• Balenciaga's autumn/winter 2023 show had some dresses with sleeves so long, the hands were completely covered. All photos: Balenciaga
    Balenciaga's autumn/winter 2023 show had some dresses with sleeves so long, the hands were completely covered. All photos: Balenciaga
  • Other dresses came with cage-like forms protruding from within
    Other dresses came with cage-like forms protruding from within
  • An oversized suit made out of trousers
    An oversized suit made out of trousers
  • A classic trench coat
    A classic trench coat
  • Some men's looks were form-fitted and paired with huge boots
    Some men's looks were form-fitted and paired with huge boots
  • A man's tracksuit with padded shoulders
    A man's tracksuit with padded shoulders
  • A puffer jacket pulled up high on the shoulders
    A puffer jacket pulled up high on the shoulders
  • A man's jacket pulled up high around the ears
    A man's jacket pulled up high around the ears
  • A velvet tracksuit with padded shoulders
    A velvet tracksuit with padded shoulders
  • The Balenciaga show finished with a parade of shimmery evening dresses
    The Balenciaga show finished with a parade of shimmery evening dresses

The redemption of Balenciaga at Paris Fashion Week


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All eyes were on the Balenciaga show that unfolded at Paris Fashion Week on Sunday. While every brand insists its latest collection is critical, that really was the case for the beleaguered luxury house.

The show was the first collection from the label after it was engulfed in a series of blunders last year, which left the house reeling and creative director Demna Gvasalia (who now goes only by his first name) fighting to save his career.

Balenciaga creative director Demna kept things uncharacteristically simple and elegant during Paris Fashion Week. AFP
Balenciaga creative director Demna kept things uncharacteristically simple and elegant during Paris Fashion Week. AFP

At the end of last year, Balenciaga released an advertising campaign that made an uncomfortable link between children and the very adult world of S&M. As the brand rushed to pull the offending images of teddy bears in padlock necklaces and harnesses, a second, unrelated image seemed to be using legal papers pertaining to child sexual assaults as a prop in the background.

Rather than denounce both, the company instead threatened the freelance team that created the two sets of images for the house. Only days later, once the damage was done and he found himself cast into the wasteland, did Demna offer a full and unrestricted apology.

The brand and the designer have been lying low since. Parent company Kering stood by Demna and Balenciaga chief executive Cedric Charbit, stating that an internal investigation had found “no fouls from anyone, just errors of judgment”. However, with the industry distancing itself, this show was pivotal for Demna and his future with the brand.

Rumour has it that the designer had been all but ordered to deliver a safe, bankable collection that would reference the happier days under founder Cristobal Balenciaga. As the show began, it was apparent that Demna had taken heed, showing in a space that was not under ankle-deep water or in the midst of a swirling blizzard — as in the past — but rather one that was light, bright and entirely uncontroversial. Whatever the opposite of models trudging through mud is, this was it.

In the end, Demna didn't offer a carbon copy of Cristobal's archive, but instead cleverly reworked ideas with his own sure hand. The 12 opening looks were variations of the classic suit — across both genders — but with a twist. Jackets were supersized (so far, so Demna), but skirts and coat hems revealed the clothes were made from upside-down suit trousers, with the waistbands now at the bottom. This continued with trousers on top of trousers, literally stitched on to the front, so the extra legs swung about as the models walked.

Next came a series of dresses with high necks and gathered waists, inside which were cage-like shapes protruding from one side, hiding an arm. These were followed by Demna's signature pleated, high-low hem dresses, now with sleeves that stretched to the knees, rendering the hands again inaccessible, but in cheery floral prints.

Between these were men's looks, most notably jackets with more forms inside, but that echoed the built-in armour of protective motorbike jackets pushed high up around the shoulders. In leather and as a puffer, they presented an odd, Frankenstein-ish silhouette, setting up the following looks of what could have been skinny-fit long underwear worn with huge dirt bike boots.

A great coat made in polished snake skin at the Balenciaga autumn/winter 2023 show during Paris Fashion Week. Photo: Balenciaga
A great coat made in polished snake skin at the Balenciaga autumn/winter 2023 show during Paris Fashion Week. Photo: Balenciaga

For this show, Demna had indeed dialled back time, not to the Spanish founder's days, bur rather his own earlier days at the house. He was savvy enough to rein in his wilder instincts, and focus on building a collection that speaks of cut, skill and clarity of vision.

Ending the show was a simple but elegant parade of seven straight-cut, high-necked dresses, with long sleeves that fell to the ground. Each was given a different surface treatment that shifted through velvet to crystals by way of lacework.

Will this show be remembered for its artful glory or heart-rending beauty? Probably not, but it felt similar in mood to Demna's first haute couture outing for Balenciaga, which was all of this and more. Here, in a parade of simple clothes with interesting detail, the creative director showed us again why he deserves to head the noble house of Balenciaga.

Having skirted controversy and failed so spectacularly with his terrible lapse in judgment, perhaps now the creative director will get back to what he does so very well: crafting remarkable and fascinating clothes.

Company%20profile
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Company Profile

Company name: Fine Diner

Started: March, 2020

Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka

Based: Dubai

Industry: Technology and food delivery

Initial investment: Dh75,000

Investor: Dtec Startupbootcamp

Future plan: Looking to raise $400,000

Total sales: Over 1,000 deliveries in three months

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.”

Nayanthara: Beyond The Fairy Tale

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Results

57kg quarter-finals

Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.

60kg quarter-finals

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63.5kg quarter-finals

Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.

67kg quarter-finals

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71kg quarter-finals

Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.

Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.

81kg quarter-finals

Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0

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  • Premier League-standard football pitch
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Results
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Updated: September 27, 2023, 8:10 AM