The Gucci year
Milan fashion week got off to a roaring start with Gucci's Jazz Age spangled flapper dresses defining a festive period for the hugely successful Florentine-based luxury brand as its 90th anniversary year draws to a close. Their year-long celebrations culminate in a lavish party tomorrow for the opening of a dedicated Gucci museum in Florence, and you just know what everyone will want to be wearing: those flashing Art Deco patterned dresses.
The Gucci designer Frida Giannini is on a roll at the moment. Like the gilded bugle beads on her flapper dresses, Giannini's golden touch has seen the luxury brand's revenues in 2010 hit US$3.6 billion (Dh13.2bn), much of that increase coming from the Asia Pacific region, which has become Gucci's number one market. This latest collection was about decoration and not just graphic beading, inspired by New York's famous Art Deco Chrysler Building. There were neat androgynous jackets (worn with 1980s-style high-waist tapering trousers) bisected with polished linear patterns in black, white, gold and shots of emerald green, and smart gold naval detailing.
The Art Deco touches are particularly on trend, tapping as they do into the 1920s theme that first emerged at Prada last season and on the catwalks in the past few weeks at Ralph Lauren (a Gatsby-esque collection) and Marc Jacobs in New York and Paul Smith and Holly Fulton (another one who knows how to work an Art Deco motif) in London. There is an overall move towards a silhouette that hangs away from the body and the drop waist dress is a classic example.
Given the archives are about to be thrown open to the public at the museum, there was surprisingly scant reference to the Gucci heritage in this collection, or indeed its famous money-spinning accessories. There were a few elegant chain-tasselled purses and the key shoe has a column heel picked out in strips of gold, but that is not to say there aren't plenty more styles that didn't make it to the catwalk. Although in its anniversary year, the past was limited to a soft black bag dating from the 1970s and the enamel tiger's head used on clasps, buckles and bangles. It was as though Giannini wanted to take a step back from all that history and add something fresh and new.
Fifties revival
The 1950s theme has been kicking around for a few seasons now but the voluptuous va-va-voom vixen that appeared in the wake of TV's Mad Men success has given way to a cooler, primmer, ladylike vision. In London, the look had a whiff of 1950s suburbia about it - the easy sundresses and pinafores in their fresh, sunny prints were the sort of clothes favoured by Palm Beach housewives of that era. In Milan, the summer collections similarly have that loose, cool breeziness about them.
Fendi in particular presented crisp cotton dresses in shirting stripes, Breton tops, pinafore-style apron bib-fronted dresses, prim pintucked blouses and full-skirt combos for day. The look was cool and calm with a neutral palette and a few shots of luxe - perfect for a summer's day shopping in the city. Although a summer collection, the designer Karl Lagerfeld ensured the house's signature furs made a casual appearance in the lightest cobweb gilets, slipped over trousers for a sporty look, or as a colourful trim on vibrant evening clutches.
Hitchcock heroine hairdos gave a 1950s vibe to Ermanno Scervino's collection, where the silhouette was rather more body-conscious, with tightly fitted pencil skirts and delicate lace appliqués on sinuous satin dresses. Nevertheless, there was a pastel-prettiness to the collection, a delicate touch and that lingering sense that Scervino's vision is firmly rooted in alta moda, Italy's version of ladylike glamour.
So really, it takes someone as directional as Miuccia Prada to truly put the latest 1950s trend into context. That era has always been a recurring theme for the designer, but she has cleverly subverted the ladylike quality of the current version by giving it a bit of bad-girl attitude.
Models walking through the recreated parking lot set in their demure pleated over-the-knee skirts and loose, embroidered or lace car coats segued into girls with bandeau tops and tighter lingerie-style skirts under their coats, suggested that underneath that reserved, ladylike carapace there is something altogether more revved up. Classic frame handbags bore 1950s Chevrolet car motifs, as did coats; "hot rod" flames licked the hems of pleated skirts; streamlined shoes were shaped like car fins with go-faster spurs; while the swimwear was worthy of a pin-up girl.
Despite the adrenalin-inducing retro display, there was an overall modesty to the look: the bandeau tops with their vintage car prints were elasticated along the edge like a child's bikini, the witty Chevy motifs had the impression of being glued on to handbags and the palette of pastel shades had the sweetness of a child's wardrobe, which is exactly what Miuccia Prada intended.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
COMPANY%20PROFILE
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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Company%20Profile
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Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
The%20specs
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More Iraq election coverage:
Company%20Profile
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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.”
Confirmed%20bouts%20(more%20to%20be%20added)
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The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
MEFCC information
Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.
Company%20Profile
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The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
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Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
Company%20Profile
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Company%20Profile
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Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now