"I want to make the most beautiful bags in the world,” says Sebastien Letrange at the opening of his eponymous space at Galleries Lafayette in Dubai Mall.
As a member of the seventh generation of a family once known as master leather makers – rumoured to have rivalled the likes of Hermes for prestige and quality – Sebastien has had the unique challenge of relaunching a company that initially began in 1838.
Despite having once employed 700 workers, the original Letrange quietly closed its doors in 2007, for want of family members to run it. Seven years later, in 2014, Sebastien understood the importance of what had been lost, and set about resurrecting the maison, officially reopening in 2017.
Today, the brand offers luxury leather bags built around what he describes as “heritage with a twist”. The full history may stretch for centuries, but he is quick to describe this version as “an old start-up”.
Letrange’s arrival in the Middle East is no surprise, as Sebastien spent a year here in the early 2000s, travelling through Saudi Arabia, Oman and the daunting Empty Quarter. Despite the challenges, the experience has remained with him.
“Twenty years ago, it was a different world, and although not easy, it was amazing,” he says. “I have a connection with this part of the world.”
Now, his eponymous company is crafting luxury leather bags, designed by creative director Mathias Jaquemet – who left Christian Dior for the role. Together, they are trying to rewrite the rules on what constitutes true luxury. The key, Sebastien insists, is diving into the family legacy, yet keeping the designs resolutely modern.
A prime example is the Pourquoi-Pas bag, which takes its name from the ship used by French marine scientist and explorer, Jean-Baptiste Charcot. In 1907, the original Letrange created the packing cases to transport Charcot’s fragile scientific equipment on expeditions to the North Pole. Nodding to this intrepid spirit, this new bag is remarkably versatile and can be worn in several ways, including as a top-handle bag or tote. Thanks to an unusual, but remarkably helpful open flap at the front, it can also carry a tablet, a jacket, or, like one particularly stylish Kuwaiti client, a bunch of flowers.
Another example of the duo’s avante-garde thinking is the Ego bag, which arrives at the brand’s stores either ready-made or as a finished, flat, single piece of leather. The latter version allows clients to build the bag to order and customise it. Held together by hexagonal studs – an updated version of the traditional raised nails once used to secure leather panels to carriages – which come in standard gold plate or iridium, and also with single initials, in solid gold or even with precious sapphires or rubies. Offering a new concept of personalisation, as Letrange explains, it means that this is the first bag in the world that can boast being made in Paris and assembled in Dubai or Qatar.
It was never Sebastien’s plan to resurrect the family maison, but, he concedes, perhaps it was always in his stars. Exceptionally close to his great-grandmother Henriette Letrange, who revolutionised the house when she took over after her husband’s death in the 1940s, Sebastien lived with her on and off for 20 years, absorbing her tales of adventure and travel.
Her fearlessness has clearly rubbed off, shown via a willingness to swim against the tide. A small but significant showing of this is that some Letrange bags fasten with a magnet, a detail considered verboten in the luxury industry. Yet, he did it anyway, to widespread approval from customers.
Another example is the Empreinte bag (translating to footprint in English), which is distinctive for its sinuous, curved metal handle. Aside from the feat of engineering required to attach to the leather – “It’s been a nightmare,” he quips – there is also a one-of-a-kind $1 million version of this sculptural bag, the Empreinte 178, made last year. With rare Himalayan crocodile skin used for the body, the handle is solid gold, studded with an astonishing 178 white diamonds, weighing about 33 carats. Each gem has been placed “precisely where Mathias [Jaquemet] drew them. This was made by a high jewellery atelier in Place Vendome, and just the handle is 500 hours of work,” Sebastien explains.
“For $1 million, you could have a necklace that you will wear for others, but where you will never feel the diamonds, because they are on the outside,” he explains. Traditionally, diamonds face outwards to dazzle others, yet here, are tucked away so only the holder is aware of them. “It is a sensual, private moment of absolute luxury. The gold sits lightly in the palm while the fingers rest against the faceted stones. “Diamonds are the largest concentration of energy in the world” Letrange explains of the stones he has placed – quite literally – at the fingertips of his client.
With such poetry at the heart of its bags, little wonder the company is already rumoured to have clients including Catherine Deneuve and Charlotte Casiraghi of Monaco.
Yet, each bag, he admits, has been an unending challenge to bring to life. “Everything is a nightmare, but clients don’t see that,” he laughs. Perhaps this is at the heart of the Letrange DNA, to lean into the difficulties and make the astonishingly difficult look breathlessly easy.
He describes one investor with years of experience within the luxury industry, who offered backing precisely because of Letrange’s willingness to tackle insurmountable obstacles. “He knew that what we are doing is absolutely impossible. He knew, but we didn’t,” he laughs.
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
Notable cricketers and political careers
- India: Kirti Azad, Navjot Sidhu and Gautam Gambhir (rumoured)
- Pakistan: Imran Khan and Shahid Afridi (rumoured)
- Sri Lanka: Arjuna Ranatunga, Sanath Jayasuriya, Tillakaratne Dilshan (rumoured)
- Bangladesh (Mashrafe Mortaza)
%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EGlobal%20Islamic%20economy%20to%20grow%203.1%25%20to%20touch%20%242.4%20trillion%20by%202024%3C%2Fa%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fuk-economy-plunges-into-worst-ever-recession-after-record-20-4-contraction-1.1062560%22%20target%3D%22_self%22%3EUK%20economy%20plunges%20into%20worst-ever%20recession%20after%20record%2020.4%25%20contraction%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EIslamic%20economy%20consumer%20spending%20to%20increase%2045%25%20to%20%243.2tn%20by%202024%3C%2Fa%3E%3C%2Fp%3E%0A
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
MATCH INFO
Manchester United 2
(Martial 30', McTominay 90 6')
Manchester City 0
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
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.”
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
ACC%20T20%20Women%E2%80%99s%20Championship
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ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
INFO
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
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Bullet%20Train
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The specs
Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel
Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power: 1877bhp
Torque: 2300Nm
Price: Dh7,500,00
On sale: Now
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