Hermes raises revenue forecasts
Wednesday 20 July 2011
Hermes raised forecasts for revenues this year amid growing demand for its scarves, accessories and leather bags, in a reminder of the luxury goods company's attraction for rival LVMH, whose advances Hermes is trying to fend off.
Hermes, which is majority family-owned, has sought to defend itself from the threat of a takeover by LVMH, the world's largest luxury group, which has built up a 20 per cent stake in the company.
Speculation that Bernard Arnault, LVMH's controlling shareholder and France's wealthiest man, is intent on buying Hermes has sent its shares soaring nearly 50 per cent since April, despite LVMH saying it has no plans to make a bid.
Hermes forecast a 12-14 per cent rise in consolidated revenue at constant exchange rates for 2011, ditching its previous range of 8-10 per cent after a better-than-expected performance in the second quarter.
Simon Calder looks at communities fighting back against the poachers
Arsenal 1 Everton 1: Substitute equalises with six minutes to go
booksGeese, gorillas, grandads... and growing up
Guide dog mauled while helping owner deliver Christmas cards
The poorest pay the price for austerity: Workers face biggest fall in living standards since Victorian era
Icon or terrorist: Nelson Mandela’s complex bond with Britain
Deadly ice storm sees US temperatures drop to -29C
10 stone five-year-old taken into care
- 1 A forgotten episode in Russian history leaves links with the Philippines
- 2 Turning up the voice of America
- 3 The man who made Femen: New film outs Victor Svyatski as the mastermind behind the protest group and its breast-baring stunts
- 4 Mass murder in the Middle East is funded by our friends the Saudis
- 5 Japan cracks down on leaks after scandal of Fukushima nuclear power plant
- < Previous
- Next >
iJobs Money & Business
£25000 - £50000 per annum + Benefits + Bonus: Harrington Starr: C++ Server Dev...
£300 - £350 per day: Harrington Starr: Leading Electronic Trading Software Ven...
£80000 - £100000 per annum + benefits + bonus: Harrington Starr: Project Manag...
£50000 - £60000 per annum + benefits + bonus: Harrington Starr: Business Analy...