chance to acquire high-quality carpets. Besides selling carpets, Lotto Carpets also provides customisation, natural washing, and expert restoration services. While some clients may hesitate at the long wait times—custom pieces could take up to three years—many value the craftsmanship and attention to detail involved. Mr Imran noted that more clients are also seeking restoration to preserve family heirlooms or maintain the value of their carpets. As someone who discovers and sources rare carpets firsthand at Lotto Carpets Gallery, Mr Imran said he is constantly inspired by the stories and histories behind each piece, describing the process of researching and verifying a carpet’s provenance as “thrilling”. “The world of carpets is indeed a ‘sea of knowledge’, and I’m committed to exploring its depths and sharing my findings with others,” he said. /TISG Read also: Insurtech firm Gangkhar bets on Singapore’s regulatory trust, regional reach, and AI talent for embedded protection growth in APAC