Fashion
Paris is torn between Elie Saab’s working girl and the whimsical creations of Japanese designers
Published
October 5, 2025
Japan’s leading fashion houses once again made a major splash at Paris Fashion Week on Saturday, as evidenced on the sixth day of the women’s ready-to-wear shows for spring-summer 2026 by three of the country’s most emblematic labels: Junya Watanabe, Noir by designer Kei Ninomiya, and Comme des Garçons. On the same day, Elie Saab sent his army of power women down the catwalk.
As so often, it was Rei Kawakubo‘s show for Comme des Garçons that moved us most and left the deepest impression. In today’s chaotic world, where catastrophes and human tragedies follow one after another, the designer seemed intent on returning to origins, reconnecting with the values of the Earth. Folk songs and traditional tunes accompanied the show.
A procession of amorphous, swollen silhouettes advanced, draped in great swathes of burlap, hemp or linen, hastily knotted, or in old lace sheets, curtains and bedspreads. Some jackets appeared to be cut directly from the large beige canvas sacks used to store potatoes and other produce from the land. A waistcoat and goat-hair coats completed this rustic look.
These sculptural garments, generated by the play of layering, volume and padding techniques, lent a sense of solemnity to the whole. Topped with battered top hats and cotton-wool hair in pastel shades, the models evoked rag dolls or cloth puppets—old crones or witches—burned in the countryside in January in antiquity to lay the past year to rest and celebrate a richer, more auspicious new season.
This season, Junya Watanabe pushed the boundaries further in his experimental exploration of clothing, delivering a breathtaking collection in which constructions were constantly reinvented, with unexpected intrusions along the way. The Japanese designer folded, with complete ease, the ordinary elements of the textile universe and everyday life into his creations—objects and accessories that usually pass unnoticed.
The result was at once surreal and playful. Old white lace parasols unfurled like a corolla at the hem of a summer dress, while a flock of straw hats created a ruffled volume at the collar and across the shoulders of a long evening gown in nude-coloured guipure lace.
Bright red pumps adorned the shoulders of a black sheath. A cascade of metallic cutlery formed the sleeves of a crinkled silver nylon T-shirt. Rendered in gold, knives and forks compose intriguing sculptures on a shoulder or a flank. The emblematic coat hanger completed this kind of “prévert inventory”: trench coats, shirt dresses and polka-dot dresses were threaded onto it two or three at a time, then secured to either side of the body.
At Noir, Kei Ninomiya continued to explore three-dimensional structures through a mathematical approach. By infinitely multiplying elements as modules—flowers, stars or metal cones, for example—he created fairytale, sculptural ensembles. The show opened with a series of white tulle petticoats paired with sparkling, silver, carapace-like tunics.
The models’ faces were masked or hidden by bulky headdresses, reminiscent of aggregates of quartz crystals or other organic forms. In black and white, they also appeared in unexpected fluorescent hues (pink, orange, and yellow). Paradoxically, behind this whimsical appearance lies a rather classic, even retro wardrobe, composed of prim white blouses, black balloon or pleated skirts, and suits with gathered ruffles. Not forgetting platform moccasins set on a platform and fitted with a small stiletto heel.
These outfits were enhanced by harnesses or cage tunics slipped over the garments, to which all manner of spectacular structures were attached: a giant star covered in precious stones, a basket-dress-shaped grid formed by a Meccano-like chain, clouds of tulle, glittering garlands and other fabric petals.
A change of register at Elie Saab. The mood evoked the electric air of the great metropolises. In the darkness, the sound of heels echoed on the pavement. Suddenly, silhouettes emerged in a fog bathed in a ruddy glow. The first model cut across the catwalk. The tone is set—a little like “Bright Lights, Big City”.
The look was that of the working girl: a chic, tailored suit; a pencil skirt with a back slit; a silk blouse with a plunging neckline; or little polka-dot tops. She’s as at ease in pleat-front trousers as in a strapless python-skin dress, and has never looked more elegant than simply wearing a flowing camel trench that slips over her skin, or a jacket and T-shirt with those sensual, floaty silk trousers with a denim effect.
Her favourite game? Mix & match. She happily pairs Prince of Wales check with polka dots, a leather skirt with a metallic-fringed tank top, a worn leather jacket with an openwork sequinned skirt. For evening, the Elie Saab woman pulls out all the stops with glittering draped maxi dresses or shorter dresses with long trains.
