The Paris of the Middle East? It's something of a cliché, but as a shopping destination Beirut is coming ever closer to deserving that accolade, thanks to an ongoing spate of boutique launches by French luxury brands. While the Lebanese have never given up their claim to having the most creative and fashionable city in the region, the malls of the Gulf notwithstanding, for many outside the Middle East, who haven't visited the city, Beirut has remained tainted by its history of conflict. For businesses that has made it a risky proposition, however strong the shopping instinct of its inhabitants.
Yet things are changing. Businesses from the UAE have had their eye on the area for some time, with Boutique 1 opening a branch in Beirut's Park Lane last year, and the Dubai property developer Damac employing Versace Home to furnish its Damac Towers in the city's marina, to open in 2013. The pace of international launches is increasing too, for better or worse - there are those who prefer the jewellery workshops and quirky boutiques of Gemmayzeh or the rough-and-ready atmosphere of Hamra to the Downtown area's upscale streets, while the new Souks complex has been controversial with its high-street inhabitants replacing the traders of earlier times. The meticulously reconstructed streets are filled with "opening soon" hoardings for brands such as Hermès and Chanel, and there is a plethora of shop interiors designed by the ubiquitous Peter Marino, prompting the star interior designer to tell Women's Wear Daily at the Chanel couture show that Beirut is "where it's all happening right now".
Marino was also the interior designer for the Louis Vuitton store, which opened with a huge party and an influx of international guests last week. In Allenby Street, in the Downtown district, the French leather goods brand opened a two-storey shop (with room to expand upstairs) in a building that has been renovated as part of the plan by Solidère, the property company entrusted with much of Beirut's rebuild.
Vuitton was at pains to make this a very Beiruti affair. The windows featured an installation by the Lebanese artist Marwan Rechmaoui, while inside a handmade "special order" case held the canisters for the Beirut-based hit movie, Caramel. The party was held in La Bulle (the semi-derelict bubble-shaped theatre that is one of the city's most poignant landmarks), where the very hip singer Yasmine Hamdan, of the Lebanese electro band The Soap Kills, was the main entertainment, attracting the likes of Catherine Deneuve and Haifa Wehbe (not to mention Christian Louboutin, who turned up having just that week opened his own two-storey concept store in Fakhry Bey Street).
The shop, in fact, is Vuitton's second attempt at opening in Beirut: three years ago, the brand's projected opening was interrupted by the 2007 Lebanon conflict. That LVMH, along with luxury brands from Chloé to Chanel, now consider Beirut a viable option is a significant vote of confidence in the city's regeneration and in its people. "There is no question that Lebanon is by nature unstable and that we have to be ready to brace ourselves for future crisis, primarily of geo-political, but also economical nature," says Damien Vernet, GM for the Middle East and India.
"However the resilience of the market and of the people is without compare. If anything, the events of the past few years, while we were preparing for this opening, have proven the capacity of Lebanon to rebound and push forward. Although we are not the first luxury brand to enter this market, we are the first to open with a direct control of our operations, a further sign of our confidence in Lebanon."
Beirut is not, of course, the only spot in the Middle East to receive a renewed interest from international brands following the financial crisis of the past couple of years, but it is certainly one of the most inspiring.
While Dubai's malls continue to be the first choice for labels looking for a springboard into the region, the live-today attitude of the people of Beirut, combined with its historic setting, lively art scene and existing vibrant fashion culture, make an appealing proposition for brands seeking new, affluent and cash-happy customers (albeit in a city that still suffers far more than its fair share of poverty and strife).
Naysayers aside, with the country's own designers continuing to make waves in Paris and New York, and the likes of Rabih Kayrouz trying to "give something back" by supporting the local design scene (his Saifi Village boutique Starch gives young designers a platform in a very upmarket shopping street), Lebanon's creative chops mean that Beirut can afford to welcome international brands without diluting its own character.
Lebanon is home to Byblos, believed to be the oldest continuously inhabited city in the world. Reinvention is part of its character. Which makes Beirut and fashion a perfect match.
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Know your cyber adversaries
Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.
Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.
Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.
Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.
Phishing: Aims to secure personal information, such as passwords and credit card numbers.
Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.
Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.
Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.
Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.
Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.
Zero-day exploit: Exploits a vulnerability in software before a fix is found.
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure'
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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