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France

Luxury group Hermès sees record growth

French luxury brand Hermes says remarkable demand in Asia and the Americas is behind record sales which rose 18 per cent to 683 million euros in the third quarter. The group says annual growth could now reach around 15-16 per cent 

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"We are going to beat the 2.4 billion euros in sales of 2010," Hermes boss Patrick Thomas said. "Demand for our products continues to grow both in emerging and traditional markets."

Sales growth was registered across the group's whole range of products with silk and textiles up 27 per cent, leather goods up 13 per cent, fashion and accessories up 31 per cent and perfumes up 15 per cent.

Sales for the first nine months of the year were up 20.2 percent to 1.99 billion euros.

Thomas also confirmed that the descendants of founder Thierry Hermes, who collectively hold more than 73 per cent of Hermes, would create by Christmas a holding company structure aimed at thwarting a potential takeover bid by luxury brand rival LVMH.

The move came after LVMH increased its stake in Hermes to more than 20 per cent, raising fears of a takeover bid which under French rules can be blocked if a holding company controls more than 50 per cent.

 

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