Hermes

Hermès is the French luxury house founded in 1837 by Thierry Hermès as a Paris harness and saddle workshop, evolving across six generations into one of the world’s most valuable luxury groups. The company remains family-controlled with descendants of the founder pooling approximately two-thirds of shares through the H51 holding company created in 2011. Executive Chairman Axel Dumas leads the group, supported by a Supervisory Board and Executive Committee.

The Group’s consolidated revenue reached €15.2 billion in 2024, up 15% at constant exchange rates and 13% at current rates, with recurring operating income of €6.2 billion (40.5% margin) and net profit of €4.6 billion (30.3% margin). All geographical areas posted growth in 2024, with the Americas leading at +15%, Japan at +23%, and Asia excluding Japan at +7%. Leather Goods and Saddlery represented 43% of consolidated sales at €6.46 billion. The house operates 16 product divisions spanning leather, scarves, ties, ready-to-wear, perfume, watches, footwear, jewelry, and home interiors, and licenses essentially no products outside this controlled ecosystem. In 2010, LVMH built a 23% stake through equity swaps, prompting the family to consolidate ownership in H51 and ending in a 2014 settlement that distributed LVMH’s shares to its own shareholders. Hermès suspended Russian operations in March 2022. The group employs approximately 25,000 people, including 7,000 craftspeople and 15,000 employees in France across 60 manufacturing sites. In October 2025, Grace Wales Bonner was named Creative Director of Men’s Ready-to-Wear, with her first collection scheduled for January 2027. Hermès trades on Euronext Paris as RMS.

Hermès operates approximately 300 exclusive boutiques across 45-plus countries, expanding production capacity through new leather goods workshops in Riom (2024), L’Isle-d’Espagnac (2025), Loupes (2026), and Charleville-Mézières (2027). The brand became a majority shareholder in its UAE retail joint venture in January 2024. For mall operators, Hermès is the apex luxury anchor for Class AAA shopping centers and dedicated luxury wings, typically taking 200 to 500 square meters with the brand maintaining strict control over store design, location selection, and minimal density in any single market. Co-tenancy alongside Cartier, Louis Vuitton, and Chanel defines the top-tier luxury cluster Hermès will consider.