As industries around the world are impacted by the coronavirus pandemic, and focus on "what's next", we ask the men behind one of the recognisable fashion labels in the world what we can expect from the fashion industry.
What lies ahead for Dolce & Gabbana?
Stefano Gabbana: We have always looked to the future with positivity, resourcefulness and a desire to do, invent, create, then undo and put everything back together. And it's not just about style or fashion. It is our life, and our greatest passion. Through our collections, we will never stop telling stories of love, authentic beauty and "made in Italy".
Do you anticipate a greater focus on creativity in the fashion industry?
Domenico Dolce: Enhancing your creative and manual skills is something that brings you back to your nature, to the authenticity of being, something that allows you to rediscover an intimate and perhaps hidden part of yourself, not entirely expressed. For example, I am drawing a lot and preparing several sketches in this period; I feel happy and satisfied when I dedicate myself completely to this activity.
Is this the end of fashion seasons?
DD: The dream of fashion shows is fundamental for all of us in the field – stylists, buyers, journalists – we all need it. The collections will certainly be reduced: less but better. We are in Italy, we have a brand, "made in Italy", which is synonymous throughout the world with quality and beauty, and which does not only mean fashion, but also history, culture, art and more.
People, at this moment, have no great desire to buy and this must be respected
SG: Fashion must reflect reality, and keep up with the desires of people who today, understandably, are even more changeable. It is difficult to make long-term predictions; we will do what we deem most appropriate considering that people, at this moment, have no great desire to buy, and this is something that must be respected.
Will perceptions of luxury change as a result of the current crisis?
DD: We believe that people will seek, even more than before, a beautiful story, a dress, or an accessory that is also a tale – dreams made of wearable fabrics. This is what we have been doing for 36 years now: telling [the tale] of our beautiful country, the Italian spirit, our roots, craftsmanship, which is nothing more than the love of "know-how", and transmitting emotions and a passion for fashion.
Now it's all about making the right choice. In the face of these tragedies of such a vast scale, each action may seem insignificant, but the truth is that even a very small gesture can have enormous significance. This is why we decided to start the donation project, Amore for Scientific Research, with Humanitas University, whose excellence and humanity make it a very special entity.
How do you make customers feel special online?
DD: Our clients have always been our priority and particularly during this difficult period, we have tried to make them feel our deep closeness: we've kept in touch with all the means at our disposal, most of all through social media.
For example, recently we released a pilot video, which explains to clients our clothes and accessories, simulating a real shopping experience, as it would happen in the boutique.
SG: This will help us to figure out what are going to be the measures in our boutiques after the lockdown, where people will be forced to enter one or two at a time. Human touch will always be key for us, as well as a "one-to-one" shopping experience, which allows people to see our products with their own eyes. We believe this aspect of fashion should not be changed, but we can also explore and take advantage of the wide range of possibilities that online offers.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
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Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
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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.”
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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
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Fuel economy, combined: 9.4L / 100km
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
