This photo taken on June 3, 2010 shows French fashion designer Sonia Rykiel in Paris, on the eve of the start of an exhibition of 200 of her drawings. Rykiel died on August 25, 2016 at the age of 86 after a long battle with Parkinson's disease, her daughter told AFP. AFP / FRANCOIS GUILLOT
This photo taken on June 3, 2010 shows French fashion designer Sonia Rykiel in Paris, on the eve of the start of an exhibition of 200 of her drawings. Rykiel died on August 25, 2016 at the age of 86 aShow more

‘Queen of Knitwear’ Sonia Rykiel dead at 86



AFP

French fashion designer Sonia Rykiel died on Thursday, August 25, at the age of 86 after a long battle with Parkinson’s disease, her daughter said.

“My mother died at 5:00 this morning at her home in Paris from the effects of Parkinson’s,” said Nathalie Rykiel.

The pioneering Rykiel, called “Queen of Knitwear”, was a fixture in the industry for half a century, launching her own fashion house in 1968 buoyed by the Swinging Sixties craze in London.

She had made her breakthrough in 1962 with the so-called Poor Boy Sweater, a garment designed for women that had long sleeves and a shorter, fitted shape.

The “Poor Boy” met resistance at first partly because of its bulky stitches.

But all that changed in December 1963 when Elle magazine featured the 19-year-old French pop idol Francois Hardy on its front cover in a stripy red-and-pink Rykiel number.

There was a sensation – Brigitte Bardot and fellow singer Sylvie Vartan were photographed in Rykiel sweaters and Andrey Hepburn herself went to the shop and snapped up five of them.

Over the decades, she branched out into other branches of fashion, but always remained true to knitwear.

Rykiel was born in the upmarket Paris suburb of Neuilly in 1930 as the eldest of five daughters to a Romanian watchmaker father and a Russian mother.

In 1954, she married a clothing store owner, Sam Rykiel, with whom she had two children and whom she later divorced.

Within the French fashion industry, Rykiel will be remembered as an original who helped cement Paris and, in particular, the Left Bank, as the capital of couture.

In 2009, 30 of the world’s top designers paid tribute to the flame-haired designer with a birthday surprise, offering their own take on the Sonia Rykiel look.

artslife@thenational.ae

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.”

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Book%20Details
%3Cp%3E%3Cem%3EThree%20Centuries%20of%20Travel%20Writing%20by%20Muslim%20Women%3C%2Fem%3E%3Cbr%3E%3Cstrong%3EEditors%3A%20%3C%2Fstrong%3ESiobhan%20Lambert-Hurley%2C%20Daniel%20Majchrowicz%2C%20Sunil%20Sharma%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EIndiana%20University%20Press%3B%20532%20pages%3Cbr%3E%3C%2Fp%3E%0A
A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

MO
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Ramy%20Youssef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Teresa%20Ruiz%2C%20Omar%20Elba%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets