PESHAWAR, Pakistan // A new sandal from designer Paul Smith based on a traditional Pakistani style has amused shopkeepers in its “hometown” Peshawar — both for its Dh1,800 price tag and what they say is its outdated look.
Pakistan’s chattering classes took to social media on Monday to berate the fashion house for “stealing” the design of Peshawari chappals for its “Robert” sandal.
But in the markets of Peshawar, the rugged north-western city from where the hardy chappal originates, shopkeepers were more concerned that the British designer known for his signature multicoloured stripe was behind the times.
“This design is outdated. Some people in their 60s or 70s ask for that design sometimes,” Kamran Khalil of the city’s Shoe Shop said.
The high-gloss black leather, thin sole and open toe of the Paul Smith sandal have long been out of favour in Peshawar, Farhad Ullah, whose family have been making shoes in Peshawar for 70 years, explained.
“My father use to make this design but I don’t make it any more as there is no demand for it,” he said.
“Only some retired military or police officials come and ask us to make it for them.”
The chappal is ubiquitous in Pakistan, loved by all social classes for its comfort and durability, and normally sells for between Dh18 and Dh70.
There was astonishment that the Paul Smith version, which comes with a thin neon pink stripe along the side, could cost so much more.
“I’d say you’d have to be mad to pay 50,000 rupees for chappals,” chappal-wearer Mansoor Khan, 46, said.
But Zahir Shah, 35, manager of the Style Collection chappal shop in Peshawar, defended the high price tag.
“If you want to buy a cricket bat used by Shahid Afridi or Sachin Tendulkar, you have to pay millions for it,” he said.
“The price is not high because of the wooden bat but due to the name of Afridi or Tendulkar, and so Paul Smith is selling his name.”
After a day of Twitter outrage and an online petition, the Paul Smith website changed the product description to say the sandal was “inspired by the Peshawari chappal”.
Mr Khalil said Pakistan should be pleased that such a famous designer had been inspired by the traditional sandal — but urged Paul Smith to bring the design up to date.
“I am proud that the traditional Pashtun shoe is now available in the west as fashion, but the designers should work more to bring the best and latest designs,” he said.
*Agence France-Presse
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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.”
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
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