Hèrmes to expand further in Latin America focusing on Mexico and Brazil
In an interview to AFP, Patrick Albaladejo, Vice President Hèrmes has spoken about his company’s plans to further expand in Latin America and creating a regional headquarter in Sao Paolo. With eight stores in Latin America (four in Mexico, one in Brazil, one in Argentina and one in Panama), Hèrmes will focus primarily on development in Mexico in Brazil. A second boutique in Sao Paolo is a priority for the next three to four years.
Since the opening of the Hermes boutique in Sao Paolo in 2009, sales have been growing at a 30% rate. Brazil’s luxury market ranks second in the world after the U.S. with 4,8 million wealthy, Sao Paolo concentrating 75% of the Brazilian luxury market.
Le Brésil où l’on compte 4,8 millions de riches est devenu le second marché continental du luxe, derrière les Etats-Unis. Sao Paulo représente 75% de la consommation du secteur.
Mr Albaladejo has highlighted the challenge of the very high import and duty taxes, however, indicated that, this has not deterred the sales growth.