A look from the Saint Laurent autumn / winter 2020 collection, by Anthony Vaccarello. Courtesy Saint Laurent
A look from the Saint Laurent autumn / winter 2020 collection, by Anthony Vaccarello. Courtesy Saint Laurent
A look from the Saint Laurent autumn / winter 2020 collection, by Anthony Vaccarello. Courtesy Saint Laurent
A look from the Saint Laurent autumn / winter 2020 collection, by Anthony Vaccarello. Courtesy Saint Laurent

The end of fashion week? What Saint Laurent leaving Paris might mean for the wider fashion industry


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French fashion house Saint Laurent has announced that for the remainder of 2020, it will “not present its collections in any of the pre-set schedules”, effectively turning its back on the structure imposed by Paris Fashion Week.

Founded in 1961 by Yves Saint Laurent, and headed by designer Anthony Vaccarello since 2016, the house known as the arbiter of chic announced in a statement that due to the “current circumstance and its waves of radical change” caused by Covid-19, the company had decided to “take control of its pace and reshape its schedule".

“Now more than ever,” it continued, “the brand will lead its own rhythm, legitimating the value of time and connecting with people globally by getting closer to them in their own space and lives.”

Saint Laurent by Anthony Vaccarello's autumn / winter 2020 collection. Courtesy Saint Laurent
Saint Laurent by Anthony Vaccarello's autumn / winter 2020 collection. Courtesy Saint Laurent

Through this fog of management speak, we can glean that the house has taken the choice to step outside the current prescribed fashion ‘system’ of two main collections per year, per gender (Saint Laurent has a separate men’s collection), plus two pre-collections per year.

With the next round of men’s shows in June already binned because of the pandemic, and a big question mark hanging over the women’s shows in September, Saint Laurent has made it clear it will not be part of the next Paris Fashion Week 2020, whenever or however that occurs.

Of course, this isn’t the first time that brands have sought to step outside the rigid timetabling of shows. In 2018, a few tried to spearhead a shift to a see now buy now model, allowing customers to buy clothes straight off the runway, and effectively cutting out a six-month delay.

While names such as Burberry (then led by Christopher Bailey) Tom Ford and Tommy Hilfiger tried hard to push this new concept, the resulting headaches in supply and missed sales led all to quietly drop the idea and return to the main schedule.

Now, with the arrival of the wrecking ball that is the coronavirus, we are seeing rapid evolution across the industry as brands and entities try to regroup to survive. In April, Shanghai Fashion Week became the world’s first digital-only event, a model that London Fashion Week is looking to emulate as it merges its men’s and women’s events and pushes towards an online focus.

The ‘pre-set’ schedules that Saint Laurent refers to are limited, anyway. The main spring / summer and autumn / winter collections are always shown during Paris Fashion Week, however, the pre-collections (think resort or pre-fall) have already have broken away from this timetable for many brands, and have become increasingly random and lavish affairs, unveiled at odd dates and in dazzling locations.

Case in point: a recent resort collection by Jacquemus was shown in a field of lavender in France. In terms of generating sales, it is actually these pre-collections that are the money spinners, so perhaps the time has come to quietly shelve the formal notion of what ‘fashion week’ is, and where and when it has to happen.

Yves Saint Laurent, photographed by Gunnar Larsen in the 1970s. Rex
Yves Saint Laurent, photographed by Gunnar Larsen in the 1970s. Rex

Already, Gucci’s Alessandro Michele is calling for what he dubs “a different life” to the whirlwind of pre-scheduled shows, while recently Balmain’s Olivier Rousteing expressed support for rethinking the spectacle completely, veering towards a single, global event that could tour the world each season.

Whatever the outcome of Covid-19’s impact on the industry, for a house with the respect and reputation of Saint Laurent to choose to step outside the formal structure has to be encouraging. For a company known for taking risks and pushing boundaries to declare that it will "launch its collections following a plan conceived with an up-to-date perspective, driven by creativity”, has to be a positive step for the industry as a whole.

What that actually means remains to be seen, but with the legacy of elegant rebellion, whatever Saint Laurent decides to do next, rest assured it is going to be ground-breaking.

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FIGHT%20CARD
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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Company%20profile
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French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

Your rights as an employee

The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.

The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.

If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.

Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.

The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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 five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
MATCH INFO

Euro 2020 qualifier

Ukraine 2 (Yaremchuk 06', Yarmolenko 27')

Portugal 1 (Ronaldo 72' pen)

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.