Fendi, Antonio Marras and Etro kick off day one of Milan Fashion Week


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Milan Fashion Week autumn/winter 2023 began on Wednesday and, as expected of the Italian city, things were both stylish and provocative.

At Fendi, creative director Kim Jones continued with the clothes-as-armour theme, as well as the underwear-as-outerwear idea he set in motion at his recent haute couture show. For this autumn/winter ready-to-wear collection, Jones offered contrasting options for the modern woman. There was sharp suiting with complex, layered looks that were strong and powerful, while other designs were soft, almost flimsy, in lace and silk.

Fendi women's autumn/winter 2023 collection presented in Milan. AP
Fendi women's autumn/winter 2023 collection presented in Milan. AP

Antonio Marras wove a wintry gothic tale, with knitted cable jumpers featuring lace and dense flowers creeping across the garments. There was even a tailored tartan suit, a nod to Vivienne Westwood, who died last year.

At Weekend Max Mara, British stylist Kate Phelan brought some androgynous London cool to Milan, via her capsule collection for the brand, which was simply called 24. Inspired by a December 1982 Vogue fashion shoot by Bruce Weber and Grace Coddington that Phelan saw as a teenager, she explains that as soon as she was invited to collaborate on a collection, she knew this shoot would be the foundation of it. “I have been obsessed with these images ever since and, in a way, they made me fall in love with fashion,” she explained.

Translated into high-waisted, pleat-fronted trousers, oversized Harris Tweed blazers and herringbone coats that all leaned into Max Mara know-how, the collection also included pleated black denim skirts and Dr Martens for a dash of early 1980s street style.

Over at Marina Rinaldi, Mary Katrantzou presented a collaboration collection centred on a swirled psychedelic pattern akin to the marbled paper found in old books. Offered in teal and pink, the swirly shapes arrived across dresses, split-front trousers, sock boots and even capes. Displayed in a mirrored hall, with the fabric glued on the floor and pillars, it was a hypnotic show.

Elsewhere, Vogue fashion director Anna Dello Russo staged a pop-up in Max & Co to show her capsule collection of bright pastel suits and miniskirts.

Models wait backstage ahead of the Etro autumn/winter show in Milan. Reuters
Models wait backstage ahead of the Etro autumn/winter show in Milan. Reuters

Rounding off day one was Etro, which put on a show that featured models wrapped in colourful checked and striped blankets in lieu of coats. Worn with knitted, shredded hem dresses and overflowing paisley-patterned maxi dresses, the blankets added a carefree, bohemian spirit. There were also pieces made in unexpected materials — such as boxy jackets in bonded patent leather and long boots in matte rubber — the collection was imbued with a sense of travelling like a free soul.

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press

Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

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UAE currency: the story behind the money in your pockets
Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia

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FROM%20THE%20ASHES
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'Moonshot'

Director: Chris Winterbauer

Stars: Lana Condor and Cole Sprouse 

Rating: 3/5

Updated: February 23, 2023, 7:23 AM