Models present an evening gown from Roberto Cavalli, left, and looks from Etro, above, at Milan Fashion Week.
Models present an evening gown from Roberto Cavalli, left, and looks from Etro, above, at Milan Fashion Week.

Designer party dresses actually show up at Milan Fashion Week parties



Despite the Milan summer collections opening with some great 1920s flapper dresses from Gucci and leather strapped evening gowns from Versace, there has been much less cocktailwear from the party-loving Italians and a dearth of red-carpet glamour on the catwalks. The Italian designers are clearly experiencing a reality check in the current financial climate and focusing instead on elegant daywear. This, however, leaves all those red-carpet stylists with a problem: who will be the go-to designer for the photo opp evening goddess dresses?

The answer is Roberto Cavalli, who had more party dresses on his catwalk than the rest of the Milanese designers put together. His show opened with a gold paillette (oversized sequins) suit and it didn't stop until the last outfit left the catwalk. Printed chiffon dresses shone with gold - strips of paillettes emphasising the knife-pleated patterns created a fringe effect that echoed the flapper dresses seen on other catwalks. Cavalli slipped tautly tailored masculine dinner jackets and spencer jackets over the short flirty dresses and the long evening gowns, or toughened up the femininity of his animal and flower-print chiffon and lingerie lace goddess dresses with expertly tooled leather jackets produced in his Florentine atelier. Altogether this was a brazen collection full of bravura at a time when Italy is facing financial meltdown.

If Cavalli is the king of the red carpet, then Alberta Ferretti is the queen. Just look at the number of prettily embroidered, Grecian-style dresses that were photographed at the recent Emmys, the Venice Film Festival and Cannes before that. There were some of her haute chiffon and tulle gowns in the new summer collection, a few picked up on the new, loose, drop-waist 1920s-style silhouette either delicately beaded or dissected with Art Deco linear patterns of organza. Nevertheless, much of the collection swerved towards a safari look, trimmed with wooden and tonal coloured beads in tribal motifs in a warm palette of earthy African shades such as ochre, ivory, brown and terracotta.

Veronica Etro tapped into the Jazz-Age mood by stripping back some of Etro's archive paisley prints for her Roaring Twenties fringed dresses and adding a bit of Art Deco geometry to the mix for an upbeat collection. Etro is famed for its loose, flowing silk prints, usually mixed to riotous effect, but she simplified the colour palette to black and white with shades of salmon pink and celadon green.

Missoni's gypsy girl dresses were lively flamenco styles, perfect for dancing in. There were frills, fringes and giant flounces worked in vivid blue, turquoise and sunny yellow hues that were splattered with prints. These festive dresses and giant fringed shawls appeared in all manner of fine geometric and wavy patterned knits.

Now all a party girl needs is the occasion to wear them and, despite the economic fears, there were a few events around Milan Fashion Week, with Trussardi celebrating its 100th-anniversary with a party and fashion show in the famous Castello Sforzesco to show off their leathergoods. Bulgari held an elegant cocktail party on the grounds of the Bulgari hotel for their new luxurious leather Sac handbag, which is pleated, smocked or worked into a basketweave texture by their artisans in Florence and trimmed with jewel-coloured coins inspired by their signature coin jewellery.

Finally, the biggest event of the week was the night that a select group from the fashion crowd decamped from Milan to Florence for the spectacular opening of the new Gucci Museum. Located next to the Palazzo Vecchio, this glamorous occasion was celebrated with a dinner in the historic Renaissance-painted hall in the Palazzo - a rare experience followed by a performance by Debbie Harry. There in the crowd was the Gucci designer Frida Giannini shimmying in one of her new Jazz Age dresses from the catwalk show - from catwalk to party in just five days.

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The specs

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Power: 420hp

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Transmission: 10-speed automatic

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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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The Sand Castle

Director: Matty Brown

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

Rating: 2.5/5

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

The Written World: How Literature Shaped History
Martin Puchner
Granta

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Results

2.30pm: Handicap (PA) Dh40,000 1,700m; Winner: AF Mezmar, Adam McLean (jockey), Ernst Oertel (trainer).

3pm: Maiden (PA) Dh40,000 2,000m; Winner: AF Ajwad, Tadhg O’Shea, Ernst Oertel.

3.30pm: Handicap (PA) Dh40,000 1,200m; Winner: Gold Silver, Sam Hitchcott, Ibrahim Aseel.

4pm: Maiden (PA) Dh40,000 1,000m; Winner: Atrash, Richard Mullen, Ana Mendez.

4.30pm: Gulf Cup Prestige (PA) Dh150,000 1,700m; Winner: AF Momtaz, Saif Al Balushi, Musabah Al Muhairi.

5pm: Handicap (TB) Dh40,000 1,200m; Winner: Al Mushtashar, Richard Mullen, Satish Seemar.

RESULTS
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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4