Exclusive to Loro Piana is the world's lightest sheep's wool – the gift of kings. Photo: Loro Piana
Exclusive to Loro Piana is the world's lightest sheep's wool – the gift of kings. Photo: Loro Piana
Exclusive to Loro Piana is the world's lightest sheep's wool – the gift of kings. Photo: Loro Piana
Exclusive to Loro Piana is the world's lightest sheep's wool – the gift of kings. Photo: Loro Piana

Loro Piana embraces the metaverse to enhance its unique take on quiet luxury


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To celebrate the opening of its new boutique in Palo Alto, California, Loro Piana unveiled a number of new initiatives aimed at bridging its distinct brand of discreet luxury with the metaverse. In addition to the sleek new space, perfectly restrained in pale oak and muted caramels, the company unveiled a limited-edition capsule collection, new blockchain technology and an NFT.

Since it was founded in Quarona, Italy in 1924, Loro Piana has dedicated itself to crafting understated clothing from some of the most extraordinary materials in the world. Cashmere, vicuna and merino wool are the bedrock of its creations, which cater to a discerning customer that demands exceptional quality, but low-key, classic styling.

A look at the new Palo Alto boutique. Photo: Loro Piana
A look at the new Palo Alto boutique. Photo: Loro Piana

Such savoir faire may seem like an odd fit for Palo Alto, which, at first glance, is a small, sleepy town, seemingly trapped in the 1950s, with unexpectedly sketchy Wi-Fi. But behind this archaic facade, Palo Alto is home to the headquarters of Apple, Meta, Google, PayPal and Tesla, making it ground zero for all things futuristic.

For the opening of the new boutique, Loro Piana released a limited collection of 20 designs – 10 each for men and women. There were T-shirts, loose-fit trousers and double-faced coats, in subtle hues of buttermilk and crisp, pale blue, made from one of Loro Piana’s most precious materials, named the Gift of Kings.

With its rich, velvety texture, the material feels more akin to brushed silk than wool. It is, however, a type of merino. Its name stems from its history, when merino sheep were the sole property of 16th century Spanish monarchs and were closely guarded for their soft, light wool. The kings would gift a pair of breeding merinos to fellow sovereigns as a token of friendship, while any attempt to steal an animal was punishable by death.

Gift of kings wool is derived from Merino sheep. Photo: Loro Piana
Gift of kings wool is derived from Merino sheep. Photo: Loro Piana

By the late 1700s, Spain began relaxing its monopoly, and the sheep were transported to countries around the world, eventually leading to different variations, such as Gentile di Puglia from Italy and the Rambouillet from France. Arriving in New Zealand and Australia in the final years of the 18th century, the sheep have thrived in the cold and hilly terrains of the countries, and today, the finest merino wool comes from the antipodes.

With its long, soft fibres, merino wool is measured in microns. One micron is equivalent to one millionth of a metre, or 0.001mm. Wool more than 22.6 microns is considered strong and used for upholstery, as well as car and airline seats. Wool of 20.6 to 22.5 microns is classed as medium and used for light suiting and knitwear, while fine wool is 18.6 to 19.5 microns and soft enough to be worn next to the skin.

Superfine wool is 17.6 to 18.5 microns; ultrafine comes in at 16.1 to 17.5 microns. Gift of Kings measures only 12 microns. Human hair, in comparison, is between 60 and 70 microns.

This level of delicacy is not naturally occurring, but the result of three decades of selective breeding orchestrated by Loro Piana. As the fashion industry shifted towards mass appeal, Loro Piana instead doubled down on the needs of its select clientele, gambling that this niche audience would always appreciate the very finest products on the market.

Seeking out the most pioneering merino farmers across Australia and New Zealand, the brand identified 30 farms that shared its vision, and tasked them with creating the softest, lightest fleece imaginable. As the only company in the world with access to Gift of Kings, Loro Piana created the Record Bale scheme, to support these farmers. The company is committed to buying the thinnest bale each year, irrespective of price. To date, the record bale for Gift of Kings stands at only 10.3 microns.

