×
33 170
Fashion Jobs
H&M
h&m Retail District Manager
Permanent · Seattle
H&M
Data Analyst, CRM
Permanent · New York
H&M
Customer Insights Business Analyst
Permanent · New York
H&M
h&m Retail Visual Manager
Permanent · Dallas
COTY
Manager, Field Education Business (Central us Territory)
Permanent · Oklahoma City
TOO FACED
Executive Director, Product Marketing
Permanent · IRVINE
TIFFANY & CO
Manager, Events & Promotions n.a
Permanent · New York
BECCA
Accounting Manager, Becca Cosmetics
Permanent · New York
RANDA ACCESSORIES
President, E-Commerce
Permanent · NEW YORK
JBCSTYLE
Independent Sales Representative
Permanent · HOUSTON
JBCSTYLE
Independent Sales Representative
Permanent · DALLAS
JBCSTYLE
Independent Sales Representative
Permanent · AUSTIN
JBCSTYLE
Food And Beverage Operations Manager
Permanent · SOUTHLAKE
AVEDA
Aveda Advisor - 15 Hrs - South Park - Charlotte, nc
Permanent · Charlotte
LE LABO
Executive Director, na Sales & Education, le Labo
Permanent · New York
ESTÉE LAUDER
Retail Beauty Sales Manager - Estee Lauder - Carbondale, il
Permanent · Carbondale
CLINIQUE
Retail Beauty Sales Manager - Clinique - Marion, il
Permanent · Marion
SMASHBOX
Executive Director, Global Creative Design & Art Direction, Smashbox
Permanent · Culver City
AVEDA
Manager Creative Operations
Permanent · Blaine
LA MER
Retail Skincare Sales Manager - la Mer - (Easton) - Columbus, oh
Permanent · Columbus
SMASHBOX
Coordinator, E-Commerce, Smashbox North America
Permanent · Culver City
TOM FORD BEAUTY
Director, Global Communications, Tom Ford Beauty
Permanent · New York

Hermes trumpets strong sales in fighting LVMH 'intrusion'

By
AFP
Published
today Nov 9, 2010
Reading time
access_time 3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

PARIS, Nov 9, 2010 AFP © - French luxury brand Hermes turned out sparkling results on Tuesday in the middle of a fight to repel unwelcome investors with takeover talk and legal issues in the air.

LVMH, Hermès
Hermes. Photo : AFP

Hermes "is on the way to probably the best year in at least 10 years and perhaps in all its history," Hermes executive Patrick Thomas said, announcing third-quarter sales growth of 31 percent.

Sales for the first nine months of 2010 amounted to 1.665 billion euros (2.316 billion dollars), up 19 percent in Europe, 23 percent in the Americas and 41 percent in Asia excluding Japan, where sales dipped one percent.

"Based on the strong growth achieved in the third quarter, sales growth target for the year could be around 15 percent at constant exchange rates," the company said in a statement.

"Hermes will continue to follow its long-term strategy of maintaining control over its know-how and distribution network," the company said.

French luxury products brands are among the strongest in the world and any takeover moves involving luxury names tend to generate tensions, particularly when family shareholdings are involved as is the case for Hermes. One newspaper has already termed the likely impending struggle as a "battle of the handbags".

The head of luxury giant LVMH, Bernard Arnault who himself has built up the LVMH group, said last month that he had bought 17 percent of Hermes, insisting the move did not herald a hostile takeover but that he simply wanted to be a "friendly" long-term shareholder.

Thomas has suggested that if Arnault wanted to be friendly, he should withdraw, alleging Arnault's tactics in taking the stake were questionable and said they hoped the financial services watchdog would investigate.

The head of France's financial markets authority (AMF) Jean-Pierre Jouyet said on Friday the body would open a probe "into the conditions under which this entry (into Hermes' capital) was done."

LVMH swiftly welcomed Jouyet's announcement, saying it would prove that its acquisition of a slice of Hermes' capital was within the rules. Thomas on Tuesday also welcomed the probe and vowed Hermes' philosophy would not change.

"LVMH's intrusion in the company's capital will not at all change the Hermes family philosophy that has for six generations developed this little gem into what it is today," Thomas said in a teleconference on Tuesday.

Hermes' status as a joint-stock company remains "infinitely solid" he said, but "it's entirely logical that having found a visitor in its garden, the family meets and discusses how to react to this visitor."

Thomas declined to elaborate on what move the family might take.

"You can't stop a family dealing with an intrusion into its capital from thinking. That's what we're doing for now," he said.

LVMH, or Louis-Vuitton Moet Hennessy, is a French holding company and the world's largest luxury goods group, specialising in wines and spirits, fashion and leather goods, perfumes, watches and jewellery.

It owns more than 50 global brands, including marques such as Christian Dior perfumes, Glenmorangie whisky, Givenchy fashion and TAG Hauer watches.

The luxury goods industry has seen much consolidation in recent years, and there has been speculation about the fate of Hermes since the death in May of its charismatic former manager Jean-Louis Dumas.

Copyright © 2020 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.