Domenico Dolce and Stefano Gabbana are no strangers to spectacle, but even they couldn’t have orchestrated the dramatic finale to their Alta Moda presentation in Venice on Sunday night.
As the final looks proceeded down the runway, the heavens opened above St Mark's Square, leaving the design duo to take their final bow amid torrents of rain.
It was a fitting end to an already remarkable event. There was the setting – a runway erected in front of one of Venice’s most famous attractions, with a series of small tables set up along one side, as if the audience had gathered for a casual aperitivo in one of Italy’s traditional street-side cafes.
The guest list – Jennifer Lopez, resplendent in a voluminous embroidered cape and matching crown, Helen Mirren in a bejewelled bodice and Doja Cat in a billowing silver skirt, to name but a few; and, the piece de resistance, a breathtaking rendition of Nessun dorma by Jennifer Hudson, who was a vision in gold.
The collection itself was an homage to Venice. The colour palette drew on the rich tones of Venetian glassware, the blue of the lagoon and the mosaics and decorative features found in the city’s historic buildings.
On visits to Venice, the designers also noted how the evening light would cast the city in myriad hues, which became another source of inspiration.
The dome of Saint Mark’s basilica was reimagined as oversized sleeves on a bolero jacket, while Venice’s canals and gondolas, and famous landmarks such as the spire of San Giorgio Maggiore, were reproduced in sequins on long, flowing dresses.
Shorter dresses mimicked the shape of Venetian glasses turned upside down, with fitted bodices and bulbous skirts. Or they were covered in tiny glass flowers, like wearable chandeliers that tinkled softly as models moved.
Oversized blazers doubled as dresses and were decorated in intricate embroidered motifs, while shoulders were enveloped in three-dimensional flowers. Satin was used to capture the movement of water in the lagoon, and a floor-length leopard-print cape was paired with a bedazzled Venetian carnival mask to give a house signature a fresh feel.
“There are a lot of new techniques and new kinds of embroidery, like patchwork,” Gabbana explained during a preview of the collection earlier in the day. “We have created a tribute to Venice and the craftsmanship of Venice.”
The symbolic importance of this particular collection was tangible. As Dolce & Gabbana’s distinctly Italian answer to Paris’s haute couture, Alta Moda is the highest expression of the duo’s creativity and a celebration of Italian craftsmanship. But the Alta Moda presentations have also always been about bringing people together in a celebration of everything Italian.
“Alta Moda is not just clothes – it is a style of living, it is people, it is a sense of community,” said Dolce.
And after the past 18 months of pandemic-induced isolation, this new collection represents “a rebirth of Alta Moda”, says Dolce. This was reflected by the models on the runway, six of which were making their modelling debut.
Also walking were the daughters of Heidi Klum, P Diddy and Monica Bellucci, representing “a new generation, a new life, a new attitude”, said Dolce.
The presentation was joyful and celebratory – a much-welcome riot of colour, creativity and luminescence that even an unexpected storm could not dampen. And it was a reminder that, come rain or shine, Dolce and Gabbana deliver.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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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
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Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
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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.”
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
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UAE currency: the story behind the money in your pockets
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
