The new Roman Hermès boutique has opened its doors a stone's throw from Montecitorio, in via Campo di Marzio. But how, hadn't we entered the era of cuts in politics? The French luxury brand is known to be one of the most exclusive. Also regarding the prices. "That store will also address the world of politics, but it also and above all wants to become a more private place for Roman customers, compared to our other historic boutique, in via Condotti, which has a strong presence of tourists", underlines Guillaume de Seynes, general manager of the maison. And one of the (many) descendants and heirs of the founder Thierry Hermès.
They still hold a total of 72% of the capital today. De Seynes, in Rome for the inauguration of the shop and the "Essenza del Cuoio" exhibition, in the Bramante cloister, agreed to meet Firstonline, to talk about the group's presence in Italy. And of the latest developments in the battle with Bernard Arnault, owner of Lvmh, who entered the capital of Hermès menacingly last year, reaching 21,4% at the end of June. On 15 September, however, the Paris Court of Appeal confirmed the green light by the AMF, the French equivalent of Consob, for the creation of a family holding company, organized by the majority of the heirs.
Can we say that by now you have definitively won your battle against Arnault, who wanted to take control of Hermès?
I don't mean we won a battle against Monsieur Arnault. Let's say, however, that family solidarity prevailed. The holding, which we will create by the end of the year, will prevent others from taking control of the group. We believe that only in this way can certain of our traditional values be safeguarded, such as the pursuit of very high quality and the valorisation of an exclusively artisanal work. In addition to 50,2% of the capital, the holding can also count on a preferential right on an additional 12%, held by family members who have not joined the holding.
Arnault has also increased his share in recent months. Will he continue to do it?
Honestly, I don't think he has many chances to achieve this goal. I wonder who he can buy new stock from, certainly not our family.
Could you buy from someone who hasn't joined the holding company? It is said that Nicolas Puech would be willing to sell to the owner of Lvmh…
To my knowledge, he doesn't want to. He is in solidarity with all of us.
Meanwhile the business runs. In the first half of the year, revenues grew by 21% year-on-year. What are the objectives for the end of 2012?
We expect a leap forward of between 12 and 14%. The increase in sales should slow down in the second half, but not because there is a lack of demand: this remains sustained and, at least for the moment, we are absolutely not affected by the tensions on the markets or by the actual problems of the world economy. The problem is that production can't keep up with requests and this despite the fact that we invest between 150 and 160 million euros every year, in distribution but above all in production.
The stock is up 66% since January XNUMXst. And it continues to gain even in the last few weeks, in absolute contrast. You have recently become the tenth capitalization of the Paris Stock Exchange, something unimaginable a year ago. What effect does it have on her?
All of this is very virtual. These are gains that are made if you want to sell. And we don't want to sell. I am reminded of the farmer who sees the value of his fields grow. But he doesn't actually live on that: he lives on his work. I'll be honest: if Hermès' capitalization goes down, I won't care much.
Like your competitors, you are betting heavily on China. But, in addition to selling your products, you have also decided to create a luxury handicraft brand made in China, Shang Xia. How is it going?
Well. And better than expected. We have only one shop, in Shanghai, which opened one year ago. It grossed two million euros, more than our target. 60% are Chinese customers, who rediscover exclusive products of their country and traditional manufacturing through us. Next year we will arrive in Europe, with the opening of a first Shang Xia store in Paris.
And the Italian market, how's it going?
Very good. This is why we decided to open a second boutique in Rome. We do not provide absolute data. But I can tell you that it remains the first in Europe after France.
