It's been a big few days for fashion news. It feels like that happens regularly these days, as creative directors and chief executives play what seems to be an endless game of musical chairs – moving from fashion house to fashion house.
The biggest news is that after 11 years, Jonathan Anderson is leaving Loewe; Donatella Versace is stepping aside as creative director of the brand that carries her name, and Demna is leaving Balenciaga to take over at Gucci.
Jonathan Anderson out at Loewe
After weeks of rumours, it has finally happened. On Monday, it was confirmed that Jonathan Anderson had exited Loewe after 11 years. He helped transform the brand from a well-regarded, but slightly dusty Spanish leather house to a brand on the very cutting edge of fashion.
Recognised for his iconoclastic approach and a willingness to upend codes, Anderson is also known for an ability to tap into what people want. Under his tenure, Loewe has shown huge growth, both in sales and reputation, transforming it from being quiet and restrained into a bold brand observers look to to understand the direction of the broader fashion market.
No further information has been released on who will replace the British designer at Loewe, or where he is moving to. There is an broadly accepted assumption that he will stay within the LVMH portfolio, perhaps moving to take over at Dior's menswear division. That role was vacated by Kim Jones in January this year.
Donatella Versace steps aside
Versace's departure comes after almost 30 years in the role. She was by her brother Gianni's side when he launched the house in 1978 and was his muse for every collection. When he was murdered in 1997, she stepped up and took control, continuing his vision through her own grief. Now she is stepping aside to take on the role of global brand ambassador, handing the chief designer reins to former Miu Miu design director Dario Vitale.
Vitale is credited, in part at least, with the recent sales surge at Miu Miu, which has tapped into the desires of dynamic, younger clients. The Prada Group, which owns both Prada and Miu Miu, is thought to be inching closer to purchasing Versace, so the arrival of Vitale will be seen as a something of a new era at the beloved, but somewhat tired, label.
Demna moves from Balenciaga to Gucci
Georgian designer Demna – who dropped his surname Gvasalia a few years ago – is shifting from one Kering-owned company to another. He has been creative director at Balenciaga since 2015, overseeing soaring sales and huge success. He has reinstated Balenciaga's couture atelier to great acclaim and helped bring oversized clothes and gigantic trainers into the everyday.
However, his tenure has not been without mistakes. He survived a series of them after a period away from the spotlight and a promise to remain focused on design over notoriety. Now, after almost ten years at Balenciaga, he is seeking a new challenge at Gucci.
Gucci is the biggest brand owned by Kering, but sales flagged under the maximalist approach of former creative director Alessandro Michele. The pared-back offerings of his successor, Sabato de Sarno, failed to improve things. When De Sarno quit in February, it sparked a frenzy of rumours about who might take over. Demna has landed the plum job.
Why are there always so many big announcements in the fashion world?
The who-works-where discourse in the fashion world is a tale without end. It is an industry in a constant state of flux, with names moving from one house to the next. Big announcements are never far away, but the recent news is seismic, even for an industry that is used to show-stopping statements.
With the luxury sector stalling, companies are looking for creative directors to spark customer interest. Those who fail are quickly replaced. Fashion is big business and the public face of brands are expected to set cash tills ringing.
Recent struggles to convert interest into hard sales are causing concern across the industry, as evidenced by a recent spate of resignations and moves.
Change isn't only happening on the creative side. Behind the scenes there have been other major moves. Frederic Arnault, son of LVMH conglomerate owner Bernard Arnault, has been appointed chief executive of the LVMH company Loro Piana, with outgoing chief executive Damien Bertrand shifting across to Louis Vuitton, another LVMH brand, as deputy chief executive.
Demna to Gucci and Vitale to Versace are the latest in a string of big announcements, following Sarah Burton's arrival at Givenchy and Haider Ackermann's move to Tom Ford. The industry is also awaiting the debut of Louise Trotter at Bottega Veneta and Matthieu Blazy at Chanel later this year.
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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.
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“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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Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
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Starring: Saja Kilani, Clara Khoury, Motaz Malhees
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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
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5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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High profile Al Shabab attacks
- 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
- 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
- 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
- 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
- 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
- 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.
Killing of Qassem Suleimani
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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The candidates
Dr Ayham Ammora, scientist and business executive
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Tony Booth, professor of education
Lord Browne, former BP chief executive
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KILLING OF QASSEM SULEIMANI