When the Tunisian designer Azzedine Alaia died four years ago, there was much talk of who was capable of stepping into his visionary shoes. Now after spending the intermediate years mining Alaia's archive for new collections, the company can finally answer that question.
Step forward Belgian designer, Pieter Mulier.
While this is his most high profile appointment to date, Mulier has extensive experience he can bring to the role. Having worked along side Raf Simons for years, Mulier was key to Simons's eponymous menswear line, before following him to Jil Sander.
When Simons joined Dior for women's ready-to-wear and couture, Mulier went with him, and then onto Calvin Klein, where he was named second-in-command. However, Mulier did not join Simons on his recent move to Prada, sparking speculation of what he might do next. Now, with the announcement from Alaia's parent company, the luxury group Richemont, comes confirmation that Mulier is stepping into the limelight in his own right.
"It is an absolute dream to join this prestigious maison, its beautiful ateliers and its talented team," Mulier wrote on social media of his new appointment.
"Azzedine Alaia's powerful vision has served as an inspiration, as he always sought to give the necessary time to innovative and enduring creation.
"It is with tremendous sense of admiration and responsibility that I will seek to carry forward his legacy of celebrating femininity and to jointly shape the future of this legendary maison."
He starts his new role on Monday, February 8 and his first collection will be for spring / summer 2022, to be unveiled later this year.
Born in Tunis, Tunisia in 1935, Azzadine Alaia moved to Paris to open his couture house in 1980, and quickly became a key figure in fashion for his bandage dress, among other pieces. Thanks to its clever construction, it wrapped and supported a woman's body to spectacular effect, and made him a household name. A prestigious worker, Alaia refused to revisit a design once finished, instead preferring to constantly move forward. This approach meant that he left behind a vast archive.
He also famously refused to follow the fashion calendar, instead only releasing a collection once he deemed it ready, regardless of time of year.
Alaia was also possessed of an almost-fanatic attention to detail, as a result of which he had a hands-on approach for every part of a garment's journey, from first sketch through to final fitting. Mulier has also earned a reputation for detail, as demonstrated in the 2014 documentary Dior and I, about Simons' time as creative director.
Whether Mulier is a designer to rival the status of Alaia waits to be seen, however, having new ideas and a new approach at the house would undoubtedly please the founder, who never took his eye off what was coming next.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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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.”