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By
Bloomberg
Published
December 9, 2025
After four blockbuster years, the Middle East’s initial public offering boom is losing steam as valuations come under scrutiny and listings roar back in the US and Asia. In recent months, the Gulf’s listing volumes have fallen to their lowest since the pandemic, investors have become markedly more selective, and the region’s once-reliable first-day pop has faded.
The change in sentiment was on show this week as Saudi Arabia’s EFSIM Facilities Management canceled plans for an up to $89 million listing on the kingdom’s main exchange. Saudi Arabia’s sovereign wealth fund has also slowed work on several planned first-time share sales, Bloomberg News has reported. Those moves come as the benchmark Tadawul index has dropped nearly 12% this year.
The Gulf had been a rare bright spot in recent years, buoyed by government privatisations and a push to deepen local capital markets. But lower oil prices have started to cloud the Middle East’s growth outlook, particularly in Saudi Arabia. Meanwhile, as IPO activity fired back up elsewhere, a region that thrived in a global listings drought suddenly faced competition.
The most striking shift this year was the sharp drop in IPO volumes across the Gulf, with regional listing proceeds more than halving from $13 billion to under $6 billion in 2025. In the UAE, listings slowed dramatically after the soft debuts of Lulu Retail Holdings PLC and Talabat Holding PLC late last year left investors more cautious. Dubai-based online classifieds platform Dubizzle Ltd. postponed its first-time share sale, a rare example of a pulled deal in the country. Oman, which had briefly outpaced London in IPO volumes in 2024, also saw activity dry up.
In Saudi Arabia, the EFSIM deal was pulled in part due to generally weaker market demand, people familiar with the matter said. Still, the kingdom’s IPO proceeds held steady compared to last year at roughly $4 billion, helping the kingdom reclaim its title as the Gulf’s busiest listing venue. But most deals came from the private sector as the government eased off on large privatisations.
“Government IPOs are large tickets, this year the market was not for this,” said Mostafa Gad, head of investment banking at EFG Hermes, one of the leading arranger of share sales in the Gulf. “Postponing the big ones was a very wise idea.”
The shift in sentiment was evident in deal size as well. Last year produced three IPOs nearing $2 billion after strong orderbooks allowed Talabat and Lulu to upsize their offerings late in the process, even though that enthusiasm didn’t carry into trading. In 2025, there was just one billion-dollar deal from low-cost carrier Flynas, and only four transactions topped $500 million.
Investors pushed toward smaller, simpler stories with clearer financials, “Anything above $500 million starts to get difficult,” said Gad, “People are not willing to navigate through a lot of complexity.”
If UAE IPOs slowed, follow-ons filled the gap. Secondary share sales in the emirates climbed toward $5 billion, overtaking IPO proceeds for the first time. Much of that activity came from Abu Dhabi government-backed shareholders trimming stakes to boost free floats, liquidity and index weightings.
Even Qatar, which has largely missed the Gulf-wide share sale boom, saw rare activity: Ooredoo’s multi-million-dollar stake sale by Abu Dhabi Investment Authority became the country’s most significant ECM event in years. Saudi follow-on volumes were more muted than last year, which was dominated by the government’s $12 billion sell-down in oil major Aramco.
Another defining shift came in performance. The 30% plus first-day jumps that had become a feature of Gulf listings started to crack in late 2024 and evaporated in 2025. In Saudi Arabia, the average listing gain turned negative, and only two of the kingdom’s ten largest IPOs now trade above offer. Broader market weakness didn’t help – Saudi equities were among the worst performers in emerging markets this year, dragged down by softer oil prices and concerns that this could dampen government spending.
Demand has also suffered in recent listings. Riyadh developer Al Ramz’s institutional investor books were only 11 times covered earlier this month, a far cry from the triple-digit oversubscription levels that were the norm months ago.
IPOs in the UAE fared better, but signs of fatigue appeared there too. Even contractor Alec Holdings PJSC – state-backed and the kind of deal that historically delivered a strong debut – traded tepidly on day one and is up a modest 3%. Dubai and Abu Dhabi’s main stock indices overall performed relatively well, but instant double-digit listing gains were no longer a given.
For some, that’s a welcome correction. “Everyone will adjust to the idea that not all IPOs will perform 30–40% on day one,” Gad said. “We’re becoming a mature market.”
