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Hermès, the renowned French luxury goods manufacturer, is widely recognized for its high-quality products, especially leather goods, fashion accessories, and apparel. Its iconic status in the fashion world, along with its exclusivity and craftsmanship, makes it a coveted brand for luxury enthusiasts globally. But when it comes to the ownership of Hermès, the answer might surprise you. While the company’s products are instantly recognizable, the ownership structure of the brand is one of the most closely held secrets in the corporate world.
In this article, we will explore who owns Hermès, the family's deep-rooted involvement in the company, and the unique ownership structure that allows them to maintain control over the luxury brand despite being publicly traded. Additionally, we will delve into the historical background, key players, and how the Hermès family has successfully retained its influence over the company for generations.
The Hermès Family: The Core of Ownership
The Hermès family, originating from the founding of the company in 1837 by Thierry Hermès, has maintained its hold on the luxury brand across generations. Thierry Hermès initially started the company as a harness workshop, making leather goods for horse-drawn carriages. His craftsmanship quickly earned him a reputation, and over the decades, the company evolved, creating leather bags, silk scarves, watches, and high-fashion apparel that became synonymous with quality and sophistication.
As of the end of December 2016, the Hermès family continued to control a significant portion of Hermès International S.A., the parent company of the Hermès brand. The family, along with their partners, collectively owned 65.1% of the company’s share capital through various asset-holding companies and direct ownerships. This substantial stake entitled the family members to 74.8% of the voting rights. This ownership structure, combined with the family’s direct involvement in the business, allows them to maintain a majority control of the company despite having publicly traded shares.
Structure of Ownership: How the Family Maintains Control
What sets Hermès apart from many other luxury brands is the fact that, despite being a publicly listed company, its ownership structure has remained relatively concentrated in the hands of a few key stakeholders—the Hermès family. The company’s shares are traded on the Euronext Paris exchange, but unlike other publicly traded companies, Hermès shares are not as easily influenced by market fluctuations or hostile takeovers.
The key to this lies in the family’s strategic control of the voting rights. As mentioned, the Hermès family’s 65.1% ownership in share capital gives them a much larger proportion of voting rights—74.8%. This discrepancy is due to a system of “double voting rights” that Hermès has implemented, which provides additional voting power to shares held for a long duration (at least two years). This gives the family and its partners a significant advantage in any decision-making process regarding the future direction of the company.
Additionally, the ownership is held through a network of holding companies, making it even more challenging for outside entities to acquire a controlling stake. The family’s preference for maintaining privacy has led to limited public disclosure of the specific holding structures, which has further helped them shield their ownership from being diluted by external pressures.
The Key Players in Hermès Ownership
1. The Hermès Family: The Hermès family itself is the driving force behind the company’s ownership. Several generations of the Hermès family have maintained their legacy in the luxury fashion industry, with key family members taking on active roles in the company. However, the precise distribution of shares among the family is not widely disclosed. What is clear, though, is that the family’s ownership is well-established, with each generation ensuring that the company remains within their grasp.
2. Émile Hermès SARL: A crucial entity in the Hermès ownership structure is Émile Hermès SARL, a family-owned company that holds a significant portion of the shares in Hermès International S.A. The company is named after Émile Hermès, the grandson of the founder Thierry Hermès. It acts as a holding company for the Hermès family’s shares and plays a vital role in maintaining their control over the luxury brand. Émile Hermès SARL holds a substantial portion of the voting shares, ensuring that the family retains its majority control.
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