Hermès family to take back the reins of the company in 2013

Axel Dumas , a sixth-generation Hermès family member, will succeed Chief Executive Patrick Thomas in June 2013, as announced the French luxury house on Tuesday. “In 15 days’ time I will be 65 years old… for some time I have been preparing

my succession,” Thomas said at the Company’s annual shareholder meeting.

Hermes International SCA, the France-based Company specializing in the design, manufacture and marketing of luxury products made the move to present a united front of the family shareholders’ after rival LVMH Moët Hennessy Louis Vuitton SA took ownership of 21.4 percent of Hermès last year July, reported Bloomberg.

Axel Dumas, 42 years old, Dumas, who started working for the company in 2003, is currently director of operations at Hermes and will be named joint CEO of the Company as of the end of May 2013, and will take over as CEO at an unspecified date in the future, reported the ‘Wall Street Journal’.

“I have been working with Axel for more than six years; he has all the competences for the job. I am glad a member of the Hermès family has been brought in to succeed me,” Thomas said in a statement.

Hermes sales for the quarter grew 17.6 percent, excluding currency fluctuations. Yet Hermes kept a cautious target of roughly 11 percent growth for 2012 and noted that operating margins might be hit by commodity prices. "It is going to be a very difficult year," CEO said in an interview with Reuters in early May. "The beginning was easy ... but the trend is not good."