
French luxury group Hermes has decided to temporarily close its shops in Russia and pause its commercial activities from later Friday, the firm announced.
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French luxury group Hermes has decided to temporarily close its shops in Russia and pause its commercial activities from later Friday, the firm announced.
“It’s not just a boutique. It’s the universe of Dior,” says CEO Pietro Beccari, who this Sunday, March 6 will re-open the brand’s birthplace and key flagship after a 30-month renovation.
The Tsum Kyiv department store along with Vogue, L’Officiel, and Elle Ukraine are calling for a freeze on trade with Russia. How have industry players responded so far?
On Monday, Hermès announced it is “expanding the composition” of its executive committee by adding as new members the group’s head of HR Sharon MacBeath and the fragrances & beauty division’s CEO Agnès de Villers.
As of March 1, Sharon MacBeath, group human resources director, and Agnès de Villers, president and CEO of Hermès Parfum et Beauté will join the executive body.
Hermès recorded double-digit growth (from 25% to 57%) across all markets, led by Asia and America, while France’s revenue rose by 35% thanks to local customers, though momentum slowed down at the end of the year.
The luxury sector was in excellent health in 2021, and leading groups are keen to maintain their margins in 2022, despite rising costs and inflationary pressures, which are expected to lead to price increases.
Hermès was the latest luxury group to signal a strong recovery on Friday with the French firm’s Q4 and full-year sales highlighting the resilience of the biggest global luxury names both during and after the pandemic.
Hermès closed an outstanding 2021 fiscal year driven by strong demand from all divisions, which production capacities were unable to fully meet, slowing progress in the last quarter.
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