Why Couture Clients Keep Buying Six-Figure Gowns
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    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,623,020 (+0.08%)       Melbourne $974,710 (-0.81%)       Brisbane $992,583 (-1.37%)       Adelaide $896,270 (+0.26%)       Perth $892,481 (+0.31%)       Hobart $726,595 (-0.35%)       Darwin $664,958 (+1.76%)       Canberra $1,012,150 (+0.04%)       National $1,048,965 (-0.14%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $751,258 (-0.23%)       Melbourne $495,378 (+0.24%)       Brisbane $583,696 (-1.32%)       Adelaide $453,443 (-0.76%)       Perth $458,999 (+2.21%)       Hobart $509,191 (+0.99%)       Darwin $362,436 (+1.68%)       Canberra $497,643 (+0.69%)       National $536,245 (+0.06%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 9,903 (-109)       Melbourne 14,181 (+71)       Brisbane 8,075 (-54)       Adelaide 2,184 (+36)       Perth 5,723 (+16)       Hobart 1,216 (+3)       Darwin 275 (+14)       Canberra 888 (+5)       National 42,445 (-18)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,719 (+28)       Melbourne 8,357 (+7)       Brisbane 1,747 (+49)       Adelaide 405 (+23)       Perth 1,442 (+5)       Hobart 211 (-1)       Darwin 399 (-7)       Canberra 1,018 (+16)       National 22,298 (+120)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $800 (-$20)       Melbourne $620 ($0)       Brisbane $635 (-$5)       Adelaide $610 (-$10)       Perth $675 (-$20)       Hobart $550 ($0)       Darwin $700 (-$30)       Canberra $680 ($0)       National $666 (-$12)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $750 ($0)       Melbourne $595 ($0)       Brisbane $625 (-$5)       Adelaide $510 (+$10)       Perth $630 (+$5)       Hobart $470 (+$5)       Darwin $560 (+$30)       Canberra $550 ($0)       National $597 (+$4)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,884 (-132)       Melbourne 6,585 (+256)       Brisbane 4,488 (+137)       Adelaide 1,589 (+2)       Perth 2,880 (+283)       Hobart 411 (+13)       Darwin 93 (-4)       Canberra 632 (+17)       National 22,562 (+572)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 10,906 (+381)       Melbourne 6,312 (+294)       Brisbane 2,339 (+54)       Adelaide 371 (+21)       Perth 797 (+18)       Hobart 143 (+3)       Darwin 126 (+3)       Canberra 816 (+23)       National 21,810 (+797)                HOUSE ANNUAL GROSS YIELDS AND TREND         Sydney 2.56% (↓)     Melbourne 3.31% (↑)      Brisbane 3.33% (↑)        Adelaide 3.54% (↓)       Perth 3.93% (↓)     Hobart 3.94% (↑)        Darwin 5.47% (↓)       Canberra 3.49% (↓)       National 3.30% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.19% (↑)        Melbourne 6.25% (↓)     Brisbane 5.57% (↑)      Adelaide 5.85% (↑)        Perth 7.14% (↓)     Hobart 4.80% (↑)      Darwin 8.03% (↑)        Canberra 5.75% (↓)     National 5.79% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 29.8 (↑)        Melbourne 31.6 (↓)     Brisbane 30.4 (↑)        Adelaide 25.3 (↓)       Perth 35.7 (↓)     Hobart 33.0 (↑)      Darwin 43.9 (↑)      Canberra 31.9 (↑)      National 32.7 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 30.2 (↑)      Melbourne 31.7 (↑)        Brisbane 27.1 (↓)       Adelaide 25.5 (↓)     Perth 37.5 (↑)        Hobart 38.0 (↓)       Darwin 37.9 (↓)     Canberra 41.2 (↑)        National 33.6 (↓)           
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Why Couture Clients Keep Buying Six-Figure Gowns

How designers brought the antiquated craft of haute couture into the future at the shows in Paris

By RORY SATRAN
Mon, Jul 1, 2024 9:14amGrey Clock 3 min

“Nobody really needs couture, to be honest,” said Demna after his Balenciaga haute couture show this week in Paris. No, most people do not need a bespoke gown that costs six figures and takes highly trained petites mains thousands of hours to make by hand. And yet.

Partaking in the official haute couture fashion week in Paris—which is rife with arcane rules about how the clothes are made—can pay off handsomely for the few designers left in the club. For the 15 or so brands that invest in the game, including Dior and Chanel, couture can multiply press and red-carpet opportunities, and have a trickle-down effect on sales of ready-to-wear and beauty and fragrance.

Then there are the orders, which can total in the millions for a single client. Wealthy couture diehards fly in for the shows and then quickly convene in cosseted showrooms to make their selections while munching macarons. Competition can be fierce, especially when a stylist nabs a gown early on for, say, Cardi B. When you’re paying this much to look unique, no one wants a duplicate.

Couture is famously over-the-top, and this season was no exception, with rampant feathered capes, obscuring hoods and trailing trains. But philanthropist, creative director and avid couture client Fredrik Robertsson told me he found the looks very wearable this season: “less PR showstoppers and more things people actually want.” He pointed to the calmer suits and cocktail dresses at Schiaparelli, which has in the past paraded out looks such as one bearing a faux lion’s head .

Couture can sag somewhat under the weight of its history. Craftsmanship, fashion’s favourite buzzword, can be a burden too, with designers feeling the need to embellish every gown with hand-embroidered butterflies and panoplies of pearls. But the following five looks show how a range of designers are making couture relevant today.

