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Hermès 2020 #3

Parent Company: Hermès International

Brand Value: $34,623m (US$)

Change from 2019: +10%

Category: Luxury

Headquarter City: Paris

Year Formed: 1837

Hermès is an iconic luxury brand best known for its silk scarves and leather handbags, along with home furnishings, perfume, jewelry and ready-to-wear clothing. Hermès is focused on increasing production to reduce waiting times for its most sought-after items, and has opened two new workshops in France. Since the beginning of 2019, the brand has reopened three renovated stores in Moscow, Marbella and Amsterdam, and launched new stores in Orlando, Phuket, New York and China. It has 307 stores in total worldwide. New initiatives have been launched to attract younger urban audiences, including a hip new concept store in New York’s Meatpacking District that features a relaxed service style–employees even wear sneakers. In 2017, the brand also launched the Hermès Tie Society, which it describes as a “specialized personal and convenient subscription service” to provide new neckwear on a monthly, bimonthly, or quarterly basis. Other recent initiatives include taking over a record store and combining music, art and silk scarves in its Silk Mix concept, in Madrid, Rome, New York and Zürich. The group recently announced during its General Meeting that 10 percent of the variable compensation of Axel Dumas, Hermès’s CEO, would be subject to CSR criteria, such as industrial energy consumption or the group’s initiatives for gender equality.