An oversized coat and long fluid trousers for autumn/winter 2023. Photo: Loro Piano
An oversized coat and long fluid trousers for autumn/winter 2023. Photo: Loro Piano

To demonstrate how extraordinary this material is, Loro Piana decorated the new Palo Alto store with great clouds of carded fleece, as flighty as candy floss. Light enough to stir in the air disturbed by someone strolling by, the creamy fibres were too delicate to register on my hand when touched. Human fingertips, it seems, are not sensitive enough to respond to Gift of Kings. Yet, the fibre is surprisingly resilient, and is warm in winter and cool in summer. With correct care, it will last for decades, and customers are already passing pieces down to the next generation.

As a vertically integrated company, Loro Piana has direct control over every aspect of its production, from the farms where the fleece is shorn, to the factory where fibres are woven into butter-soft cashmere blankets or vicuna wraps. Nothing is outsourced to third parties. This gives it a uniquely precise overview, down to what its Peruvian vicuna camelids are enjoying for lunch.

For the opening of the Palo Alto store, unspun gift of kings fleece was used as decoration. Photo: Loro Piana
For the opening of the Palo Alto store, unspun gift of kings fleece was used as decoration. Photo: Loro Piana

Now, the company is opening this business model up to public scrutiny, by recording every step on blockchain. With nothing to hide, but plenty to be proud of, it is throwing open the shutters on its production processes, in the name of transparency, traceability and sustainability. To access this information, customers can simply scan the unique QR code on their Loro Piana product, to unlock every detail, down to the name of the farm where the animal from which the raw materials were sourced lives. Damien Bertrand, Loro Piana’s chief executive, says he even hopes to refine this information down to the name of the individual animal whose fleece was used in a garment “in the not too distant future”.

Often misunderstood, blockchain is a detailed record of information, albeit of a highly sophisticated nature. Divided and stored across the entire computer network rather than being held by any one entity, this vast distribution system creates a unique opportunity for iron clad fact checking, as it is impossible to alter, destroy, delete or hack into blockchain. Information can only be added, not removed. It is this immutability that makes it ideally suited to Loro Piana latest venture, allowing the house to showcase its exemplary approach at every stage of transforming wool into the finished garments it describes as “masterpieces”.

Loro Piana’s blockchain technology is powered by Aura Blockchain Consortium, founded in 2021 by five luxury groups – Mercedes Benz, Prada Group, LVMH, OTB Group and Cartier – to address issues around authenticity and transparency.

Daniela Ott, general secretary of Aura Blockchain, explains why blockchain and luxury are such perfect partners. “The idea of blockchain is to put the consumer at the centre and give them much more access to information. Loro Piana is the first to use a four contract certification and behind any garment, there are 20,000 lines of data stored in the blockchain.

“That data contains the whole story of each product – who made it, where the fibres are from, where the yarn has been spun and when it was transferred to each stage. All this information is now transparent and recorded in the blockchain forever. This is authenticity. To solidify to this immutable chain, Loro Piana will also add the customer to the blockchain, creating a unique ledger of ownership, which can be handed down through families, or used for verification when it comes to resale. Blockchain technology is young and very fast moving, but will soon be a vital component of maintaining trust between the consumer and high-end brands,” Ott says.

“Digital certificates and digital passports are going to be like a receipt, and in a couple of years, every consumer – particularly [of] luxury products – will ask for a digital certificate or a digital passport.”

Gift of kings wool is so fine, Loro Piana had to design new machines to handle it. Photo: Loro Piana
Gift of kings wool is so fine, Loro Piana had to design new machines to handle it. Photo: Loro Piana

Plugging into the metaverse, Loro Piana is also launching NFTs in the form of digital artworks linked to the Gift of Kings collection. British artist Charlotte Taylor was tasked with capturing “the poetic essence of Loro Piana, through the light and softness of the images”, Taylor says.

“For a brand like Loro Piana that is quite routed in tradition to go into the digital medium is something very exciting, especially with a young design studio like myself. For the NFT community, it is hugely inspiring to see someone young working with such a prominent brand, in such an innovative process.”

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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GULF MEN'S LEAGUE

Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2

Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers

 

Opening fixtures

Thursday, December 5

6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles

7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers

7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles

7pm, Pitch 5, Bahrain v Dubai Eagles 2

 

Recent winners

2018 Dubai Hurricanes

2017 Dubai Exiles

2016 Abu Dhabi Harlequins

2015 Abu Dhabi Harlequins

2014 Abu Dhabi Harlequins

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

JOKE'S%20ON%20YOU
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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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.”

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Updated: June 14, 2023, 4:00 PM