Silks & Textiles segment delivers 14% growth at Hermès Group
04 Sep '07
3 min read
During the first half of 2007, investments were dedicated mainly to renovating and expanding the distribution network. They amounted to €48m. Under its partnership with the Sandoz Family Foundation, Hermès International further built up its stake in Vaucher Manufacture Fleurier, which specialises in the design, production and assembly of fine mechanical watch movements. The Group also bought back €73m of its own shares in view of cancelling them.
Operating cash flow rose 2.1% to €150.3m from €147.2m in the first half of 2006.
Outlook for the second half - During the second half, Hermès will continue to invest in expanding its distribution network, with some twelve branches to be opened or renovated, and to enhance its production capacity. Major projects include expanding the Faubourg Saint-Honoré store, renovating the Lyon store and continued development in China with a new location in Chengdu.
In keeping with its strategy of controlling its know-how, in July, Hermès acquired the remaining shares that it did not own in Soficuir International, a company specialising in supplying and tanning precious skins, thereby becoming the sole shareholder in this company.
In 2007 – the year dedicated to Dance – Hermès will continue its strategy based on creativity, product quality, know-how and the spirit of craftsmanship.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
