HERMES confirm recovery, yet warn of 2 weak years ahead
Hermes International CEO announced improved sales results for April and May this year and show confidence of slight increases in 2009. To overcome crisis effects, HERMES have cut by EUR 20 million the investments budget for 2009. Patrick Thomas also warned that, overall, luxury markets will remain weak for the next 2 years. This is one of the reasons for Hermes to concentrate on 2 directions: increase investments in its own crocodile farms in Australia and a difersification of its non-leather ranges which account for 60% of the total revenues.
In his statements, Thomas gave a new dimension to the definition of luxury Luxury is when desire overcomes reason