Balenciaga’s Sculptural Chaos

Demna, who goes by a mononym, is perhaps the contemporary designer most intent on bringing couture into the future. While he’s never far from Cristóbal Balenciaga’s archive—with its dramatic shapes and volumes—he’s also a student of streetwear. So the subcultures he reveres, from goth to skate kids, were present in his deceptively casual designs. Would the founder of the house turn in his grave at metal-band T-shirts masquerading as couture? Maybe not once he realised they were in fact hand-painted over a period of several days.

This top and skirt ensemble is made from unstitched cotton-jersey elements, which are then assembled and sewn together, and knotted on the model. It is a wearable sculpture, with the casual look of a pile of T-shirts.

Chanel’s Sublime Sweatsuit

Chanel, which is between creative directors after the departure of Virginie Viard, showed its haute couture collection at the Opéra Garnier. While many of the looks echoed the vibe of the classic theatre—including a sumptuous pink silk opera coat—some of the most successful moments were surprisingly dressed down. Robertsson, the Swedish couture client, exclaimed, “Chanel even had sweatpants!”

Shown on model-du-jour Amelia Gray Hamlin, the black Chanel sweatsuit was not technically a sweatsuit. It was a wool crepe jersey set trimmed in duchesse satin ruffles and organza. It was also shown in cream, and it will sell.

Dior’s Deceptively Simple Column

Maria Grazia Chiuri, one of the only female designers making couture, showed an elegantly restrained collection in a room filled with shimmering artwork by Faith Ringgold, who died earlier this year. Nodding to an Olympic year without being too heavy-handed, Chiuri presented Grecian-inspired draped dresses, flat lace-up sandals, and sporty tanks and bodysuits.

This long asymmetrical dress in cream-coloured silk jersey over a tank top is almost sporty, and a refreshing break from some of the more hobbling ensembles on display this past week. But that’s no ordinary tank top: It’s embroidered with silver-colored micro-tube beads that have hematite-clawed jewels on them.

Schiaparelli’s Faux Feathers

Daniel Roseberry, the charming Texan who’s revamped a dusty Parisian couture house, is a true believer in the art of couture. But he’s also savvy about its press potential, so this season, the show didn’t start until paparazzi magnets Kylie Jenner and Doja Cat had arrived.

The house’s founder, Elsa Schiaparelli, was a surrealist innovator who collaborated with her friend Salvador Dalí on one of the first trompe l’oeil garments . Roseberry continues his predecessor’s taste for trickery in his work. This jacket is embroidered all over with what appear to be small white feathers, but are in fact 10,500 silk-organza snippets. Because each “feather” is handmade, the jacket takes over 7,000 hours of work to create. Worn over a pair of smart black cropped pants, it’s almost work appropriate.

Jean Paul Gaultier’s Undressed Dress

Jean Paul Gaultier, which maintains a healthy and bustling couture business, has adopted the clever strategy of inviting buzzy non-couture designers to collaborate on its collections. Simone Rocha, Glenn Martens, Olivier Rousteing and Chitose Abe of Sacai have all worked it out on the remix with Gaultier. Nicolas Di Felice, the artistic director behind Courrèges’s Pinault-backed renaissance, was up this season.

Di Felice, whose friends span Paris’s creative industries, brought his cool-kid approach to Gaultier. Many pieces featured couture details like rows of hook-and-eye closures, and partially hidden tulle corsets. But there were Di Felice signatures, too: koala-pouch front pockets, narrow trousers, tiny party dresses. This cheeky gown is carefully constructed to look like the top slip is falling away to reveal a bustier.



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After Pandemic Slowdown, Global Wealth Is Growing Once Again, Led by the U.S.
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The latest edition of an annual UBS wealth report notes that while “the global economy is in the midst of a dramatic structural upheaval,” wealth is growing once again after a downturn through the pandemic.

UBS analyzed income and wealth data from 56 markets, representing “92% of the world’s wealth,” in its Global Wealth Report 2024, released Wednesday. The report’s overarching theme found that global wealth grew by 4.2% in 2023, offsetting a loss of 3% in 2022. Even in the face of continued inflation, adjusted global wealth grew by 8.4%.

However, overall global wealth growth is down, from an annual average of 7% between 2000 and 2010 to just over 4.5% between 2010 and 2023, the report said. This equates to a reduction in global wealth of almost one-third.

The remaining growth seems to be continuing on pace in the world’s most developed and already prosperous nations. In the U.S., average wealth per adult grew by nearly 2.5% and the country accounts for 38%, roughly 22 million, of all millionaires worldwide.

Mainland China came in second with just over 6 million millionaires, followed by 3 million  in the U.K.

The report also took a look at the growing issue of wealth transfer. Over the next 25 years, US$83.5 trillion of global wealth will be transferred to spouses and the next generation. UBS estimates 10% of that will be transferred by women and US$9 trillion will shift between spouses.

Wealth in the Asia-Pacific region grew the most—nearly 177%—since the report began tracking data 15 years ago. The Americas come in second, at nearly 146% growth. Surprisingly, Turkey has enjoyed the most wealth growth per adult of any individual nation in the last 15 years—more than 1,700% in local currency.

The world’s wealthiest class continues to be a small, tightly concentrated group. According to the report, only 12 people hold between US$50 billion and US$100 billion and just 14 people hold US$2 trillion of the world’s wealth. The U.S. and Canada are home to individuals holding 44% of this wealth, while another 25% is held by people in Western Europe.

UBS data suggests that global wealth will continue to grow most in emerging markets, with some countries experiencing millionaire growth of up to 50% over the next five years.

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