Hermès opens in India

French luxury company Hermès is opening up for business in India. During a general shareholders meeting on Tuesday, the company revealed it had established a joint venture to open stores in that country. Hermès holds 51 percent of the joint company with a prominent Indian family, who remains nameless. The first store is expected to open in New Delhi.

Hermès also said that sales elsewhere in Asia, particularly China, were strong. Chinese sales leaped 70 percent last year and the firm plans to open another three stores there in 2009. The exception is Japan, which is proving tricky for most purveyors of luxury goods. The firm's chief executive Patrick Thomas said that the target for current trading in Japan was 8 to 9 percent comparable-sales growth, perhaps even 10 percent, 'if Japan improves?', although he was not bullish on the possibility.

The US has big potential for the brand. Thomas said that the company would open approximately stores there and would spend 70 to 80 million euro to open and renovate US stores this year.