A city of wild dreams and serious schemes



London catwalks are famously a source of innovation (read: crazy ideas). And sometimes - particularly after a season of conservative glamour in New York - an explosion of colour and print is welcome. Holly Fulton's first own-name catwalk show (away from the Fashion East co-operative that made her a star last season) certainly was. Hemlines on her cocktail shift dresses, which sparkled with Swarovski (her sponsor) crystals, were either short or floor-length and came in a riot of tropical shades such as yellow, orange and turquoise. She also created an edgier, youthful dress code for evening wear: high-waisted slim trousers, colourful silk blouse with graphic New York skyline print and white, high-top Louboutin trainers embellished with spikes.

Yet it's not all about youth: a collection that is both edgy and yet classically British also goes down a treat here. Daks, a heritage brand founded in 1894 in the City (London's financial district), owned since 1991 by the Japanese clothing giant Sankyo Seiko, and designed by an Italian, Filippo Scuffi, is the type of superbrand (it's huge in the Far East) that validates London's position as a serious fashion capital.

In his second season, Scuffi, demonstrated how to make an old brand relevant and desirable, without resorting to gimmicks (the house check surfaced only twice). Using the Vogue fashion editor turned show stylist, Cathy Kasterine, was a smart move too. She teamed pieces inspired by aviation with precision to show proportions that were slightly eccentric and yet showed off the quality of workmanship and luxury fabrics.

Highlights included a quilted cape worn with matching Sherlock Holmes-style hat and skinny trousers; and slouchy cable knits worn belted over slippery satin long dresses with flat brogues. The result was that aristocratic look that exports so well. At 9am, when the Daks show was streamed live to 502 Daks shops throughout the Far East, it was 6pm in Japan, Korea, China, Taiwan - by a remarkable coincidence, the shopping hour. Watching this you could almost hear the tills ringing.

Topshop Unique, the "designer" part of the high-street brand, tapped into British outdoor sports and will no doubt be a huge money-spinner. Models sporting furry hats, in the shapes of woodland beasts from the fox to the stag, wore a mad, layered look consisting of cosy fleeces, waterproof jackets and pom-pom knits, ripped up then fastened back together with zips. The show was choreographed by Katie Grand, another influential stylist, and was as over-styled as Daks was meticulously pared down.

Such is the split personality of London, which, rather than confuse, continues to lure crucially important buyers and press to the UK capital, hoping to be shocked by how crazy and, equally, by how commercial catwalks here can be.

TOUR DE FRANCE INFO

Dates: July 1-23
Distance: 3,540km
Stages: 21
Number of teams: 22
Number of riders: 198

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.”

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETuhoon%0D%3Cbr%3E%3Cstrong%3EYear%20started%3A%20%3C%2Fstrong%3EJune%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EFares%20Ghandour%2C%20Dr%20Naif%20Almutawa%2C%20Aymane%20Sennoussi%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Ehealth%20care%0D%3Cbr%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E15%20employees%2C%20%24250%2C000%20in%20revenue%0D%3Cbr%3EI%3Cstrong%3Envestment%20stage%3A%20s%3C%2Fstrong%3Eeed%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Nuwa%20Capital%2C%20angel%20investors%3C%2Fp%3E%0A
NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5