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The situation at Hermes is keeping us fascinated here at the MO Down. Following up on our recent coverage, the Dumas family met on Friday (December 3) to discuss their battle strategy. For those of you just tuning in, we are of course referring to the recent controversy that arose when LVMH revealed its ownership of a 17.1 per cent stake in Hermes. It was quite an unwelcome surprise to the family-owned Hermes, which is now faced with the possibility of a gradual takeover. The Dumas family aren’t happy, and to be honest, neither are many people. Hermes shares fell 9.3 per cent on Friday, and something tells us this was no coincidence.Image credit: http://retail-guru.com
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Turns out Armani aren’t the only luxury brand appealing to the Chinese market via online shopping. Last week, The MO Down reported on the launch of the Emporio Armani store, and shares have since risen 2.17 per cent, outperforming the market. It seems there are many more to follow in 2011, with Italian online fashion retailer Yoox (yoox.mi) planning to bring some of the most exclusive fashion brands to China next year. Yoox powers sites for 23 fashion groups (including Valentino and Dolce & Gabbana) and announced last week that it intends to open several online stores in China in the first half of 2011. China is expected to become the world’s number one market for luxury goods in the next five years (currently the world’s number two, with 2009 sales of $9.4 billion) All luxury eyes are on China at the moment, and the race is on.Image credit: mobilephonescoop.com
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In spite of all the recent controversy, and a potentially imminent LVMH takeover, Hermes is fighting fit with the opening of the hotly anticipated flagship in Brisbane city. The store opened December 1, as forecast, making the third boutique for Hermes in Queensland (one at Surfers Paradise, and the other at Marina Mirage). Bringing a total of five stores altogether in Australia (Sydney and Melbourne each have a flagship), it seems that the highly coveted orange has developed quite a presence Down Under…
With all the hype, we practically heard the stilettos making for the doors of the new Hermes store all the way from The MO Down offices in Sydney. And we won’t lie, we are disappointed we couldn’t have been there. Complete with Birkins, Kellys, and among many favourites, cashmere throws, enamel bangles and exquisite silk scarves, the store is yet another example of luxury’s evasion of economic downturn. Luxury is made to last, and no brand knows that more than Hermes. Its pride at creating art, not consumer goods, is a significant part of its refusal to be taken over by a conglomerate like LVMH. Fads and fashions will come and go, but true luxury, like Hermes, is for life. All we want for Christmas is...
Image credit: secondcitystyle.typepad.com
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A diamond and onyx panther bracelet by Cartier sold for £4.5 million ($7 million) last week, a Sotheby’s and auction record for Cartier (and bracelets, for that matter!). The Sotheby’s auction sold over 20 pieces owned by the late Duke and Duchess of Windsor, raising a total of £8 million. Cartier is certainly one of the world’s most highly regarded jewellers, and this reminder of their rich heritage is nicely timed with their recent expansion. The MO Down reported earlier this week that Cartier are busily opening stores, making a concerted effort to enter the highly lucrative Chinese market in style.
Online is revolutionising retail, and it’s not just for mass-market brands. The MO Down has had much to say on this topic, last week we spoke at length about the relative reluctance of luxury brands to embrace this new domain, and the potential ramifications for sales. Slowly but surely, brands are hopping on the online bandwagon. This week’s medal goes to Armani.
Following up on the Hermes/LVMH debacle, the most recent news from Bloomberg is that Hermes has called a ‘round table’ with the Dumas family to develop a strategy to tackle the large, and not so quiet, monogrammed elephant in the room. For those of you just tuning in, the MO Down has been following LVMH’s sudden acquisition of Hermes shares, amounting to 17 per cent. The surprise revelation a few weeks ago has sparked rumours of a hostile takeover, and led to speculation that a third party may be needed to keep Hermes in the family.
