Money & Me: 'My best investment is my education'

In 2019, Araceli Gallego co-founded Goshopia, a one-stop e-commerce marketplace for eco-friendly fashion, accessories, beauty and home decor. Born in Spain, Ms Gallego came to Dubai 11 years ago as a hotel project manager. Later, while running an online fashion magazine, she noticed limited support for budding designers and artisans amid the fast fashion industry’s wasteful traits . Goshopia was initially an online boutique for slow — non-mass produced — fashion and now includes sustainable corporate gifting. Ms Gallego, 45, also co-founded market pop-up Sustainable Souk and is a sustainable fashion speaker, advocate, podcaster and country co-ordinator for Fashion Revolution — which promotes a sustainable and socially just fashion industry — in the UAE. She lives at Dubai Marina with her husband, a telecoms engineer and co-founder of Goshopia, and their five-year-old daughter. We were living in a big house in Madrid. My mum was a nurse and my father worked in a bank. They had different views, how they saw money, how to handle or enjoy it … the security of a civil servant against the more entrepreneurial private sector. Mum was all about savings, father was more about investing and spending. Money was important to have. They wanted me and my younger brother to learn the value of money from a young age, encouraged us to get jobs, do extra things and study. My parents divorced when I was around 13. We didn’t want to be a burden, so did things on the side. My first job was pet sitter, taking care of two dogs that were champions; grooming, making sure they were healthy and obedient. I gave the money straight to my mum. The next job was as a tour guide, pre-university on weekends and during summer. They would pay based on how many people were in the group. My first degree was in tourism. I went to Austria on a paid internship in a small hotel in the Alps, working in every department. I had already quit my previous job. We wanted to have a baby, I needed to slow down. I always wanted to do something for myself, and it came very organically. I had this online magazine, Dubai Fashion News , and went to the first meeting organised by Fashion Revolution UAE. They shared statistics about how polluting fast fashion is and it got me thinking, researching. I had my awakening and realised I didn’t want to be part of this any more. I was more mindful about my consumption habits, managed one full year without buying anything because I had a well-stocked closet. But after that, I needed things and realised there was nowhere to find sustainable fashion in the Middle East. I started getting in touch with designers and, because of the corporate job before, had funds to start Goshopia. We are still niche, so we don’t have the economies of scale that big companies have. We produce small batches, see what works, then produce more. That has a bit of a higher cost, but also higher quality. We’d rather produce what the market is demanding. We created a lot of the awareness, opened the eyes of people, so they know the facts and can make their choice. There are some that maybe cannot afford sustainable fashion. I started with the focus on women because we are not as loyal to our clothes as guys. We need to see clothes in a different way. We go for designs and fabrics that are long lasting, and the design is timeless … we don’t have pineapples or unicorns. Things that are well made never go out of fashion. I am a saver in general because I became kind of a minimalist; I only buy what I need. I am in a moment in life when I realise I don’t need that many things and I’m happy. I’m saving and I’m not overspending … very balanced. But if I need something, I can buy it. I reinvest the money from the business. The idea is to grow and have more visibility. No, because even fast fashion items I bought back in the day I keep on using, mend them if necessary, because otherwise it defeats the purpose. I changed my relationship with clothes. Before I was just buying whatever, I was a fashion editor invited to lots of events where you need to be looking the part. Now, I have a more meaningful relationship with clothes that I have. Ones that I couldn’t use any more, pregnancy clothes, I gave to other mummies. It’s a matter of trying to bring circularity to the equation. We use saving accounts to deposit and real estate. We have two houses in Spain, both rented [out], as ways to grow our wealth. We tried to keep it as simple as possible. I've had retirement plans since I was 20 because my dad worked in the bank. Then I started travelling the world, so was not contributing to the general retirement scheme in Spain. My best was education. My dad always saw it as the biggest investment you can do yourself, for your future. So I studied two masters after my degree, and I keep on studying, joining courses, doing classes. I’m very curious and like being outside my comfort zone. The (first) house … more than financial, it was like a couple’s milestone. With both of us living overseas, buying a house together means we have a headquarters as a family when we are flying back to Spain. There was a lot of hope and good energy put into that purchase. That’s why it’s so special. I cherish time with family, with friends, having experiences, going on a trip and discovering something. Maybe you’re eating exotic food or encountering a monkey in the middle of the jungle. As energy. You definitely need money, it brings you security, stability, certainty and all the things you need in life. But it shouldn’t be stagnant, it should move around. You need to attract it. It makes me happy, of course, because it’s allowing me and my family to live comfortably, to not suffer hunger or thirst or live on the streets. So, money brings happiness. It’s just that I find it, not necessarily in the money itself but on an energetic level. We try to be as wise as we can. We try not to overspend, try to be mindful also where we spend. As conscious consumers you have so many questions. I think we are the nightmare of any retailer … you want to really make sure you are spending money in the right place. I’m expanding both sides of the business, working a little more on B2B (business to business) because I find that more profitable and you have a bigger impact at the end of the day. Now, we are also in Abu Dhabi within a concept store. I have loads of business ideas, I just don’t have the time. I make a note in my diary and say: “Maybe in the future.”

Money & Me: 'My best investment is my education'

E-commerce entrepreneur Araceli Gallego's first financial milestone was buying a property in Spain with her husband