The fashion industry made a heady return to Paris this week, as a sense of almost-normalcy returned to proceedings. Large-scale, in-person shows are back on the agenda after a Covid-enforced hiatus and the mood is decidedly celebratory.
Things were particularly upbeat at Balmain, where Olivier Rousteing marked his 10th anniversary as the brand's creative head, with a two-day fashion festival that involved the general public. Saint Laurent made a return to the Paris Fashion Week calendar with a bold show at the base of the Eiffel Tower, while Dior served up some much-needed colour in a presentation that harked back to the 1960s and '70s.
Olivier Rousteing's decade of disruption
One of Rousteing's most ardent supporters was on hand to pay homage at the Balmain show, as it opened with an emotional message from Beyonce, who credited the creative head with injecting diversity into the fashion industry.
“[You] brought a new mindset to help persuade fashion to finally begin to reflect the real true beauty of today’s streets, the beauty that you and your team see daily on the diverse, impressive boulevards and avenues of your beloved Paris,” she said. ”For 10 years you have been determined to keep pushing that door open ... wide open."
Queen Bey’s hit Halo then played in the background as 1990s supermodels Naomi Campbell and Carla Bruni took to the runway, kicking off a high-octane show that celebrated a decade of Rousteing’s creativity – from his stiff, structure 1980s silhouettes, to slinky gold and metal gowns, and his famously giant shoulders.
The show played out in the La Seine Musicale concert complex on the outskirts of the city, and was open to thousands of members of the general public, as part of a two-day celebration complete with merchandise stands, food stalls and performances.
Saint Laurent makes a triumphant return
Former French first lady Bruni and actress Catherine Deneuve were among those to witness Saint Laurent’s triumphant return to Paris Fashion Week. Having renounced the fashion week calendar in 2020, the brand made a strong comeback, sending models down a runway at the base of the Eiffel Tower, with the glittering monument serving as a larger-than-life backdrop.
Anthony Vaccarello served up skin-tight bodysuits and sharply tailored eveningwear in a collection that oozed glamour. Tuxedo dresses appeared in pale hues, paired with bright blue gloves, while thick gold bracelets and spiky heels added Vaccarello’s signature edge.
Dior brings a burst of colour
Christian Dior brought a burst of colour to the Paris Fashion Week calendar, as Maria Grazia Chiuri explored the maison’s output under Marc Bohan, who was famous for modernising styles and loosening silhouettes in the 1960s and 70s.
Cinched Bar jackets were swapped for short, boxy cuts with rounded shoulders, and paired with mini skirts and shorts. Technical fabrics like scuba material were woven into the collection, adding an unexpectedly sporty touch, while go-go boots and low-heeled Mary Janes from the 1960s and 70s were repurposed and served up in hot pink and bright orange, with laces and white, rubber soles.
Finally, neon leopard prints and pastel camouflage patterns were set against animal motifs that were blown up and applied with embroidery techniques.
Rochas
Amid the gilded interiors of the Mona Bismarck Hotel, Rochas presented a typically resplendent collection. The mood was set by a shimmering ruched gold and red skirt paired with giant gold pirate boots with wings attached the back, followed by short and long lamé dresses in shades of red and black.
Oversized proportions, and a bounty of ruffles and ruching should have given the collection a light, floaty feel, but these were injected with a darker edge, with the show notes referencing a “strange beauty” and “cinematic vignettes”.
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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.”
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The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
