Hadid sisters star in Burberry's first in-person catwalk show in two years


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Burberry returned to live fashion shows after two years of pandemic-induced absence this week with Italy's Riccardo Tisci taking over a church in central London outside of fashion week for a celebration of Britishness.

As part of that, Palestinian-Dutch supermodels Gigi and Bella Hadid, alongside Russian model Irina Shayk, made an appearance on the runway.

The fashion house behind the famous check pattern took over the imposing edifice of Central Hall Westminster with models showing off the autumn/winter 2022 collection to the sounds of the London Contemporary Orchestra and around 100 choristers.

It was important for me to explore what it means to belong
Riccardo Tisci,
chief creative officer of Burberry

"I think people should be showing when they're ready to show," said chief creative director Tisci, explaining why Burberry skipped last month's London Fashion Week.

Tisci said he "got Covid three, four times", and that the company had undergone a lot of changes with the departure of chief executive Marco Gobbetti, his replacement by Jonathan Akeroyd and a "lot of Covid".

With the audience standing in the dark, the models came down stairs and walked among those attending before climbing onto tables specially laid with crockery and cutlery for the occasion.

"The collection embodies an intangible essence that is Britishness, a unique fusion of honouring the beauty of the past, while also remaining focussed on the future with thankfulness, hope and love."

Celebrities including Kate Moss, Naomi Campbell and Adam Driver were in attendance to watch the fashion house's iconic trench coat augmented with chains, worn as a dress or printed with trompe l'oeil images.

"It was important for me to explore what it means to belong, how our roots influence our identity and how the power of community and togetherness is what truly brings meaning to the world," Tisci said.

"It feels good" to be back to reality, back to emotions, he said.

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.”

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Updated: March 13, 2022, 8:07 AM`