- There are 16 heirs to the Hermès fortune, but two cousins, Pierre-Alexis and Axel Dumas, are at the head of the ultra-luxurious Parisian fashion house that rakes in billions of dollars in profit each year.
- Bloomberg estimates put the Dumas family fortune at $49.2 billion, making it one of the richest families in the world.
- Hermès, like Chanel, is one of just a handful of renowned retail businesses where a single family owns the controlling share.
- Hermès has become synonymous with exclusivity and perfection. Its renowned Birkin bag can cost up to six figures.
Thierry Hermès, an orphan, was skilled with leather — so skilled, in fact, that his main clients in the 19th century were royal families.
Six generations later, the Hermès family — and brand — is now known for its exclusive Parisian fashion house and a $49.2 billion fortune.
At the head of Hermès today are two cousins: Pierre-Alexis and Axel Dumas. Both are cochairmen of the brand. In addition, Axel is the CEO, and Pierre-Alexis is the company's creative director, whose father, Jean-Louis, revolutionized Hermès, growing it into an international luxury retailer.
In the fashion industry, Hermès is the ultimate status symbol: Its signature Birkin bag takes more than 25 hours to make, costs up to six figures, and can be seen on the arms of celebrities and princesses.
Take a look at the history of Hermès and the family — which is now one of the richest — that turned it into a fashion powerhouse.
Thierry Hermès, who was highly skilled with leather, opened a shop in Paris in 1837.
Source: Vanity Fair
Hermès, at the time, specialized in saddles, taking precise measurements for horses and riders. Hand-stitched saddles took months to make. Perfection was expected every single time because many Hermès clients were European royalty, such as Napoléon III.
Source: Vanity Fair
Thierry Hermès' son, Émile-Charles Hermès, moved the Hermès flagship store in Paris to 24 Rue du Faubourg Saint-Honoré when he succeeded his father. It still stands there today. By the 20th century, Hermès had royals from all over the world on its client list.
Émile-Charles Hermès' sons, Adolphe and Émile-Maurice Hermès, succeeded him shortly after, ushering in the third generation of Hermès.
Source: Vanity Fair
See the rest of the story at Business Insider
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