Wanderland Exhibition, which opened at the weekend by The Dubai Mall's famous Fountain, offers a rare peek into the quietly conceptual world of French fashion house Hermès.
Despite producing the world’s two most famous handbags – the Birkin and the Kelly – and enjoying an unrivalled reputation for quality, Hermès has never been one to blow its own trumpet. Founded in 1837 as a maker of equestrian leather goods, the company has mushroomed in size to one valued at US$38.7 billion (Dh142.1bn) last year. Yet despite such proven commercial success, Hermès has consistently remained under the radar, away from the herd.
This insistence on individuality was arguably the brainchild of Emile-Maurice Hermès, the grandson of the founder, Thierry Hermès. After taking control of the company in the early 1900s, Emile spearheaded a creative transformation, adding clothing, bags and even silk scarves to the existing equestrian repertoire.
Wanderland, then, is an homage to Emile, his artistic curiosity and the French spirit of la flânerie – to dream freely.
Exhibition curator Bruno Gaudichon told The Independent: "The journey through Wanderland draws its coherence from two intrinsic elements of la flânerie: dreaming and freedom of spirit."
Drawing on the skills of Gaudichon – who is also curator of La Piscine-Musee d’Art et d’Industrie in France – and artist Hubert Le Gall as scenographer, the show is spread over 1,000 square metres and 11 different rooms. Eight artists, including Emirati graffiti artist Khalid Mezaina, have helped create the sets for each room, which are filled with 30,000 hand-picked items, many gleaned from the private museum of Emile-Maurice Hermès.
Entering via a walkway suspended over the water, the visitor is led through the rooms, which are joined by corridors evoking Parisian street scenes, complete with faux shopfronts. The rooms have walls covered in images of walking canes, or have windows cut into them at haphazard angles, with some even sliding off onto the floor. Details are everywhere, seen in ties looped casually over newspaper racks, or an artist’s palette tumbling out of a Hermès leather pouch. To add to the general sense of childish joy, one room even has a giant wooden wardrobe through which visitors are invited to clamber into the adjoining room.
One faux shop window has a surreal melange of a crash helmet swathed in fur, a car steering wheel, a vintage radio and even maps strewn across the floor. In the middle of this strange assortment, below a wheel barrow overflowing with leather, sits a vintage Kelly bag.
Another room has a table scattered with vintage collected items, including an Ethiopian wooden pillow, and tiny silver trinkets, all gathered around an early Hermès perfume bottle, tied with an orange ribbon. Another scene features The Cafe of Lost Objects, complete with bottles on the tables, as if waiting for customers to arrive.
The exhibition, taken as a whole, is a wondrous and charming journey, guiding the visitor through a landscape filled with familiar objects, but imbued with new life.
• Wanderland by Hermès is at The Dubai Fountain at The Dubai Mall until February 7; open from noon to midnight daily. Entry is free
smaisey@thenational.ae
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
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Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
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Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
The five pillars of Islam
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