Monday, August 31, 2009

hermes-y monday!

while everyone is busy studying for exam week, like everyone is to fashion week. i really think that the recession has impacted millions of businesses not only in the u.s. but to the whole world as well [it was a late realization for me though]. though saddening, hermes continues its 5-generation legacy of making luxury handbags. they are not for the middle class, they are made as a status symbol. you buy the bag, buy the name and the material as well. hermes is not just a bag, its 'the' bag.

hermès international blamed poor returns on financial investments and currency fluctuations for a 7 percent dip in first-half net profits to 125.4 million euros, or $167.4 million.the french leather goods and fashion firm reiterated its target of steady sales for the full year at constant exchange rates and a "slight contraction" in current operating income.operating income fell 2 percent to 199.8 million euros, or $266.8 million, as sales in the half rose 7.6 percent to 874.9 million euros, or $1.17 billion. dollar figures are converted from euros at average exchange rates. at constant exchange, sales in the half eased 0.4 percent, reflecting declines in orders for watches, perfume and tableware and ongoing sluggishness in japan. the operating margin in the first half of 2009 stood at 22.8 percent versus 25.1 percent a year ago.wwd

it sounds like the start of a really bad joke, but in a recent article, the chief executive for the french "luxury" goods group hermes said, "It can take three to four crocodiles to make one of our bags so we are now breeding our own crocodiles on our own farms, mainly in australia."peta blog

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