Manufacturers reported softer declines in output, with some firms increasing production in anticipation of stronger future demand. Consumer goods producers saw a marginal improvement, while operating conditions remained weak in intermediate and investment goods categories.
Japan’s manufacturing PMI edged up to 48.7 in November from 48.2, marking a fifth month of contraction but the mildest decline since August.
Weak demand and falling new orders persisted, though output softened and employment rose slightly.
Input costs increased at the fastest pace since June, prompting higher selling prices.
Business confidence reached a 10-month high as firms anticipated recovery.
New business continued to fall solidly amid sluggish global conditions, tighter customer budgets, and reduced capital investment. Export orders also declined, albeit at a modest pace, S&P Global said in a press release.
Cost pressures intensified, with input prices rising at the fastest rate since June, driven by increased staffing and raw material expenses. Firms raised selling prices again at a solid pace to offset cost burdens.
Purchasing activity and inventories fell further as companies adjusted to subdued demand. Stocks of purchased items declined at the steepest rate in five years, while delivery times lengthened for a fifteenth straight month due to supplier shortages.
Employment saw a slight uptick—the fastest increase in three months—as firms filled vacancies and prepared for planned expansions and upcoming retirements. Backlogs of work continued to decline for the 38th consecutive month.
Despite persistent weakness in current conditions, business confidence improved to a ten-month high, reflecting expectations of gradual recovery ahead.
“The latest PMI data showed that Japan’s manufacturing sector continued to struggle with weak demand conditions in November, with firms signalling another solid decline in overall new business. Reduced demand was reported across key markets across Asia, with weaker-than-expected sales across the automotive and semiconductor industries noted in particular,” said Annabel Fiddes, economics associate director at S&P Global Market Intelligence.
“Encouragingly, production fell at a slower and only marginal rate, which coincided with improved optimism around the year-ahead. Overall, business confidence rose to the highest level since the start of the year. Upbeat projections also supported a further rise in employment, as a number of firms anticipated a recovery in market demand over the course of 2026,” added Fiddes. “With Japan’s new prime minister recently announcing a substantial economic stimulus package – the biggest since the pandemic – it will be important to see how this impacts demand and the sector’s performance as the administration seeks to boost investment in key strategic areas such as AI.”
The survey indicated that Japanese factories were more upbeat about the 12-month outlook for output in November. Furthermore, the degree of optimism was the highest seen since January amid reports of new product launches and forecasts of stronger customer demand, added the release.
Fibre2Fashion News Desk (SG)
The more active March 2026 cotton futures settled at 63.68 cents per pound, down 0.25 cents. The contract has shown a declining trend for the sixth consecutive day. The May 2026 contract fell 25 points, while the July 2026 contract eased 24 points. Other contracts closed mixed, fluctuating between 26 points lower and 23 points higher.
ICE cotton futures fell as traders turned cautious ahead of USDA’s WASDE report and Wednesday’s US Federal Reserve meeting.
The March 2026 contract dropped for a sixth straight day, settling at 63.68 cents.
Trading volume hit a 12-session high, while deliverable stocks declined.
Analysts expect only minor WASDE adjustments, with slightly weaker export estimates.
Total ICE trading volume rose to 40,884 contracts, the highest in 12 sessions. Friday’s cleared volume was 36,584. The December 2025 contract entered its final trading day with an exceptionally wide 2,055-point range between 60.79 and 81.34 cents per pound.
Market sentiment remained cautious due to profit-taking ahead of Wednesday’s US Federal Reserve meeting. Traders expect a strong likelihood of a rate cut, but rising US Treasury yields are weighing on market confidence.
The USDA WASDE update for the week ending December 9 is expected to show limited changes, with market analysts anticipating a slight downward revision in export estimates.
ICE deliverable No. 2 cotton stocks on December 5 fell to 13,971 bales from 15,585 bales. Major US stock indices also closed lower ahead of the Fed decision.
This morning (Indian Standard Time), ICE cotton for March 2026 was at 63.73 cents per pound (up 0.05 cent), cash cotton at 61.68 cents (down 0.25 cent), the December 2025 contract at 61.88 cents (down 0.25 cent), the May 2026 contract at 64.80 cents (up 0.04 cent), the July 2026 contract at 65.86 cents (up 0.06 cent), and the October 2026 contract at 66.57 cents (down 0.26 cent). A few contracts remained at their previous closing levels with no trading recorded so far today.
Fibre2Fashion News Desk (KUL)
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