Hermes, makers of uber- luxurious bags and scarf announced a rise in sales despite the recession recently.
Hermes has declared an increase in net income over the past year despite hundreds of other shops going bust, posting figures of €290.2 million – up on the previous year’s €288.8 million.
In an article from Vogue:
“We don’t grow as fast as we could,” Hermes ceo Patrick Thomas said last year, “because we do not want to waste the image and the heritage that this company has developed in six generations just to make short term money. It would be a capital sin when you have an asset, a jewel like Hermès.”
So is this the key to success? Many shops slashed their prices in the hope it would help them beat the recession, yet still struggled to keep their head above the water. Most highstreets have many shops lying empty as a result, with no-one sure when this is going to be resolved.
Yet Hermes, whos handbags and scarves cost literally an arm and a leg manage to make a profit.
Guess theres no holding back the super-rich!