Oh what a fickle world is fashion. Last September, London Fashion Week was fighting for its credibility, even its very existence, as a tyrannical New York threatened to crush London's six days of shows into four by expanding its fashion week to eight days. Summits were held, compromises bashed out and eventually an agreement was reached, but Gotham had cast a threatening shadow over that season's proceedings as London's underdog status reached new limits. After all, back then, if the British Fashion Council had threatened to overlap with New York, the response would probably have been: "Go ahead, punks, make our week."
How quickly we forget. This September, English brands in New York including Matthew Williamson and Burberry will be transferring their loyalties, at least temporarily, back to London Fashion Week. In less than a year, the recession has hurt fashion around the globe, not least in America, bursting that shiny but fragile bubble that the luxury world had been happily floating along in for so long. Last season's New York shows were hugely scaled back, with many big designers opting for showroom and video presentations instead of expensive catwalk shows. The casualties have been too many to count, from the massive job losses at department stores like Saks Fifth Avenue and Macy's to the closure of high-profile but shaky brands such as Bill Blass. Recent victims of the recession have included Veronique Branquinho, the Belgian designer who celebrated 10 years in the business last year, and, horror of horrors, Christian Lacroix, who recently sought the protection of the French courts from his creditors.
All of which means that this coming season's 25th anniversary celebrations of London Fashion Week couldn't have come at a more appropriate time. London's fashion scene has always been known more for its weird and wonderful creative spirit than its business acumen, throwing out opportunities for emerging designers with its New Gen scheme (which launched, among others, the careers of Alexander McQueen and Matthew Williamson). The city's designers are used to being a touch more financially straitened than those belonging to the fashion giants such as LVMH, Gucci Group and Richemont, so a bit of economic gloom simply feeds their creativity rather than frightening them into safety.
It's only mid-June and already a parade of British designers have started to return to the LFW fold from their usual spots abroad. The latest to announce a London Fashion Week show is Pringle of Scotland, headed by the creative director Clare Waight Keller. Normally showing in Milan, the knitwear brand also celebrates its 195th anniversary this year - not one of the classic anniversaries, admittedly, but that needn't get in the way of good fashion synergy.
Matthew Williamson will show in London for only the second time since 2002. He usually heads to New York for his presentations. The last time he hit London was in 2007, for his 10th anniversary collection, when he recruited Prince to sing on the catwalk. The audience will be expecting something equally fabulous this season - especially as he seems to be having a recession-busting year in terms of adoration and public presence.
The big scoop, though, for LFW has been Burberry's return to its home city, after eight years of showing in Milan. Burberry may be best known for its classic range of check-bedecked bags and scarves, beloved of WAGs and soap stars, but the Burberry Prorsum collection, designed by the quietly brilliant Christopher Bailey, has been one of the most influential brands of the decade, and will bring some serious credibility to London Fashion Week. (Although the company's recent announcement of job losses in its Yorkshire factories, following from its closure of a Welsh factory in 2007, prompting the Keep Burberry British campaign, may see a few murmurings of discontent in the vicinity.)
With such big names making a stand for British fashion, it's easy to overlook the current crop of agenda-setting designers that still show in London, from Christopher Kane to Nathan Jenden and Erdem. These are brands that have stealthily been making inroads into the Middle East, with shops like Boutique 1, Harvey Nichols and Villa Moda picking up emerging names in recent seasons.
The fashion week will also undergo some cosmetic changes, moving from its traditional tent at the Natural History Museum to the splendid setting of Somerset House on the Strand, which should add some gravitas to the proceedings.
Things are looking good, then, for the British capital's fashion scene, and from the ashes of a recession-hit city could rise the neon-coloured phoenix it needs to keep competing.
The specs
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Power: 320bhp
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Transmission: Single-speed automatic
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Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
The years Ramadan fell in May
Guide to intelligent investing
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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
Isle of Dogs
Director: Wes Anderson
Starring: Bryan Cranston, Liev Schreiber, Ed Norton, Greta Gerwig, Bill Murray, Jeff Goldblum, Scarlett Johansson
Three stars
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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.”
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
More from Neighbourhood Watch:
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
The biog
Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.
Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.
Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.
Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill
Favourite food: Dim sum
Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Honeymoonish
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