Hermès CEO Axel Dumas voiced a positive outlook on luxury, and described key changes, at the company's annual shareholders' meeting.
Held at Art Deco concert hall Salle Pleyel in Paris on Tuesday, it opened with a display by Philippe Beau, a French master of shadow puppets. Backed by a live pianist, drummer and bass player, he twisted his supple fingers into flying birds, hopping rabbits, and — of course — galloping horses.
He went on to describe those changes, the first being that “people no longer buy luxury goods based on their income, but based on their wealth,” he said, stressing that a “crisis in real estate” will have a bigger impact on spending than slower economic growth, for example. Finally, Dumas trumpeted the advantages of “being a certain size,” explaining that brands with scale can invest heavily in production, distribution and communications, and thereby win greater mind and wallet share. In 2023, revenues reached 13.43 billion euros.
Still, “I believe there’s a very strong dynamic in Asia with a middle class that is growing. I’m quite optimistic when it comes to the future growth of our industry,” he said.
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