It might have been a response to the icy weather, but yesterday was all about the coats - and it was the big guns who sent the best ones down the autumn/winter catwalks of New York Fashion Week.
Donna Karan can still, after all these years, draw a crowd of the most formidable players in fashion. Grace Coddington was seen sketching next to Anna Wintour as the outfits moved past.
Karan, who in recent seasons has experimented with the aesthetic that built her global empire, hasn't always had consistent results. But this season, her signature feminine-yet-practical power attire for women is back on track. The collection, titled Pearls of Wisdom, was predominantly in an icy grey palette, with taut skirts in double-faced wools, jackets with strong shoulders and angular hems that were belted, and slinky, shoulder-baring evening dresses with draping worn by Karlie Kloss at the end. Karan's models wore chiffon veils and sported remarkable coats, such as the trench with wide lapels.
Like Karan, Carolina Herrera's woman is an almighty creature in the social circles and, come the autumn, Herrera's prim cocktail dresses and blouses can be worn underneath capacious cashmere coats belted at the waist, shawl collar coats and metallic evening jackets.
If Herrera's clientèle is the East Coast well-heeled elite, then Monique Lhuillier's is the opposite: the West Coast's warm-weather glamazons. Small wonder that coats weren't needed, but she made up for it in a variety of dramatic evening dresses fashioned from marabou feathers, soft silk chiffons, decadent gold laces and vampy leopard-printed silks. The British designer Jenny Packham, meanwhile, who shows in New York, is also in Lhuillier's camp - low on outerwear, heavy on the glitz. She's dressed some of the world's biggest entertainment stars, including Beyoncé Knowles and Jennifer Lopez, and her parade of slinky, drapey dresses, with metallic beading and copious embroidery on chiffon frocks, is likely to keep her popular with that crowd.
For Derek Lam, however, it was more about luxe separates and he showcased the most fetching array of outerwear. There was a wool coat in a dizzying pattern, a black leather jacket with panels of mohair, desirable blazers, minimal cashmere capes that moved effortlessly - and even two dresses inspired by toggle coats.
Chado Ralph Rucci, meanwhile, who cuts like a true couturier, is always reliable. There were the flattering, architectural shapes that attract his loyal clientèle - typically wealthy women over 50 such as Whoopi Goldberg and Martha Stewart, both of whom were in attendance - but Rucci's glamorous red coats were on trend enough to generate interest beyond his classic customer.
Marc Jacobs's intensely polka-dotted collection also produced shapely outerwear: a shiny, cropped jacket with distended shoulders, a masculine car coat, and a full wool jacket in olive green. Other notable iterations were Thakoon's stuffed jackets and coats in vibrating combinations of electric blue and red plaid. Behnaz Sarafpour's take was with cape-like sleeves and Altuzarra's oversized, raw-edged parkas were worn over silk dresses. The Olsen twins' The Row had evolved their luxe essentials from the first season into one of the most polished (easily of a Parisian standard) shows of the season. Naturally, it produced striking outerwear seen in the dramatic leopard skin coat and a purple Astrakhan jacket.
Moncler belied its sportswear roots in typically flamboyant fashion, with 200 dancers decked out in its Grenoble collection staging a flashmob dance performance in the middle of Grand Central at around 7.30pm that literally stopped commuters on the tracks. It was a staggering feat that had almost everyone there singing along to catchy tunes such as the O'Jays' Love Train, and all agreed it was easily the most entertaining presentation of the season.
match details
Wales v Hungary
Cardiff City Stadium, kick-off 11.45pm
The years Ramadan fell in May
Brief scores:
England: 290 & 346
Sri Lanka: 336 & 243
If you go…
Emirates launched a new daily service to Mexico City this week, flying via Barcelona from Dh3,995.
Emirati citizens are among 67 nationalities who do not require a visa to Mexico. Entry is granted on arrival for stays of up to 180 days.
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
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Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
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.”
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
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Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
Results
2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar
3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar
4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash
4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash
5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi
6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
