Balenciaga this week named Isabelle Huppert as its brand ambassador. Not only is the French actress one of only two ambassadors ever appointed by the Spanish luxury brand – Thai singer Krit Amnuaydechkorn is the other – but more importantly, Huppert is 70 years old.
She has been a friend of the house for the past two years and even walked in its runway shows – and now she has become one of the first "faces" of Balenciaga. This is a great moment for the brand – which is still finding its feet in the aftermath of last year's scandal around children's toys in bondage gear – as well as being a major step forward for women.
While no one could ever accuse Huppert of being a typical old-age pensioner – she is exquisitely beautiful, tiny as a bird and dresses in designer duds – the fact she is being celebrated is a huge step on the journey of asking society to accept women past the first flush of youth.
Huppert may be wondrously smooth-faced for a woman in her seventies – which is down to a great skincare routine, no doubt – yet, her being held up as someone to admire gives the rest of us hope.
An older woman being feted is not about wanting to recapture a long-lost youth – any woman over 50 will tell you she has had her time and is happy to pass on the baton to the next generation – but rather wanting to still feel seen.
For too long a woman's worth has been inversely linked to her age – it declines as the years rack up. So to see a woman, who cannot be mistaken for a twenty-something, be applauded for her career, accomplishments and personal style is important and heartening.
Balenciaga joins a handful of other brands that have looked beyond the cult of youth and put an older woman in the spotlight. In 2005, Dior named American actress Sharon Stone, who was 47 at the time, as the face of its beauty and skincare range, while in 2013, Karl Lagerfeld made Tilda Swinton, who was 53 at the time, the face of Chanel's Paris-Edinburgh metier d'Art collection. Lagerfeld described her as “a modern woman, a timeless icon of elegance”.
Beauty company L'Oreal, meanwhile, is something of a champion for older women. In 2011, French model Ines de La Fressange was appointed spokeswoman at the age of 53, and a year later, actress Julianne Moore was named global ambassador at the age of 52. In 2014, the brand made actress Dame Helen Mirren, who was 67 at the time, the face of its Age Perfect range.
With 50 dubbed the new 40, women in the post-children stage of life are far from washed up and, as 17 per cent of the world's population, are a demographic to be taken seriously.
With each new company in the notoriously youth-centric universe of fashion and beauty that shows the courage to look beyond self-imposed boundaries, and acknowledge that older woman deserve to be treated with respect, all women will be better served.
Men have always been allowed to age with grace, and finally women are afforded the same chance, too.
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.”
The%20specs
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills