Fur, diamonds and immaculately coiffed hair stretch as far as the eye can see. In the spectacular Santa Spirito in Sassia venue situated within the walls of the Vatican City, the large audience coos at the elaborate creations sashaying down the runway, mothers and daughters contemplating the fairy-tale wedding dresses on display.
Meanwhile, down the road, hip Italian tastemakers join the blogging supremos Diane Pernet and Scott Schuman to thumb through avant-garde magazines at a festival of independent fashion publishing. The two events might seem about as far apart as you get on the fashion spectrum, but both were taking place as part of Rome's spring couture week, AltaRomAltaModa, a few weeks ago. Despite raising fashion stock of international calibre - Valentino, Gucci's Frida Giannini and the house of Fendi to name a few - the Italian couture capital seems to be suffering something of an identity crisis. And even fellow Italians have put the boot in: earlier this month, Giorgio Armani complained to the Italian media that Rome "has killed high fashion by showcasing people who didn't merit it".
Where Paris is France's fashion capital lock, stock and barrel, the Italians do things differently. Milan is the undisputed centre of ready-to-wear, Florence claims menswear and Rome has couture. But where the theatrics of Paris couture are more likely to sell a brand's perfume than the clothes on the runway, Rome's haute fashion remains its bread and butter.
The cutting, fabric and painstaking workmanship are exquisite, but the industry that once dressed screen idols and boasted Valentino on its runways is struggling to compete with the pace and price of prêt-a-porter in Milan and beyond. Nicoletta Fiorucci, the president of Rome's fashion body Alta Roma, believes that the changing attitudes towards fashion, rather than the current economic woes, are to blame. "The changes in lifestyles have been crucial in the change of the approach and attitude of people towards fashion," she says. "Until the 1960s or 1970s, people would change for the evening. The couture client today either lives a very high lifestyle or addresses this field only on special occasions."
But Fiorucci is ringing the changes. She concedes that Armani's jibes hold true of past fashion weeks, but says the schedule was slicker this time around, with a focus on the best of the old and new. "The only way to get important names to come back to show in Rome is by presenting them with an impeccable event in terms of design, quality and glamour," she says. Also reviving Rome's fashion week are some new international names that give audiences a different perspective on couture dressing and help ditch the "locals only" reputation that Rome fashion currently carries. This season, for example, Rome's wealthy were able to ponder creations by the Dubai-based Syrian couturier Rami al Ali, whose floor-length concoctions injected some eastern glamour into proceedings.
But Rome's fashion industry isn't just about evening gowns: it's also a place where new design talent can thrive. The city's annual Who's on Next competition with Vogue Italia is judged by fashion luminaries including Franca Sozzani, André Leon Talley and Harvey Nichols' London buying director, Averyl Oates. Its ability to unearth the next big thing is uncanny, with past victors including Nicholas Kirkwood and 6267. Last year's winner, Gabriele Colangelo, believes that Rome's fashion week presents opportunities for new designers to make their mark outside of the fashion pecking order: "I think it's a place where a young talent can present his work without suffering from the buzz and attention that the system only creates around the big names."
In order to keep this tradition of supporting new talent, it's essential to preserve the skills of the old masters, says Ilaria Fendi, who as part of the Fendi dynasty has grown up in a family that has shaped Rome's fashion history. Fendi works with Rome's artisans to sell ethical accessories, made from recycled materials, and is concerned that they are threatened by the global fashion industry. "Rome still has a much-envied tradition of tailoring, of boutiques and artisans that survive even though they are threatened by globalisation - this is its richness, and its weakening would be a loss for everybody. We would lose skills that, once gone, would be hard to recover."
The French designer Pascal Gautrand agrees. He thinks that using these skills is crucial to not just the future of Rome, but the future of luxury fashion in a time when the consumer seems to be tiring of the "me too" brand culture. "The system is interesting because it offers the opportunity of production outside of the ready-to-wear system," he says. Gautrand showed an exhibition during fashion week that used Rome's specialist artisan techniques for the 21st century. Titled When in Rome? it takes a mass-produced shirt from Zara as its starting point and shows it re-created by 30 of Rome's couturiers. Exhibited side by side, the craftsmanship and detail in each shirt is astounding and the pieces retail at between ?60 (Dh278) and ?500 (Dh2,325). The project is about re-engaging customers with the traditions and skills that create their clothes - and Gautrand believes this is part of a new attitude to luxury dressing.
With this is mind, maybe Fiorucci's pick-and-mix attitude to Rome's fashion past and future is on the right track after all. Rome's couture won't die if it learns to evolve, and even bastions of the Rome scene agree that change is good. "If we continue to feel ourselves as victims instead of finding new proposals, nothing can be done to solve the situation," says the couture legend Renato Balestra. A hand-beaded evening gown might not be within everyone's budget, but investing in a unique, made-to-measure shirt or impeccably cut little black dress suddenly seems more luxurious than carrying the latest It-bag on your arm. "Nowadays, real luxury is being identified with craftsmanship," says Fendi. She has a point. Perhaps it's not Rome's idea of luxury that's being left behind. Perhaps we're only just catching up.
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
UAE currency: the story behind the money in your pockets
Company%20profile
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COMPANY%20PROFILE
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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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